If you own land or property, there are plenty of ways to earn extra cash each month. Here’s how.
We’ve talked about passive income before – a way to make extra money without having to do anything “extra” as far as your career goes.
But, did you know that there’s another way to make money that might already be right under your nose? If you own land or property, there are plenty of ways to earn extra cash each month. It doesn’t take a lot of work to do so. Instead, all it takes is a bit of creativity.
With that in mind, let’s go over a few unique ways you can make extra money from your land or property, and turn it into a bit of a “side hustle” without having to do all the work!
Rent it Out for Storage
If you have a lot of acreage or land you’re not using, one of the easiest ways to earn money from it is to rent it out as storage space for things like RVs or boats. You could even invest in developing large storage units on your land for people to store such things when they aren’t in use.
The great thing about this option is you can charge on a monthly basis, and once you start making a name for your operation, you can enjoy a steady stream of income from people who need to safely store away their vehicles or “toys”.
Consider a Cell Tower Lease
Did you know that major phone companies are willing to pay quite a bit of money for cell tower installations on usable land? If you have land they’re interested in, consider a cell tower lease. While the rates vary, you can make thousands of dollars every year just by allowing a tower to be built on your property and leased out by one of these companies. If you have a piece of property that you’re not actively using or if you don’t mind the “eyesore” of a tower, it’s a great option.
Make sure you understand cell tower contract terms before agreeing to anything. But, once you know the details, you can enjoy watching the money come in each month.
Turn it Into Something Useful
If you have a lot of open land that you’re not actively using, why not turn it into a moneymaker that others can use every day? One great example is to try turning it into horse stables. People spend thousands of dollars to take care of their horses year after year, and one of the biggest expenses can often be finding a place for them to stay, get exercised, and taken care of.
If you know anything about horses or even if you simply see a business opportunity, you can make an investment in building a barn/stables. People will pay a monthly fee to keep their horses there, and you can set other terms as you see fit when it comes to how the horse will be cared for, etc.
Even if you aren’t familiar with horses or the care they need, horse owners are always looking for land to exercise their animals, so don’t be afraid to take an opportunity when you see it.
These suggestions are unique, but they’re really just the tip of the iceberg when it comes to how you can make extra income from your land or property. Don’t be afraid to get creative and make the most of what you already have.