click to close
help
edit

Forums ›
Finance

Ways to generate passive income from unused land? Archived From: Finance

  • Text Only
  • Search this Topic »
  • switch to 'Classic' view
  • Go to Page :
  • 1 234
   posted: Apr. 2, 2008 @ 12:42p
alert mods    

Long time reader, this is my first question. I haven't seen a topic like this, please forgive me if it has been covered before. I'll try to provide as much information as I can.

My family has property in upstate New York on Lake Ontario. The land consists of one house that is occupied year round, five or six cottages that are occupied during the summer season, and about a hundred acres of woods and fields, completely undeveloped on about a mile of coastline. (This is from memory, those numbers are approximate) This is beautiful land with a historic house (Nice, but old and dusty, not a tourist attraction) that has been in the family for a hundred years or so. Currently some of that land is being rented out to local farmers for a pittance, more of a favor than anything else.

Does anyone have any ideas on how to leverage the land to generate passive income?

Things I would be interested in exploring:

- Cell phone towers
- Wind power farm
- Wedding venue (the more I think about it, the less appealing it sounds, bathrooms, liability insurance, etc)
- Other farming rental agreements
- Selling mineral rights
- Tree farm?
- ?

Things I would not be interested in exploring:

- Selling any portion of the land
- Large scale development (family members have designated plots that they will develop on in 20-30 years)
- Drastically ruining the future scenic value of the land
- ?

Basically, I'm wondering if anyone might have any ideas of how to generate some passive income from this unused land, or if anyone has any experience with cell phone towers, wind power farms, or anything of that nature.

Thanks for any help!

   posted: Apr. 2, 2008 @ 12:42p

Quick Summary is created and edited by users like you... Add FAQ's, Links and other Relevant Information by clicking the edit button in the lower right hand corner of this message.

   posted: Apr. 2, 2008 @ 12:44p
alert mods    

Sell the mineral rights.

   posted: Apr. 2, 2008 @ 12:48p
alert mods    

I'd imagine a wedding venue would require a lot of upkeep, so I wouldn't consider that passive. What about building a storage site there?

   posted: Apr. 2, 2008 @ 12:50p
alert mods    

Murder mystery themed B&B.

   posted: Apr. 2, 2008 @ 12:53p
alert mods    

How about opening a fee for hunting servic? looks like you have enough land and upstate NY has a good deer population.

my .02

   posted: Apr. 2, 2008 @ 12:58p
alert mods    

How about a beet-related agrotourism destination?

   posted: Apr. 2, 2008 @ 1:01p
alert mods    

marketingmike said:Sell the mineral rights.

This is something I hadn't heard of, I'll do more research. Does anyone have experience with this sort of thing?

Initial questions:
- How does it affect the land? Do they cut down trees, dig big holes, turn it into something that resembles a quarry?
- How would one go about appraising what the rights might earn?
- Who would be the person to contact? Local utility companies? National firms?

I'll spend some time with Google, but in initial searches for 'mineral rights' I wasn't able to find any comprehensive websites on the practice, just random bits of information here and there. I wish there was a FW for every topic... (EDIT: Searching for 'mineral lease' yields much better information)

For the record, I appreciate all the responses so far. As I think more about it, I'm definitely more interested in the passive ideas, rather than the ones that require a constant physical presence and customer service like a Bed and Breakfast. It's a great idea, but I don't think it's right for me.

   posted: Apr. 2, 2008 @ 1:04p
alert mods    

jumroo said:How about opening a fee for hunting servic? looks like you have enough land and upstate NY has a good deer population.

my .02

This is a good idea, one we've thought of. We currently have a few arrangements like this for local family friends. It brings in a little income, but much like the agreement with the farmer, it is more of a favor to them than anything else. I don't think we'd want to open it up to every Joe Hunter than wanted access, but it might be worth looking into deeper.

Thanks!

   posted: Apr. 2, 2008 @ 1:05p
alert mods    

tazzy531 said:How about a beet-related agrotourism destination?

Go Schrute Farm!!!

Don't forget you can also grow hemp!

   posted: Apr. 2, 2008 @ 1:10p
alert mods    

green stuff

   posted: Apr. 2, 2008 @ 1:16p
alert mods    

dubbs said: I don't think we'd want to open it up to every Joe Hunter than wanted access, but it might be worth looking into deeper.

Every Joe Hunter? I don't understand that comment. Typically a hunter(s) signs a hunting lease with the property owner. Easy enough to google info in it http://forestry.about.com/OD/wildlifewild/ss/hunt_lease.htm

   posted: Apr. 2, 2008 @ 1:20p
alert mods    

mhesidence said:dubbs said: I don't think we'd want to open it up to every Joe Hunter than wanted access, but it might be worth looking into deeper.


Every Joe Hunter? I don't understand that comment. Typically a hunter(s) signs a hunting lease with the property owner. Easy enough to google info in it http://forestry.about.com/OD/wildlifewild/ss/hunt_lease.htm

Sorry, I was imagining a system where any random hunter could walk up to a 'gate', pay a fee, and have free reign. Clearly I'm not a hunter, even if many of my family are. A hunting lease sounds much more logical, I'll take a look, thanks!

   posted: Apr. 2, 2008 @ 1:39p
alert mods    

Campground and hiking trails

   posted: Apr. 2, 2008 @ 1:51p
alert mods    

Search around for any adult film companies in the area looking for that "cabin/woodsy" type feel for their next production; although most are based in the San Fernando Valley, you could get lucky.

   posted: Apr. 2, 2008 @ 2:01p
alert mods    

Kismet is joking (I hope) but there are film site places you can list your location to be used for filming if it fits the look for hollywood type pictures. It is a long shot but when it works it pays big. One of my friends got $2K a day for a week of filming in front of her house last year.

   posted: Apr. 2, 2008 @ 2:03p
alert mods    

skooba said:What about building a storage site there?

This might not be a bad idea. Especially with coastline, it might be nice to have a dock/drydock. It could be nice for fishing or watersports.

   posted: Apr. 2, 2008 @ 2:08p
alert mods    

convert it into golf course and plant nursery . In the long term consider expensive timber farms .

   posted: Apr. 2, 2008 @ 2:37p
alert mods    

Grow corn for ethanol!

   posted: Apr. 2, 2008 @ 2:53p
alert mods    

How's about an RV park. During the summer season with 50 spaces at $25 per day one could see $1250 with full utilization. Of course there may be some deals which could be struck with RV clubs to lease it for specific weeks.

~miser

 Close

Sign Me In
Nickname: 
Password: 
Remember My Login Information:

Forget your login information?

Not Already A Member?
Sign Up Now!


Disclaimer: By providing links to other sites, FatWallet.com does not guarantee, approve or endorse the information or products available at these sites, nor does a link indicate any association with or endorsement by the linked site to FatWallet.com.