Goodmorining all,
I Purchased a 10-acre property in north-west Miami Dade in 2005 (think Okeechobee rd and the turnpike extension).It has 40 horse stables and a 2-acre nursery. We rent out the stables, and I had the nursery rented but the tenants fell behind on payments and were evicted. recently the area has been gaining a lot of traction with the demand for truck parking and very little space left for it. I have since cleared land and rented out a few of the acres generating me significant monthly income about 8k monthly. I have gotten all too used to driving to the property to collect checks and seeing my tenants.
My property is currently outside of the urban development boundary, I am zoned agriculture/ residential. most the neighboring properties have cleared the land and all are parking trucks. long gone are the nurseries and ranches in the area, it's all commercial trucks / yards. since I don't have a license on the property to park the trucks I live in fear that the county will one day make me remove the trucks. which will make me lose a huge portion of that monthly income. my attorney says in the meantime the county will not enforce any laws because there is simply no place to put all the commercial trucks.
I have been steady receiving phone calls from realtors asking if I would be interested in selling and that they have an interested buyer looking in the area. I always listen as you never know , but I haven't thought about selling for real. but lately, the offers keep looking more and more appealing.
should I try to convert the property and go to a legal truck parking? From speaking with current landowners in the area who have done so, the process is very expensive. and dependent on who you know. many are just selling and going elsewhere with the $$$$
I own the property outright no loans or liens. so getting a loan against shouldn't be too hard. but I would be scared of not being able to make payments towards a loan if my circumstances would change with the parking situation
I'm looking for some guidance and peace at night when I sleep. if I sell I would be looking at over 2M to work with. This is everything and all I have. I feel like I have to make my next move my best move.
i like being a landlord and don't mind driving around checking on properties, maybe buy SF,MF deals ??
should I hold on to the 10 acres and just keep pushing the land is only getting more valuable?
maybe if I can get someone else perspective on what they would do. thanks
