IS there a way to make a hole in the terrain without needing to pay for a asset to do it.

I don’t have the money to be buying a terrain hole maker. I need to know a way to do it. any help?

You can use a depth mask to mask a part of the terrain and simulate a hole.

From http://wiki.unity3d.com/index.php?title=DepthMask

Put this shader on your mask mesh

Shader "Masked/Mask" {
 
	SubShader {
		// Render the mask after regular geometry, but before masked geometry and
		// transparent things.
 
		Tags {"Queue" = "Geometry+10" }
 
		// Don't draw in the RGBA channels; just the depth buffer
 
		ColorMask 0
		ZWrite On
 
		// Do nothing specific in the pass:
 
		Pass {}
	}
}

Then you cannot use setRenderQueue because AFAIK you cannot access built-in terrain material.
You have to download built-in shader and change the render queue directly on the shader of TerrainShaders\Splats\Standard-FirstPass.shader to at least 2501. Here the line to change :

"Queue" = "Geometry+501"

If no hole appears refresh the Base terrain material by selecting (again) “Built In Standard”.