My family owns 60 arces of land and while we’ll never sale it how can we have the land make money?
My grandfather worked very hard to by the land to keep it in the family as a noble deed to his kids, grand kids and very future grand kids. We will never sale the land but being located in the Low Country of South Carolina (30 mins from Hilton Head and Beafort) what ideas do you have that can allow us to keep the land and make money legally?? Taking on serious responses.
The first thing you need to do is make sure you understand how the land is zoned. You should check with your local city/county government and find out. Is it zoned as commercial, residential, farm or resource land? Are there state or federal restrictions on what you can do with the land (i.e., potential wetland or wetland designation)?
Once that’s done, I would recommend that you talk to a land use planner about potential uses and also to an attorney to set up a company such as an LLC (limited liability company) and/or a trust to administer the use of the land.
Once a piece of property is transferred to multiple heirs, it can be very difficult to keep a family member who wants to sell his or her share from doing so. Having an LLC or a trust could make it easier to keep the acreage intact.
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October 12th, 2009 at 12:23 am
"Rent" it out to local farmers. Thats what they do here in Michigan.
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October 12th, 2009 at 1:09 am
Renting it. It depends on what kind of land it is. If there are pastures you can rent them out to farmers in the summer to allow them to keep their horses there, or you can divide it into plots and allow people to camp out or something.
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October 12th, 2009 at 1:21 am
Well, you are pretty close to a tourist area and military bases, you could set up some kind of paint ball promotions.
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October 12th, 2009 at 1:52 am
- Consult a forester: he can evaluate your situation and create a sustainable timber harvesting plan.
-Enter your land into a tax program: There are programs for open space, forest land, and farm land. It may not make you money, but it will save you from paying high taxes.
-Easements: Enter your land in an easement that basically sells development rights. You (and anyone who buys your land) wont be able to build any additional structures. But you will technically still own it, and it wont become a walmart.
-Lease the recreation rights: Like an easement, except you sell the right to recreate on that land to hunting and fishing clubs (and the like).
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October 12th, 2009 at 2:21 am
The first thing you need to do is make sure you understand how the land is zoned. You should check with your local city/county government and find out. Is it zoned as commercial, residential, farm or resource land? Are there state or federal restrictions on what you can do with the land (i.e., potential wetland or wetland designation)?
Once that’s done, I would recommend that you talk to a land use planner about potential uses and also to an attorney to set up a company such as an LLC (limited liability company) and/or a trust to administer the use of the land.
Once a piece of property is transferred to multiple heirs, it can be very difficult to keep a family member who wants to sell his or her share from doing so. Having an LLC or a trust could make it easier to keep the acreage intact.
References :
October 12th, 2009 at 2:32 am
You could fence off an area and offer pasture boarding for horses. If you have a small barn or build a 3 sided shelter, you could charge more.
You could raise goats and then turn around and make goat cheese, milk, soap, etc.
You could raise pakka’s (sp?) and sell their hair.
You could set up a field to be a solar collector and in turn have it power a water or such engine creating power. Power your house and sell the power to the electric company.
Let the grass grow and pack it as hay. Up here in the north hay is rare right now and its going for premium dollar.
Plant fruit, veggies, berries, etc and sell them at the local farmers market or be your own farmers market.
I myself am trying to find 10-20 acres to do these very things. Your lucky… don’t leave, city sucks. 38 yrs of city life… I’ve had my fill. Already got my horse… just need the land now.
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edit: Being a Native American Indian, and of Powhatan origin which is part of the SC area. I am ashamed at such a mouth on the person Tickerbell.
Her voice DOES NOT speak for Native Americans. She is just white person with hate and no understanding.