What do I do with this land?
Hey BP,
I recently fell into a piece of land in miami, FL (1 acre) that is located just outside of my city's urban development boundary. The land can be used for residential single-fam homes or for agriculture. I will be paying roughly 4k on property taxes and wanted to come up with a plan to get this piece of land either cash flowing or at least costing me less.
I thought of trying new construction, however, after running the numbers I don't think it would be worth the hassle. I was hoping to maybe get the land declared as agricultural so I can save on the taxes. Does anyone have any experience with this type of situation? Do you guys think that I could rent out the land to be used as a plant nursery or something like that? Any ideas on how I can put this land to good use would be appreciated!!