Think rural vacant land is useless as an investment?
Like all real estate, vacant land can be profitable, especially if you get creative about what you do with it.
Depending on your property’s characteristics, zoning designation, and how much you are willing to spend, you can definitely make money on vacant land.
So, it’s worth taking a few minutes to sit down and brainstorm some business ideas.
Below is a list of 10 ideas to help you get started.
But this is only a start.
There are many more options out there!
1. Sell Your Land
This is the easiest and most straightforward option.
There is even a whole real estate niche, called land investing, that involves buying and selling vacant land.
2. Use the Land as RV Storage
Did you know that many places in the US do not allow you to store your RV on your residential property?
People will pay to find an easy place to park their recreational vehicles.
You’ll be surprised how quickly people snatch up your spots if you have land that allows RV storage!
3.Create a Campground
Do you have a beautiful rural lot surrounded by nature?
Rent it out as a simple campground.
Even better, set up a glamping tent and rent it out on Airbnb!
4. Build a Cabin
Want to maximize your short-term rental income?
You can build a cabin or tiny home!
People will flock to your lot to spend a weekend away from the big city.
5. Invest in Solar Energy
If you have a desert lot or one that gets a lot of sun, then you could consider investing in solar energy.
This isn’t a cheap option, but solar energy can be very profitable.
You can also lease your lot to a solar company.
6. Raise Livestock
If you have enough space, you can raise some livestock or chickens and sell their milk or eggs.
This can be a nice way to supplement your income if you live near the property.
You could even hire someone local to take care of your animals if you want a hands-off investment.
7. Lease the Land to a Farmer
A great passive income option is to lease your land to a farmer or neighbor for grazing.
This is incredibly simple and requires little work on your part!
8. Plant Crops and Sell Produce
Do you love gardening?
Have a greenthumb?
You can use your garden to plant some crops and sell the produce.
Not every garden has to be an intensive undertaking.
You can plant some hardy herbs, let them grow and sell them at the local farmer’s market.
9. Rent the Lot Out to Community Gardeners
Gardening not your thing?
You can rent out your lot to community gardeners.
If your lot is in a more developed area, you will get a lot of takers!
10. Sell Your Land with Owner Financing
And back to selling.
Again, many folks are able to make money buying and selling land.
You can even set up a medium-term passive income stream by selling with owner financing!
Just make sure that you are able to find cheap land in order to maximize your profit.
And Much More
This is just a starting point.
There is so much more you can do!
Just make sure you check all local regulations before moving forward with any modifications to your property.
So how creative can you get?
Author: Erika Benson, Co-founder at Gokce Capital
I am an architect by training and a former Affordable Housing Director for the City of New York turned full-time Land Investor. I used to help New Yorkers find affordable housing, now I help people around the US find affordable land!
I keep an active blog on my company website where I give advice on buying and selling land. I also have a YouTube channel with over 250 videos that provide tips for land buyers and information on our properties. You can read my full land investing story at gokcecapital.com.