4 Ways to Profit From Your Unused Lot

If you have an unused lot, you are missing out on potential profit. Missing out on profit carries with it a high opportunity cost as you could be using that money that you are missing out on elsewhere. You might even have a payment on the lot that you are still making. Therefore, it might become necessary to get creative with your lot in order to bring in some income. Here are four potential ways to profit from your unused lot. 

1. Used Car Lot

Many empty lots are frequently used as a place where people can park cars that they are trying to sell. You can charge a reasonable fee for three months of parking upfront. Then, you can collect a reduced fee, on a monthly basis. 

2. Storage

Building storage units can be very profitable and easy. It is less of an investment than putting a building up and can bring in cash flow immediately. 

3. Parking

If your lot is close to a popular event, you could use it as overflow parking. For example, you are in the vicinity of a sports arena, you could charge for parking on game day. 

4. Sell Natural Resources

Many lots will have timber or hay that you could sell depending on the location. Or, during the holidays, many vendors sell pumpkins or Christmas trees. Use your lots for holiday events. Some cities also have weekly Farmer’s Markets where you can charge each individual vendor a nominal fee.

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