Raw land investments can be a great investment, and people are beginning to understand there are several ways to make money through land investment properties depending on the type of land, location, and size. Some ways to make money on this type of investment are more conventional, while there are new ways you may have never considered.
Real estate investments are an excellent way to expand your wealth. Land investments, specifically, can be a relatively easy and lucrative way to make money from real estate if executed correctly. Not only do land investments allow you to diversify your portfolio, but they also create a source of passive income.
As the population in the Carolinas continues to increase, the land value increases as well. So, if you are sitting on raw land, now is the perfect time to capitalize on one of the many ways to make money with your property. The McLemore Group can assist you in the venture to turn your raw land into a money-making investment.
In this article, we will review 7 ways to make money from your raw land investment:
Rental Income and Multi-Housing
Investing in real estate is a common method for growing wealth because real estate is always on an upward trend. As towns and cities continue to grow, the value of surrounding areas grows with it. So, if you build a rental home or apartments on your raw land, you can make a supplemental monthly income off the property and any tenants renting out the space. If your land is in the right location, a rental property can provide you with a fantastic passive income source that will only continue to grow as years pass. This type of investment does require some upfront cost and time to build the space you want to rent. Whether it is a single-family home, or multi-housing, there will be a significant upfront cost to go this route. If you have the time and money, however, it is one of the best ways to make a continuous passive income off your land investment. The skilled agents at The McLemore Group can help you decide if your land is in the right location for a rental property and lead you on the right path to start making rental income from your land.
High-Profit Sale
The easiest way to make money from your land investment would be to sell the land. Land will always increase in value, so no matter when you purchased it, you will likely profit from the sale. If you are in a crunch and need to make your money back relatively quickly, selling is arguably your best option. However, the longer you can keep the land, the more money you will make off the sale. The McLemore Group can help you navigate the process of selling your land so you maximize profit and minimize stress.
Flip It
Similarly to building on your property for rental income, flipping the raw land can also be a time-consuming and costly process. However, it also can yield greater profits than simply selling as is. This approach can work well if you purchased your property at a discount because you will likely make a decent profit after the renovation if executed correctly. So, if there is potential for a successful flip and you have the funds upfront, a raw land flip can be the right choice. If you are curious about flipping your land, The McLemore Group can assist you with determining how to best renovate your land so that you sell for the highest profit. Their experts can also help you build a team that you can trust to ensure the flip runs smoothly. This team can include contractors, designers, and attorneys that will ensure your flip is successful. Then, The McLemore Group can help you sell your land for the right price.
Solar Energy Investment
Solar farms are a relatively new concept, but also one that can be quite profitable if executed correctly. If your raw land is in a sunny location, solar can be a great option to make money from your land. As the cost of electricity keeps rising each year, many have instead opted for solar energy systems, so solar farms are a great way to capitalize on your raw land. It is important to consider that this option has a significant upfront cost. In a few years, however, you should be able to make back the cost and begin seeing profits. And, if you have multiple plots of raw land, you can make an even greater profit as the need for solar energy continues to grow in popularity.
Rent the Land
Renting out your land can provide you with a consistent passive income source, especially if you have a large plot of land. When opting for this choice, you could rent your land to people interested in holding events such as fairs, festivals, and competitions. If you are connected to the right people, you can make a solid chunk of money from renting out your space. Renting your land is the perfect option for someone with a large plot of land that wants to make a consistent income while remaining on the sidelines of things happening on the land itself.
Lease to a Farmer
Leasing land to a farmer is a relatively simple agreement where you and a farmer sign a contract for the land. In rural areas, leasing your land to a local farmer can be a great option for someone who wants to make a passive income and not be too involved in what is happening on the land. Whether it is for crops or livestock, farming land is in demand and can be a great use of your raw land.
If you have a piece of raw land that you are not currently using or generating profit from, then you should reach out to The McLemore Group and speak with an expert on how to turn that property into cash. Even if you'd like to keep the raw land because it could be worth more in the future, there are many different options available to make active and passive income on your land investment right now.
Copyright © 2018-2024 Minieri & Company, LLC. All Rights Reserved.
Kevin McLemore is a second generation real estate broker, having grown up in the business. The McLemore Group is centered around the strong bond that Kevin has with his father, Dan McLemore. They have been working together selling land, homes, and commercial projects for over 20 years.
Kevin specializes in helping sellers of unique properties get maximum value for their property with as little headache as possible. He has brokered transactions throughout the greater Charlotte region including the upstate of South Carolina.
Copyright © 2024 The McLemore Group - All Rights Reserved.