Boat and RV Storage is a Great Way to Land Bank!

A quick note about land banking. Boat and RV storage is a great way to make money when you are land banking if you are in the right area. The first step is to make sure that you are in the right area for Boat and RV storage, the second is to make sure that you are in an appreciating market, and the third is to find properties that are in the right zoning for your project.

Land banking is a great way to build wealth. Over time property appreciates and so you can invest in land knowing that it will be worth more down the road than it is today. One way to make land banking even sweeter is to turn the vacant ground into something that provides income. A boat and RV storage facility can do that. There is a minimum start up cost, with a large potential profit outcome.

There are a couple caveats to that. You have to buy the property at the right price. If you overpay for a property, it is going to take longer for it to appreciate enough to be a profitable investment. Make sure that you are getting the property at a good price.

Next, you need to make sure that your lot is in the right location. It is very hard to put RV and Boat storage on a piece of ground if there is no demand for that kind of storage. If you are looking at land in a place that has few if any recreational vehicles, this is going to be a problem. You can still land bank, but you won’t be able to get boat and RV storage income while you are waiting for the property to appreciate.

Third, you need to make sure that you are in an area that is appreciating. There are some parts of the country that are on fire, and there are parts of the country that are still very slow. Utah has the hottest housing market in the country, while Louisiana has the worst. 8.5% of homeowners are behind on their mortgage payments. This means that you may be able to find better deals in Louisiana, but the question is, how long with those take to appreciate? Look at the long term investment to make sure that you are investing in a good market for land banking.

Finally, you need to have the property in the right zoning. If you are buying residential property, you won’t be able to put boat and RV storage on that land. You need to find commercial properties that are zoned for storage. This way you have the option of keeping the property for yourself for a future self-storage facility or selling it down the road to someone who would like to convert the land into self-storage. Either way, the idea is to generate income while the property appreciates.

Land banking is a great way to build wealth. Finding properties that you can generate income with while you are building that wealth is an even better option. Boat and RV storage is a great way to do that. As always, happy investing.