I have 8 acres of raw land. How can I make money off of it, beside simply selling it?
My grandmother has 8 acres of raw land (1.5 acres on frontage on one of the main streets in our city) that is paid for 100%. Her house is now on the land, but the zoning is going from residential to commercial, with strip malls, gas stations, apartment complexes and more. There are three lone holdout houses right next to one another. We have tried to sell the property a few times but the price is always too low because either the neighbor won’t sell, or someother mishap.
Since we carry no loan on the property, how can we develop it commercially and be able to get financing from a bank for doing so? Instead of selling it, we want to develop it into some sort of storefront, strip mall, or something. How can we secure the funding for this? I just heard in the same neighborhood that Starbucks pays ,000 (and a profit %) per year for 20 years to the site owner – how can we score that?
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