Hello BP Members! This is my first post to the forums so bear with me.
Here is the scenario and back ground. My mother owns 9 acres in a small rural town in MS. She nor I live anywhere near the property. It is near the main interstate and the intersection of two state highways. Most of the downtown business has moved near this interstate and intersection including a Walmart. There is not much growth in commerce in the area.
She has had the property for sale for years. Some adjacent properties have sold over the years, mainly because the sellers were local. It has some value, but the prospects of finding a buyer in that market are slim.
As the title alludes, would leveraging this land and using the money to purchase local rentals be a profitable venture. Or should she sit on it and wait for a buyer to arrive? Most likely would have to work with the local banks to get the loans, but that is ok.
She wants to get something (value) out of the property, as she isn't getting any younger.
Thoughts?
