Unique Property Investment Ideas
When you think of various real estate investments, the first thoughts that come to mind are apartments, office space, homes, hotels, duplexes, retail stores, and so on, but today we’re looking past the traditional residential and commercial property investments and more into those specialized investment opportunities.
Car Washes are more popular now than ever as we’re on the tail end of the COVID pandemic. This particular property/business venture was able to sustain even amongst other retail bankruptcies in 2020. The Commercial Observer reported a few benefits of owning a car wash including the typical leasing structure which lasts 15 - 20 years with double the rent coverage.
Airbnb investment is an interesting phenomenon that gained more traction once Airbnb made its debut in the market in 2008. The company not only impacted the travel industry but real estate as well.
“A property is considered an Airbnb investment when either part or all of the property is rented out on Airbnb after purchase. These rentals are typically short-term, which allows you to host many guests throughout the year, where traditional investment properties are most commonly rented to long-term tenants.” - Katie Ziraldo, RocketMortgage
Unlike traditional, residential property investments, Airbnb investments may require unique expenses, such as home decor, amenities, tv subscriptions, and more to bring more appeal to short-term tenants. It seems like the perfect mix of hotel and home accommodations. Just be aware that time investment, in this case, is something to consider as hosting an Airbnb will consume much of it.
Because why not. Dog Training Elite states that over 70% of all U.S. households own a pet and 94% consider their pets family members. As a result of the pandemic, there has been an uptick in pet sales and adoption. At this point, we can safely say that doggie or pet daycares are now an essential part of life to care for our furry family members. The need for pet services continues to increase. Investing in a pet daycare franchise or small pet service business could provide unexpected profitability to your operation.
If you live in the city, you understand the value of having a dedicated parking spot for your home, work, and events. Many parking garages offer monthly or annual rates in lieu of daily payment, but the location is also another factor to consider. If the parking garage is located near a stadium or entertainment venue, you could cash out big on certain events throughout the year. If the parking garages are located downtown, setting or adjusting daily or hourly rates could be fruitful as well to maximize your profit even further. The parking garage industry can bring up to $30 billion each year in revenue, so it might be worth a look.
Other real estate investment ideas:
- Amusement park
- Movie Theater
- Haunted property (it is Halloween season after all)
With any real estate investment comes an ample amount of research on current deals in the market, overhead cost, legalities, business insights, marketing, and property management to run a successful operation. You can learn how to find comps within iMapp for unique properties similar to the ones mentioned above to spark new investment strategies. Having a purpose and ultimately an endgame for your property investments, whether buying or selling, is something you want to establish early on.
So what unique real estate investment opportunities are you considering at the moment?