A few years ago, I got 60 acres of land in Louisiana from my family. But I haven’t done anything with it yet. I want to make some extra money from it because I want to keep it. But here’s the problem: I don’t live anywhere near Louisiana, and I’ve never even seen the land. All I do is pay the property tax every year.
My family has owned this land for over 100 years. I know they used to sell the timber from it and let a small company drill there. But nowadays, it doesn’t bring in any money for me.
I’m wondering where I should start looking for ideas on what to do with it. I’ve heard suggestions like starting a farm or renting out the land, but those don’t seem possible when I’m 2000 miles away. If anyone has other suggestions or advice, I’d really appreciate it. Thanks in advance!
1 Like
It’s important to conduct thorough research and possibly consult with professionals in real estate, renewable energy, or agriculture to understand the potential and limitations of your land. Additionally, consider the legal and tax implications of each option. With the right approach, your land can become a significant source of passive income.
1 Like
Since you’re not located near the land and are looking for ways to generate income from it, you might consider exploring various options:
- Leasing the Land: You could lease the land to local farmers or ranchers for agricultural purposes. This way, you can generate income without having to be physically present.
- Timber Harvesting: If the land still has timber, you could explore the possibility of selling timber rights to logging companies. This could provide a source of income without requiring much ongoing involvement.
- Mineral Rights: If there are mineral resources on the land, you could lease mineral rights to companies for exploration and extraction of oil, gas, or other minerals.
- Hunting Leases: Depending on the location and terrain, you might be able to lease the land to hunting outfitters or individuals for hunting purposes during certain seasons.
- Solar or Wind Farm: Investigate the feasibility of leasing the land for renewable energy projects, such as solar or wind farms. This could provide a steady source of income through long-term lease agreements.
- Consult with Professionals: Consider consulting with a land management company, real estate agent, or lawyer who specializes in land management to explore potential opportunities and determine the best course of action for your specific situation.
Regardless of the option you choose, it’s essential to conduct thorough research and possibly visit the land or engage local professionals to assess its current condition and potential for different uses.
1 Like
You might want to reach out to the local authorities, like the parish or city office, to inquire about the zoning regulations for the land. Depending on what’s allowed, there are numerous possibilities to consider based on your interests. For instance, if farming is permitted, you could explore options like aquaponics, paintball/airsoft facilities, a hunting club, a shooting range, timber harvesting, meat raising and processing, or any other venture that aligns with your preferences. Additionally, hemp farming has recently been legalized in Louisiana, presenting a promising opportunity to get involved early on. If you know someone you trust who could manage a business requiring such extensive land, you might consider delegating responsibilities to them. To make the arrangement more passive for you, you could consult a lawyer to draft a contract where someone else handles the majority of the work while you still benefit from the venture.