Hello, I am a full-time accountant wanting to explore options of leasing vacant property. My husband and I purchased 4 adjoining lots (now vacant) in a small rural town in West TN a few years ago with the intent of relocating our business to this area. Our plans changed and now we are exploring opportunities and ideas for these lots. We would really like to lease so we can have a continued stream of income.
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Welcome to BiggerPockets, Anita. What would be some good uses for the 4 lots? What's around them? You might start by talking neighboring property owners. You could also build something on the lots to make them desirable rentals.
Thanks Jon! My attention was diverted from these lots, but I'm ready to explore options, again. The lots are located between an elementary school and a funeral home. When we purchased the lots, there was an old duplex on one of them and an old restaurant on two others. We razed them down, so they are now vacant. We thought about building something ourselves for rentals, but decided if we could just lease the property, it would be less to manage and we wouldn't have to explore financing options. The lots are paid for, but we would need financing if we built something ourselves. Any help would be appreciated!
Do you know the zoning on these lots? A commercial ground lease could be an option if it's a high demand area. A lot near one of mine was just leased long term to a quick serve restaurant chain that is building now. It will be a long term, hands off lease. You might check with some commercial brokers who know the market well.
Yes, it is zoned commercial and the area has lots of daily traffic, but is not on the main street of town. That's what I'm looking for - a long term, hands off lease. Thanks for your advice!
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