STR Investing: Renting Land, Mobile Homes, & Campers

[Shaniqua Dupree]

Hello All,

The other day I went to look at some property owned by family. It's located between 2 Cities. 15 to 20 minutes each way. It's in a more rural area but close to the highway. It's the perfect "getaway but not too far" location.

I want to rent the land and use it to for STRs. There are two mobile homes on the property. They most likely need to be trashed but it may be possible to rehab them. The land is also over grown and needs some tlc.

I know that if they had the "right" offer, they would sell. But I think they should keep it. There is new development happening that is going to raise the nearby property value and it'd be terrible to miss out in the opportunity. Plus, we need to STOP SELLIMG THE LAND...Especially to large corporations.

So my question is, what would you do? What would you be willing to pay to rent the land? Any tax strategies to consider? Would you even use mobile homes? Would a glampsite work?

See photos attached

. They are screenshots from videos I took.

[Michael Baum]

Hey @Shaniqua Dupree, interesting question. First, trash the trailers. Not worth rehabbing IMHO.

Make sure you can do STRs on it but if it is pretty rural, there is usually less of a problem.

Now, is there water, electricity and sewer at the site? Septic? Is it close or even available? That will help dictate where you go with this idea. How big is the land? 

Would your family let you just use it for your project for free? If you are making improvements at your expense, maybe that would be a fair trade.

There isn't much in the way of tax strategies as far as I know, but consult a CPA before you move forward so you know.

I am not into the glamping stuff. It doesn't really appeal to me. Maybe a few tiny homes? Fully functional of course. Hard to say as we don't know where it is at. What 2 big cities?