Currently split into 2 half acre lots. Both fenced in. One of the mobile homes is currently being demolished and other needs about $1,000 worth of work to make it livable. The land is appraised at $16,200. I am looking to make some profit from the land and I have a couple different scenarios:
1) Rent out the one mobile home. Rent goes for about $600 minimum on other mobile homes in the area. I was also thinking about adding a 2nd mobile home, or renting out the lot for someone to bring in their own mobile home.
2)Sell the land. Lets just assume I can get the full $16,200 for it, I would have to split it with my sister. Just a verbal agreement we made when the land was put into my name. I can develop the land and do what ever I want with it, but if I ever sell it, I agreed to split it.
3) Lease the land to the farmer next door. He currently has a handful of goats and 2 horses on the property that I allow for him to make sure nobody tries to vandalize the mobile home. In lieu of me developing the land he offered to lease it from me for $100 a month. Requires no start up $, covers the taxes and leaves about $900 a year passive income.
What are some ways I can make $ from inheriting this land/mobile homes?? Thanks!!
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