by Dr. Teresa Martin, Esq.
When most people think of investing in real estate, homes, mini-malls, or apartment buildings may come to mind first. However, that’s only the tip of the real estate investment iceberg. Consider the following offbeat real estate investing opportunities. These investments can provide a significant return in the long run and may very well alter your financial future.
- RECREATIONAL VEHICLES (RV)
Believe it or not, RV rentals and sales is a very big market. With baby boomers leaning into retirement and young families seeking a way to lessen their vacation costs, many people are willing to buy or rent an RV.
- If you’re hoping to purchase an RV to save money on your family vacations, keep the RV until it makes sense to sell it. Make routine cosmetic updates to the RV throughout the years to match the expectations of buyers.
- Consider renting out the RV for a profit. The RV rental market is hungry with renters, but is much undeserved.You can easily rent out a class C motor home for 7-nights for a minimum of $125 per night! If you’re fully booked every week out of the year, you can earn $46,000 in just one year!
- For a class A RV you can charge in upwards of $200per night, or $1,400 for a seven-day week,which equates to $73,000 over the course of a fully booked year. Pop-up campers can be rented for as much as $75 per night – or just over $27,000 for a fully-booked year.
- Even if you’re only able to rent out your RV for two weeks out of the month for $125 per night, you’re able to earn $23,000 per year!
Self-storage is a big industry. The shaky state of the economy may be partially to blame, as the number of multi-generation homes and families downsizing their living quarters are increasing.
- The Self Storage Association reports that one in ten families rent out-of-home storage space. Typically,units rent between $50 per month for a small unit to over $200 for a sizeable storage unit.
- The cost of purchasing a self-storage facility varies widely. It can cost as little as $200,000 or as much as $3,000,000 depending on the size, location and demand for the service in the area.
- Keep in mind, aside from the mortgage, there is still overhead. Utilities must be operating in order to keep the storage facility at an acceptable temperature; this is to avoid ruined personal property. Also, employees might be necessary, as well as a security system. But as a whole, the investment generates fairly passive income.
- ONLINE REAL ESTATE
Online real estate, otherwise known as websites, requires very little investment and can typically generate a good ROI over time. Traditionally real estate is thought of as tangible, but don’t disregard the earning power of online property. When you consider that Candy.com sold for over $5 million dollars, online real estate has the potential for astronomical returns.
- Approximate startup costs are as follows: $10 for a domain name, $0-75 for a standard website template to over $750 for a unique website design, and content creation starting at around $15 for a quality article.
- The key to making money online is having high quality and a high quantity of content, in addition to money making streams like marketing other company’s products, on-site advertising, or product sales.
There you have it — three markets where the competition isn’t very fierce and the bar of entry is relatively low. By investing in any one of the three offbeat investments mentioned, you’ll have the opportunity to maximize your investment dollar. And over time, you may be able to transform your investment into a fully expanded business.
MEET YOUR REIA NYC LEADER
Teresa R Martin, Esq – Founder/Counsel
Dr. Teresa R. Martin, Esq. is a sought-after attorney, real estate broker, real estate and financial health coach, keynote speaker, author, consultant, and a Dave Ramsey Master Coach. As principal of her own practice, she has honed her skills in the areas of residential & commercial real estate transactions, foreclosure defense litigation and credit restoration services.
In addition to being an attorney, Teresa wears the hat of a seasoned real estate investor with a focus on creative acquisition strategies. Strategies that she developed, implemented and taught to others through her role as Counsel/Founder of Real Estate Investors Association NYC (“REIA NYC”) and as Director and past President of the New York Chapter of Better Investing, the nation’s largest non-profit organization dedicated to investment education.
Her legal experience, coupled with her passion for financial ministry and consumer education, led her to join and complete her Group Leader training with Fellowship of Companies for Christ International (“FCCI”) in 2005. She continues to use her God-given gifts to encourage, equip and help others understand sound financial biblical principles through Generational Wealth Zone, a conduit for the everyday person to achieve financial freedom through tutelage in the areas of financial literacy, business ownership, real estate and stock market investing.
Teresa has appeared as a legal and real estate expert on Voice of America, Real Estate Straight Talk and numerous radio programs. She has been featured in such publications as Money magazine and Diva Zone magazine and more.