Renting lots to trailer owners

[Ginger Winn]

Hi there. I’m totally new to investing (24yr old) and I have about 10K saved. 

For my first investment, I was thinking I could use my dad’s land that he owns with 3 septic tanks and 2 wells. What would be the smartest way to give us both passive income? He’s older and I’d like my first investment deal to benefit him as well. 

My sister was suggesting I pay to clear off the existing run-down trailers and get my investment back in land equity. But I’d like to get a gain from this, specifically some monthly income for myself.

The goal is to rent out the lots to people who own trailers. Any tips? 

[Jonathan Greene]

You can use neighbor dot com to rent space on existing land with very little hassle, but you do want to do your due diligence on what is needed in the area. Boat and RV storage is at a premium for many people so you have a good idea to use existing land to generate income without doing too much in the way of improvements.