10 acres on as river, no buyers, how about a renter?

Question

Account Closed · Answer

It sounds rude but I will state the obvious. Your price is too high. Just keep lowering your price and a buyer will appear. No magic involved.

Matthew Paul · Answer

Rent the land to hunters in season

Scott Schultz · Answer

the other option may be a cabin get away rental, I just purchased a cabin on a small lake, its a seasonal place, and we have zoning restrictions that prevent short term rental, so my plan is Month to month, or April-October/November since we have cold winters its not conducive to longer, and we are in Vacation land here. Good luck what ever approach you take.

Account Closed · Answer

The things that drive me away from lots of land are:

• No water taps (well permits can cost more than the land in some places)
• No sewer (smaller lots with adjacent wells can make putting in septic not possible)

Not knowing more information about the lot, that may be the possible issue/concerns with potential buyers.

Erick Miller · Answer

@Travis Bernard - property is listed for 70k with a land broker.

What are my goals with it? Let me back up and say that my overall real estate investing goals start with cash flow. I have 3 SFRs cash flowing nicely, if I sold this I could buy another or expand into small MF with other cash I may have to invest. Alternatively, if I found a creative strategy to keep it and realize a reasonable return for renting it I would be OK with that too.

I would be happy to get rid of quickly. I purchased for 85k in about 2007 and intended to renovate cabin for a family get away.

Timber; probably not worth doing. There is some really nice big timber on about 5 acres but I'm more interested in leaving that.

Vacation rental; good thought I had thought about putting the "primitive cabin" on air BNB or something, I actually bet people would love it. Wood stove, rocking chairs, I could set up a primitive outside shower with hot water.

It is part of a "rural development" so it was probably 60 acres of an old farm along side the river and there are 4 or 5 parcels. No other houses really, and no others have built.

Account Closed - love the owner finance approach here. I actually put the property on craigslist for a time last summer/fall. Labeled Owner Finance for appropriate buyer. It was unbelievable the people that called, large # of people, very few went to look at the place.  I had some that were living in a van and wanted a place to call home and raise a community, had some other weird ones too.

Thanks all for the ideas, I do think this area with Elkin and proximity to Charlotte has potential being about 1 hour north for growth over next several years. Schools are great too..

Michaela G. · Answer

Is there enough open space to hold festivals? Would that be acceptable? Can it be utilized as event space? Maybe weddings, with the brook in the background?

Maybe contact some large event planners in the area and see, if they see potential for it?

Ryan Werner · Answer

@Erick Miller - New septic systems are definitely an expense. I plan to replace the septic on my personal residence in the near future (it's not up to code) and I'm looking at over $10K in an area of Wisconsin with pretty low prices for work.

My issue is I have a small stream that runs through the back of my property that makes conventional septic against code. I need a mound system which will be ugly and more maintenance intensive. I would imagine you will have a similar situation with having the stream on your property.

I just had a friend whose father built a new pole building that they finished 1/3 of as a nice cabin. (Awesome idea for a vacation rental) However, with the cost of a new well and septic the price of the cabin was over $100K I forget the exact number though. I do know that the project was rushed and that ran the costs up much higher than they otherwise would have been.

Scott Schultz · Answer

Offer Owner financing, just get a big enough down payment in case they wreck it.

Ryan Werner · Answer

@Travis Bernard It really isn't that strange a lot of counties that encompass country land have rules like this in place. Around me in Wisconsin a lot of these rules are in effect to stop people from buying small tracts of land and throwing a mobile home or camper on it that they use a couple times per year until it falls apart (at which point they buy another). It is simply about not letting the area begin to look like a dump.

Travis Bernard · Answer

What do you have it listed for?

What are your goals with it? Do you want to get rid of it quickly or have it as a long term investment? If there is timber large enough to harvest, then you could harvest it and replant. Talk to the county forester to help with that process.

I like the homesteader idea, they probably wouldn't be able to pay much rent for it though. You could advertise it on some of the homesteading forums and craigslist for something like that.

Another idea would be turning it into a vacation rental type property, emphasize the fishing aspect of it. This would take more money to get this going. You would need to renovate that cabin or put some other type of lodging on the property.

Curious about why a 10 acre property in the country has covenants against mobile homes. Is it part of a subdivision of large tracts?

10 acres on as river, no buyers, how about a renter?

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