Part 9 How to make money with vacant land â€“ Storage Edit
This Coveted Lands post Part 9 How to make money with vacant land - Storage. If you have a vacant parcel you’re not doomed to pay tax bills and make no money on it. There are ways you can make money with vacant land. There are many ways you can do this. I'm going to cover a few ways in this post. Focus on the average American's need for more and more storage space. All right you've got lands. Other people have stuff. There's a way to make money here and I'm going to start with infill lots. An infill lot is a parcel that is located in or near town. Most of the parcels around it have been built out or used for other purposes and with an infill lot usually you're close to other things. If you're close to other things that land can be used as a parking lot. Now you're going to need to check with your local zoning from the municipality that is responsible for your property whether that be the city or the county or both so make sure you check on that before you start offering parking space to local drivers to ensure that the sheriff doesn't show up. But if you are able to it can be quite lucrative. I went to university and I remember it was always hard to find parking spaces during football and basketball games and there were a few enterprising individuals that owned some wots that were within walking distance of the stadiums and what they would do is on game days they would just have someone out there and they would charge 10 or 20 dollars a car and people were willing to pay that.
So they were able to fill up the lots with cars and they were able to make a decent profit off of their vacant land. This is something that you can do too. Assuming you get the clearance from your local jurisdiction to do it and maybe you can take advantage of game days special events or maybe you're close enough to town. Are things going on that you can actually capitalize on it on a daily basis? If your parcel really is downtown and you think you can capitalize on this on a regular basis you might want to look into some automated parking solutions. You don't have to pay someone to manage your lot. Nowadays you can have systems where you pay for your ticket upfront and a gate will
open to let the person in or out of the parking lot and it ensures that everyone gets a ticket and everyone pays for their parking and these systems can be more cost effective than hiring someone to work the lot. Every single day though. And then there are also be on my honor systems where occasionally a lot is patrolled and you would put a boot on cars that don't pay. But otherwise people are kind of on their honor to pay by including a payment and the number of the spot they're parking in.
What about for country lots. What can you do to rent out that space that you have? Well you can also rent long term space out in the country or vehicles. This includes not just cars but especially recreational vehicles or RV is a lot of people have RV is and it can be expensive to park to the RV in town because they tend to be tall so they don't fit into structures very easily. They usually don't fit under carports and they usually take up a fair amount of parking space and so as a result they can be pretty expensive for owners to park in town and you might be able to just offer them a solution. Again check zoning for your lot to make sure there are no covenants or restrictions. Just like with the infill lots to do this but you might be able to lease space on your lot to RV owners. And the same goes to people who have boats. If your parcel is next to a body of water you might be able to lease your parcel out to boat owners and allow them to park their boats on your parcel for a small fee that they just pay each month and in this way you can generate some nice positive cash flow with your vacant land just by leasing it out to people who have large toys that they can't store on their property.
Another idea that I have heard of people doing is storage units. Actually, putting up storage units on a vacant lot. Now if you're thinking of putting in a whole storage facility well you don't need to go that far. That would cost a lot of money to pay for putting in concrete pads putting in fencing putting in security systems and the like dirt an area that you feel is fairly secure. It might make sense to check with local zoning and planning and make sure you can do this without violating any rules. Also check with your properties covenants and restrictions. And then you can get some storage units that are kind of like pods or you can get containers that are shipping containers that are nice heavy duty corrugated metal and you can have folks store things in the containers. You're going to want to make sure that you have rules in place they don't store certain items that might attract rodents. But aside from that your costs are super low. I mean the cost of buying these containers can range anywhere from 2000 to 10000 dollars per container. And it just depends on what you're buying used and what the condition of the container is and but if you think about that you just need to buy the container by some padlocks and you can lock it up. I once knew someone who actually did this on their own property. They had a container dropped off and they stored their stuff in that container and they loved it because whenever it was time to move or if they needed all of their stuff to be put somewhere else it was already in a shipping container so it was really easy for them to have it transported from place to place. And likewise you could offer people the opportunity to pack everything into a container at their house and then have it shipped to your lot and stored on your lot. So you can do it where you own the container and you offer the storage as a service where you can also structure the deals so that folks buy a container or lease a container from another company in the container are stored on your property.
Now you're going to want to make sure that the container is secure on your property so no one steals it. That's the main concern with this plan. So whatever it takes to do that. You know if you need fencing on your property if you want to make sure no one gets and some barbed wire would be helpful. But it is another great way that you can make money with your vacant land. There are so many creative solutions to do this and to turn a piece of property that's just sitting there idle into a cash flowing asset. All it takes is a little bit of creativity ingenuity and sometimes some elbow grease and you can turn that asset into a cash flying asset. So stay tuned. We'll have more ways to make money with vacant land coming shortly.
How To Make Money with Vacant Land Series Part 1 How To Make Money With Vacant Land â€“ Rural Leases
Part 2 How To Make Money With Vacant Land – Infill Land Leases Part 3 How to make money with vacant land – Residential Rentals Part 4 How to make money with vacant land – Green Energy Part 5 – How To Make Money With Vacant Land – Easements Part 6 How to Make Money with Vacant land – Minerals Part 7 How to Make Money with Vacant Land – Plants Part 8 How to Make Money With Vacant Land – Improvements
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How To Make Money with Vacant Land Series blogs by Deed Ventures LLC covetedlands.com