Vacant land may not be the first asset type that comes to mind when you think about real estate investing.
But you shouldn’t be so quick to write it off.
There are plenty of ways to use vacant land to build a business or grow an income stream!
After all, land is very flexible.
With some creativity and the right zoning, you can use a parcel of vacant land for any number of things.
Below are some ways to make your land work for you.
- Sell for Profit
We have all heard of house flippers.
Well, land flipping can be a great business as well.
It is just as it sounds – buy a parcel of vacant land at a low price and sell it for more.
You do need to learn how to find great deals, but this model can be profitable!
- Build a Fishing Pond
With the right parcel of land you can build a fishing pond on your land. You can use this pond to help fuel your fishing hobby.
But you can also charge a daily rate to other fishing enthusiasts in the area.
- Create a Hiking Club
If you have a large parcel of pristine land, you could consider creating a hiking club.
You can set up a few hiking trails through your property and then open it to members.
It may be possible to charge a small fee to help you maintain the property.
You may even be able to get some volunteers to help with trail maintenance.
- Start an Adventure Touring Business
Another option for a larger parcel of land is to set up trails for adventure sports, such as dirt biking, ATVing or snowmobiling.
You may be able to charge a higher rate for use of these trails than if you just allow hiking on your property.
But you can also set up a full business by renting out vehicles and offering guided tours.
- Allow an Alternative Energy Lease
In certain parts of the US, there is a high demand for parcels of land to set up wind or solar farms.
Companies will pay a decent lease rate in order to use your land.
It’s worth looking into this as an option – especially if you have a particularly sunny parcel of land.
- Create a Glamping Business
You don’t need to set up a full scale bed and breakfast to take advantage of the tourism industry.
You can just create a few simple campsites and advertise your land on Airbnb.
Of course, you could also scale it up a bit by building out cabins as well.
- Farm the Land
One of the oldest ways to make money from land is to farm it.
This is both a good way to reduce your grocery bill by supplying your own produce and supplementing your income by selling excess goods.
- Rent the Land Out for Events
Lots of people want to have their wedding or other major life event in a beautiful, natural space.
If you set up a simple pavilion or event space in the middle of beautiful, forested land, you can rent the space out for these events.
Just make sure you are close another to caterers and other necessary services!
- Sell with Owner Financing
Perhaps you are just looking for a passive income stream.
Another option is to sell land with owner financing.
In this model, you forgo full payment upfront in exchange for a steady monthly income.
As with land flipping, you will want to make sure you can find cheap land!
This Is Only the Beginning
But these are just a few suggestions.
There are many other creative options for what you can do with vacant land.
Just be sure you follow all local zoning and building regulations before making any changes to your land.
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. Please check out my website to see more information on how you can sell your land.