If you think there might be oil or natural gas under your land, look into it without hesitation. If you’re not sure, and your neighbors are raking in profits from natural resources, you’d better investigate. There are a whole host of legal issues pertaining to accessing subterranean resources, so it’s best to get a professional involved from the outset.
People with natural resources on their land often enjoy a steady revenue stream that lasts for years and if you don’t have the best land for farming, but still want to make money off your land, the black gold is a good option if you can find it.
If you’ve got a heavily wooded piece of ground, those woods could bring you some serious dough. Depending on what you want to use your land for, you might consider logging. If you plan on hunting or leasing to hunters, a quick way to recoup some of the money spent on the property is getting timber thinned or cut.
Thinning is where a logging crew comes in and takes the trees that they need, leaving the majority standing. How thin the remainder will be and what kind of trees will or won’t be cut are agreed upon beforehand. Thinning is great for the overall management of your land. It promotes new growth and reduces the likelihood of disease spreading.
Select cutting is like thinning but on a smaller scale. It focuses more on taking/leaving a particular kind of tree (most often hardwoods), and is not as widely practiced. Plus, it might not be worth a logging crew’s time to come in and take a few trees off a plot. If you have enough land, chances are better they’ll make the time.
A word of caution, most people are ignorant of the prices of lumber, particularly how much a load of hardwood goes for. Educate yourself by calling a local mill (one that’s NOT associated with the logging crew you’re using) and find out what you should be getting before you accept a price from the logging crew.
The last option is clear-cutting your land. While this will yield the most for your timber, it also opens up the possibility of another revenue stream: livestock and farming. Although in the short term, all the activity from logging is going to make deer and other animals scarce on your property.