I take into consideration many factors when recommending what future landowners might do with their new purchase or inheritance. Unlike a pair of shoes, a new book, or a new set of golf clubs, vacant land doesn’t necessarily have a designated purpose. Once it’s yours, you have the honor of assigning that purpose. I love to help people do just that by asking them some simple questions.
1. How many acres do you have to utilize and in what climate with which terrain?
I sometimes already know the answers to these questions if I have assisted in the purchase of the property, so I’ll have a head start. But, if you call me and ask me what might be a good direction to take with some land you have recently acquired, I would start with these questions first.
2. What is currently growing, and what has historically ben grown on this farm?
Soil types and topography greatly vary across regions and counties and we can glean from what has already been successful on the land.
3. What are your goals-both long-term and short-term?
I ask this because I want to find out what you are passionate about-what motivates you. This is a great place to start from once you’ve determined the possible uses for your property. If you feel strongly about the purpose of your land, it will be developed exactly as you want it to.
4. What’s your risk tolerance and how much money do you have to invest?
Depending on your plans for the land, those plans might require a significant amount of capital and continued cash to maintain your new enterprise. Borrowing some funds might be in your future. Vision has to be rooted in possibility.
5. How much time do you want to invest and what skills do you bring to the table?
Spend some time thinking about what you’re good at and how much time you want to spend working on the property. I usually recommend spending some time creating a business plan or model that will support and sustain your vision for the land. You’ll want some financial projections to share with lenders as well as a way to organize your thought processes for what you want to accomplish.
This sounds like a lot, I know. But, that is what I’m here for. As an experienced land specialist with connections to community lenders and land authorities, I will collaborate with others to help you determine the best and highest use of your newly acquired land. Don’t hesitate to reach out via my contact page for more information.