youre not allowed to sell it. its in the middle of alabama so condos or apartments wouldnt make a profit. its good for farming though. any suggestions? i do plan on possibly building a dream home for retirement there someday. but i want to hear others ideas first.
2007-01-22 01:26:38 · 8 answers · asked by dean 2 in Business & Finance ➔ Renting & Real Estate
I am in a similar situation. I have land that I want to keep but cannot move there now because the town is so small that the jobs are non-existent so it's become a retirement property. I put an ad in the loacal paper for farmers to rent my property. That money pays for the taxes and also puts a little in my pocket...which goes into my "future retirement house fund". Hopefully in 30 years The property will have paid for its own taxes and a nice home.
2007-01-22 01:32:52 · answer #1 · answered by fade_this_rally 7 · 2⤊ 0⤋
If you do not want to sell then consider how it could be used in the mean time.
What jumps out is as a farm. Many farmers will contract to farm other land that is near their present farm so check with the locals. See if your property has a value as farm land and then sign a lease.
Otherwise consider if it could be used for recreation. Maybe a cabin could be put on the land and then rented seasonally.
Raw land is hard to get financing for. Assuming you own it free and clear a smaller mortgage could be obtained from a local bank and then you could put the capital to work. Not using the land directly but tapping into the value.
2007-01-22 13:54:10 · answer #2 · answered by Anonymous · 0⤊ 0⤋
Well, I sorta have a dream about having an underground house. Or one built in the side of a mountain. And having it be self contained...not relying on any outside assistance for water or lights.
2007-01-22 09:33:19 · answer #3 · answered by TexasRose 6 · 0⤊ 0⤋
Build a water park.
2007-01-22 09:56:36 · answer #4 · answered by Anonymous · 1⤊ 0⤋
Look into hydroponics and green house farming, you may be able to lease it for a period of time to a company or co-op, for those purposes.
2007-01-22 09:35:23 · answer #5 · answered by ts 4 · 0⤊ 0⤋
Marry me...build a house, give me a few gardens, a horse and a trail to ride.
2007-01-22 09:30:55 · answer #6 · answered by justwonderingwhatever 5 · 0⤊ 0⤋
don't know if your state laws allow it but some people lease their land to farmers
2007-01-22 09:30:54 · answer #7 · answered by snjl67 2 · 0⤊ 0⤋
Start a Brothel.
2007-01-22 09:34:16 · answer #8 · answered by kyle m 1 · 0⤊ 2⤋