Creative ideas to pay for carry costs on raw land

[Mike L.]

Hi all,

A group of us just bought some raw land in an up and coming area of Dallas. The land has very good/liberal zoning that will allow for a variety of uses. Our plan is to hold the land while the area improves as it is not ready for development (at least not ready for a development that would maximize the zoning, which in turn would bring us the highest price from a developer).

My question is: Are there any strategies you have thought of or have heard about that would help us cover our carry costs (taxes,mowing)? Obviously the goal would be to make it as low cost and low impact as possible in the interim.

Land size is 19,000 sqft. Very urban area. Taxes are $12,000 a year.

Thank you