I have 80 acres of land and looking to make a lot of money from it.?

Question

As stated above, I own an 80 acre piece of land. It's located in southern North Carolina. I realize that that is a lot of land and I also realize that I could use all of that land to my advantage and make some good money off of it. People have suggested farming...but that's not quite the kind of money I'm looking for. I'm talkin good money. Some ideas include a kind of recreational sports park. Such as having a drag strip and next to that a paint ball arena and next to that something else...just drop me some ideas or if you have any experience in this kind of thing it would all be greatly appreciated.

Answer 1

You need to check out the zoning with the county before you get too far into making plans.    It may be zoned for agricultural, you would not be allowed to just build a drag strip there.    

Unless the roads already can handle a lot of traffic you are going to need some pretty deep pockets to do anything that draws a crowd, as you will be doing some serious road/sewer/water/power work before they will even let you set started.

Answer 2

It all depend on the location, and ammenities.  Where is it located?

Either you received the property as a gift.

or you just want to write.

I have serious doubts as to your ownership  if it was an investment you would have already explored an exit strategy - since your goal is obviously to make money.

Answer 3

If you dont have additional money to build this with, then I would sell half of the land and keep the other half to build a storage unit facility on. Get some of those freight containers and create a front gate and some security cameras and a front desk and there ya go. When storage units rent for about $100 each per month, you could easily make some good money if you have enough units and its not too far from civilization.

Answer 4

The first thing you are going to have to know is what it is zoned for.  If it is zoned agricultural, it is highly unlikely you can get it zoned for a large commercial operation like a drag strip.  The neighbors will most likely object to a large, noisy commercial venture in their backyard.  Ever go to an NHRA or IHRA event?

Zoning is neither cheap or easy to change.

If you do plan on converting this land to a commercial venture, you will need the capital to make the infrastructure improvements (road building, running utilities, etc) this could easily run into the hundreds of thousands of dollars.   Then there is the expense to build your drag strip.  It is likely for parking, RV spaces, pit, track and shut down area that you will need every bit of your 80 acres for that venture.   Insurance for such a venture is also going to be expensive.

If the area doesn't have amenities to support your venture (gas stations, hotels, restaurants, etc.) this will be difficult to get off the ground.  

One suggestion I have is to check into subdividing your parcel and selling the smaller parcels.   Smaller parcels are worth more than one large piece.   Check into timber or mineral rights, you may have some value there.

Ambition is not a bad thing, good luck.

Answer 5

The 3 most important factors in real estate (location, location, location) have not changed, and this question can not be answered without that knowledge.  Is "shouthern North Carolina" in the smokies, or near Charlotte, or right on I-95, or out in the woods where nobody goes or lives?  All will yield a separate answer.  I'm guessing that the last place I listed is where it's at, which means your best bet is to lease it out for hunting, or timber.  (Farming requires too much work.)

Answer 6

debt free land is the best commodities you can own.....after all they are not making anymore!!!! my advice is to keep the land and rent it out to the farmers, paintballers, and racers....when all these fads come and go you still got your land..... something you can pass down to you children