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I own 2 pieces of land next to my house, but I have no idea what to do with them.

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diogoatmelo

Contributor
Read Millionaire Fastlane
Oct 30, 2019
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Portugal
Hi.

I hope this is the right place for this kind of post.

As the title says I own two medium-sized pieces of land right next to my house. Unfortunately, I have not yet gained access to the exact sizes (working on it).
The problem is I do not know what to do with them.

A few observations:
  • I'm from Portugal. The properties are located outside of the two main cities: Porto and Lisbon. They're, however, on a fastly growing city. But on the edges of it;
  • They're located on a family street and I have a few relatives who are opposed to selling them to outsiders. I can see where they are coming from and I would like to respect their wishes, however, this isn't a deal-breaker for me. If the right opportunity comes along, I will sell;
  • While I do not know the exact size, the properties can each fit a medium-sized house (2-3 floors), easily;
  • I had an offer of 50k for them a few years ago, and I discussed that with my immediate family and a few people that understand real estate better than I do, and we all agreed the offer was too low;
I'm looking for ideas on how to monetize the properties. Feel free to give any idea and I'll adapt it to my situation.
Also, has anyone been in a similar situation and, if so, how did you proceed?

Thank you!
 

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Creep

Bronze Contributor
Read Millionaire Fastlane
I've Read UNSCRIPTED
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Apr 29, 2019
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Your options are limitless. Depends what you want to do with them..
Want quick money? Sell the land and invest in your business.
Want more money? Build a house economically and upsell.
Want cashflow? (great if you wanna "live for free" etc) Build super cheap stuff and rent out.
You can also get an investor on board and build an appartment or office unit with 10-20 units. That includes removing your house if neccesary.
 

diogoatmelo

Contributor
Read Millionaire Fastlane
Oct 30, 2019
50
38
48
25
Portugal
Your options are limitless. Depends what you want to do with them..

I realize I didn't give much information for you to work on.

Want more money? Build a house economically and upsell.
Want cashflow? (great if you wanna "live for free" etc) Build super cheap stuff and rent out.

This is honestly what I'm more inclined to do. I'm trying to brainstorm how and what super cheap stuff might be.
 

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