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!

Sell the mineral rights.

Murder mystery themed B&B.

How about a beet-related agrotourism destination?

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!

green stuff

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!

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.

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.

Grow corn for ethanol!