Is This Something You'd Do?
You may have bought your hunting land or log cabin for recreational purposes, but are you overlooking some easy ways to generate extra cash flow? Leasing your property might well be the answer. Hunters, anglers, seasonal vacationers, and even ranchers often pay handsome fees to access a property for a relatively short period of time. Often it's for a comparatively limited use. Here are a few suggestions when considering leasing your property.
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- Think Locally. Consult a local real estate broker or an attorney who specializes in land use. They typically know rental rates better than you and may even have clients ready and waiting.
- Require Insurance. A $1 million policy should be a minimum -- with more at your discretion.
- What About Improvements? Many tenants who sign longer leases are amenable to improving your holdings by building blinds, improving roads, and extending fences. Some landlords even require tenants to improve a property over the course of longer leases.
- Only consider leasing for reason and to people who won't interfere with your hunting plans.
- Make sure you consult with your attorney so that you've done everything necessary to keep yourself out of legal trouble.
There's certianly many more things to consider. But this should at least plant the idea in your head -- you can lease your property and hunt it, too. Why not create some revenue off of the property you own?
Editor's Note: This was originally published on February 22, 2008.
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