How To Earn $10K a Month by Buying Land Nobody Wants -- It's Way Cheaper Than You Think
There are one million ways to make $1 million. That's the phrase Chris Koerner regularly repeated in a Koerner Office Podcast episode where he shared how to earn more than $10,000 per month buying unwanted land.
These side hustles can help people make some extra income, but they can also become your main income source and replace your career. Young adults can also give these career paths a try as more people seek alternatives to six-figure student debt.
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These are some of the opportunities Koerner mentioned.
Tent Spots
Camping is a popular pastime that only requires a plot of land, making it ideal for people who have a lot of unwanted land. The great thing about this business is that you do not need to provide utilities, housing or anything other than land. Tenting significantly reduces your risk of nightmare tenants that can damage parts of your property.
Koerner said that costs can vary from $10 to $50 per night, depending on the location. You can list your property on sites like campspot.com, tentrr.com, campspace.com, and harvesthosts.com for people who want to set up a tent on your premises. You can also use these sites to compare prices in your area.
Portable Self-Storage
This strategy involves finding unwanted land in the middle of a busy road and setting up portable self-storage units. Portable units are less expensive to install, and you can quickly back out of the project if it doesn't work out.
Koerner told his listeners about a friend who rented one of these properties for a year and told the owner he would buy above the asking price if the business went well. This arrangement reduced the portable self-storage owner's risk while giving the property's owner a better deal. The business became profitable, and the portable self-storage owner ended up buying the property above asking price since it made sense to do so.
Buying without testing the idea first can result in a money pit that becomes difficult to sell.
Convert Sheds Into Tiny Homes
House flipping has been a common business model for years, but converting sheds into tiny homes that you flip for profits is an emerging trend. It's easy to find sheds that are worth less than $10,000, and those same sheds have the bare bones of a tiny home. Koerner believes you can invest $20,000 into a shed and convert it into a tiny home that you can then rent or sell.
Tiny homes are gaining more momentum as people look for creative ways to navigate higher housing prices. These same homes appeal to people who want to embrace a minimalist lifestyle. Savvy business owners can build multiple tiny homes on a plot or land and then have portable self-storage units nearby, allowing them to incorporate multiple business ideas to generate more revenue on the same land.
This article was provided by MoneyLion.com for informational purposes only and should not be construed as financial, legal or tax advice.
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