My property is in a small unincorporated area south of I-20, East of I-35, and West of 287.
It's some of the last rural property available in the area. I currently have the house leased, and my mom runs an equine therapy business off the back.
My question is:
How do I better utilize this property to my advantage? I've thought of buying a few airstreams to Airbnb, building a tiny home to rent out, storage units, or pouring a few slabs for RV/Mobile homes.
Investor · Columbus, OH · Member since 2017 · 861 posts · 1k+ votes
7y
Does it have municipal sewer/water? What is the zoning? (I can't remember if Dallas has zoning) Those will limit what you can do. You can pay an appraiser for a "highest and best use" study.
Investor · Fishers, IN · Member since 2012 · 520 posts · 499 votes
7y
Hey Justin!
In reading your post it seems like this is a small parcel of land (hence the "tiny home", "a few slabs"). How big is it?
I'm a big fan of Self Storage but there are certain guidelines to move forward, e.g. on one acre of land you can typically build on 30% of that if it's single story, drive-up units.
And typically you're going to want to do your own Market Study and/or get a Feasibility Study before moving forward. Those are typically site specific, e.g. you'd contact Bob Copper if you wanted a Self Storage Feasibility Study.
So yes, you may want to follow the advice of @Account Closed gave which is a Reverse Feasibility Study which given the demographics, property details, market trends, etc. they can advise on what the highest & best use of the property would be.
However, that also hinges on how much property there is available.
Investor · Fishers, IN · Member since 2012 · 520 posts · 499 votes
7y
Hey Justin!
In the title, eh? ~9 acres. Regardless, now that I know that, my advice would still stand.
You can do some back of the napkin calculations to determine what the costs would be and what the potential revenues would be. But each one of the above (tiny homes, storage units, mobile homes) will require different figures.
And in the end it may not be feasible anyhow. So if you're serious, I'd go with the Reverse Feasibility Study regardless.