Wouldn’t it be great if you could live the life you wanted without having to worry about financial constraints and security? Most people need to work up to 8 hours per weekday just to make enough to pay their rent and utility bills, but could there be a way to use your property to help you pay for all of your living expenses?

The idea of generating passive income has exploded in recent years. Being able to achieve financial security without needing to spend much of your own time is an enticing idea. However, there aren’t guaranteed ways to achieve enough passive income to do this. But if you have a lot of vacant land around your property, could you use it to generate enough income to help you pay for living expenses?

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Rent your land out to companies that want to build on it

There’s a good chance that if you own land, there’s going to be a company that wants to build on it. Unfortunately, these companies don’t have a way to tell if you’re willing to rent out your land. If they’re desperate, then they might send you a letter asking if you’re willing to negotiate.

The most common reason for wanting to build on your land is raising cell towers, adding wind turbines for power, or even placing an array of solar panels. For example, there are Verizon cell tower lease agreements that can pay homeowners anywhere from $100 to $45,000 per year in rent just for placing a tower on their land. They might look a little ugly and take a while to build, but it can be a fantastic way to generate a lot of passive income.

Building property on it and renting it out

You could also build property on vacant land and rent it out to people. If you live in a rural area then it can be a fantastic opportunity to create an Airbnb. If you’re in a dense urban location, then you can expect to receive a lot of money each month just for renting out a simple one-room studio home.

While building property is a fantastic future investment idea, it’s extremely time-consuming and involves a lot of initial money to get started. After all, you’re building a home and it’s going to require lots of contractors and permits if you want to do it properly. However, if you’re willing to invest the money into your property, then it can be a fantastic option to generate passive income.

Just keep in mind that no matter how “passive” the income seems, you’ll need to put in a bit of work now and then. Whether it’s negotiating a lease agreement or helping tenants settle into your properties, you have to put in some work unless you recruit the help of a property manager. While this can cut down a lot of the work, it also eats into your potential income and isn’t recommended unless you really don’t have the time to manage it yourself.