Toying with the concept of off the grid rentals

Toying with the concept of off the grid rentals

Investor · Hughesville, MD · Member since 2016 · 19 posts · 4 votes
Ok I'm going to make this as short as possible. Anyone ever build multiple off the grid properties on a large piece of land? I own a 150 acre farm which is approximately 40% tillable. I will continue to use around 60 acres for farming but would love to build 10 cottages on various parts of the property for long term rent. The tillable land is sporadic as are the forested areas. I think I could create 10, 15 acre parcels, not divided on deed but advertised as private and build open concept rentals on concrete piers with composting toilets and solar power. It is in Illinois so wood burning stoves would also be included for heat. I am aware first and foremost that there may be zoning issues but think if I could end up with 10 cabins grossing 600-700 a month I would be pretty happy. I don't have a hard budget for each cabin but think I could build for 30-40k each with site prep. I can only find airbnb short term rentals as comps but wonder this can work on a full time basis. With the surge in eco homes and small living I think it might be a new revenue stream. I have thought about creating a mobile home park on land but don't want to mess with environmental issues and massive start up costs. Thinking about building 1 cabin and see if there is any interest. If there is not enough interest I can use it when I visit the farm. So I repeat anyone have any experience with this or have comments about viability. Farm is a small money earner and promises long term equity growth, but cash flow is always a concern. Look forward to everyone's opinions and expertise.
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  • Investor · Los Angeles, CA · Member since 2016 · 577 posts · 240 votes
    9y

    Have you thought about just testing the market by building one and seeing how it rents out and testing the market? I've thought about this as a long term play as well. You'll have to have things for these people to do or make it fun in some way which would make them drive all the way to your property. 

  • Investor · Bensalem, PA · Member since 2011 · 146 posts · 93 votes
    9y

    How crazy is this. I too have thought about the same damn thing!

  • Investor · Hughesville, MD · Member since 2016 · 19 posts · 4 votes
    9y
    This farm being in a rural area most people find hunting and fishing to be primary past times. I would allow renters to hunt my land and fish on the ponds, as the law allows of course. I think there are many who can't afford the acreage who would jump at the opportunity to live on a large plot of land. I am definitely going to start small as I have with everything else so far. Thinking about 1 cabin this fall and see how much interest I can get. I think it takes the right type of person to live with composting toilets and cisterns who I think would also be a good caretaker of the land. Or I'm just crazy and wrong! That's my biggest fear.
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