Any landowner will tell you that property ownership is simply one of the most reliable investment vehicles available – in any market. The reason is simple: people always need a place to stay, or they desire land to lease or build upon.
If you’re a property owner, you can leverage your land in the post-2008 Housing Bubble Collapse for a considerable stream of passive income. In the following, we’ll take a look at just a few of the ways to make companies and businesses pay you for the use of your property.
- Lease Your Land for Cell Tower Use in Maryland
In recent years, residents in Howard County, Rockville, Bethesda, Waldorf, Annapolis and surrounding areas have brokered successful deals with tower companies to lease their land for long-term use. The reason? So they can build cell towers for the ever-popular mobile device revolution that has seized the nation (and indeed the world).
Most of these landowners are Average Joes and Average Janes – just like you – who just so happen to have sizable plots of land that are ripe for lucrative leasing arrangements, and then increasing the amount they make through a viable lease extension.
Like most deals you make with a company, the policy of trust-but-verify stands true. You must be aware of the market prices for leasing your land for the stated purposes, so that they’re not making far more from its use than they’re paying you – there have been reports of some property owners losing leaving close to a million dollars on the table over the lifetime of a lease simply by failing to perform due diligence.
The good part is that help is available with to help you navigate these deep waters, and ascertain whether or not you have actually obtained an equitable lease extension offer from the prospective company. In the Maryland area, Cell Tower Lease Experts provides a wealth of information and guidance on getting the best lease deals.
- Build an Extra Suite and Rent It Out
This option, of course, brings visions of AirBnB to mind; but you needn’t go through this platform. Depending on the building codes in your neighborhood, you might be able to add a suite purely for rental purposes – this way, you can still reside in the main house while deriving income from your one or two bedroom accommodations.
Of course, you have the option to go for a free-standing structure or to add or convert an already existing room in your home, as well. Consulting the local rules is very important in this endeavor; even before you start calculating the cost and how long it would take to recoup them before the setup becomes profitable. Building an extra room to rent out may also necessitate the construction of a bathroom and kitchen, so these are definitely things to think about and research beforehand.
Alternatively, if you don’t intend for anyone to live there, you can build the space and use it as a rental storage unit. This works especially well if you have garage space that is going unused; then, you don’t have to build much before you set up that passive income stream.
As an example of ways to really ramp up storage fees that people will gladly pay, you can expand the available room and target RV owners, boat-owners, people with nowhere to store their motorbikes, and other larger pieces of mobile property. Your chances of getting the best renters is directly proportional to the quality of the images you post on various online selling/leasing spaces.
- Work From Home – Start a Business
This one is more about saving on costs than anything else. By setting up a viable home-based business, you avoid the costly overhead fees that an actual office necessitates, for starters. Then, there are the associated costs: driving to work everyday, building security, and income tax advantages you derive by staying in the house to work.
The other benefits are dependent on your family life; it may afford you the ability to play a more ever-present role in your children’s lives, and stay more connected to family matters. People who leave the home to work can attest to the amount of time their schedules rob them of a home life.
Of course, if you have more than one home, then it makes a whole lot of sense to rent one during the work or school year when you’re not around. At the very least, the income stream you derive can pay for the upkeep and property taxes of the vacation residence.
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