what should I do with vacant lot

[Steven Aviles]

I have a half acre lot that's vacant in a new community that is growing really fast. I just finished paying it off but am having a hard time on what to do with it. It's worth about 65k. I live pretty far from this property (45 min drive) and don't know whether to put a mobile home on there and rent it out, build a home and rent it out, fence it and increase curb appeal, or sell it as is and invest in rental properties closer to me in North east harris county. I am new to the real estate scene and would greatly appreciate some insight on this.

[Rachel H.]

@Steven Aviles It would depend on your overall goals whether you're looking for cash flow or want to just receive cash on a sale. 

If you decide to put a mobile home on it, it's best to check with the zoning department regarding restrictions (if any). Also, there's a process which will cost money to put a mobile home on top of the lot including movings costs, hook ups, set-up fees, etc. 

If you decide to go this route, it's best to do your due diligence first and gather all of the information regarding the costs before you do anything. This way, you'll know what you're getting yourself into. 

Another option is to see what other lot owners in the area have done with their own lots. Usually, it's a good indication of the market if you can spot any recent activity in this area. 

Personally, I have properties which are within that drive time (45 minutes) which is not a big deal for me. Anything over a 2-hour radius would not work for myself. Though, it depends on you. 

Just a couple thoughts. Hope that helps!