Unusual Real Estate Investments

By Steve Gillman - 2008

There are the usual real estate investments, like single-family rentals, apartments, and speculations in land. But with more people looking for these, it can be harder to find a great buy. With that in mind, here are a few examples of some more unusual properties for sale. These are ones that caught my eye in one real estate guide I picked up.

Marion, Illinois

$86,000 buys you a 7-unit motel on the Ohio River. At the time the guide was printed in summer of 2008, this property was already booked for the hunting season. It's near the Shawnee national Forest and the guide suggested that it could be used as a private hunting lodge. I was thinking that at that price it might be nice to convert it into efficiency apartments too.

Mount Ayr, Iowa

$29,000 for a historic commercial building amidst retail downtown businesses. Brick exterior. Used to be a jewelry store. How often do you get to buy a building in any downtown area for this price? If you had the cash, you might just buy it without a loan, rent it for whatever you can get, and wait for it to appreciate (of course, I don't know if the town is growing or not).

Doniphan, Missouri

$100,000 gets you a working flea market along a highway, and it comes with a three-bedroom, two-bath 2005 mobile home. There is another mobile home on the property (rental potential?) and a pond. The flea market is housed in a 42' by 32' building with a concrete floor. That's an unusual opportunity for someone.

Windsor, Missouri

$59,900 for a former doctor's office with exam room, waiting room, offices and more. It's on the edge of the business district, and could be used for other things. It's a brick building with 960 square feet.

Whitney, Texas

$256,000 for the only motel in town. 12 units, 10 RV hookups, and a three-bedroom, two-bathroom brick home. Heavy traffic. Actually, a motel with RV hookups isn't such an unusual real estate investment, but this one seems to be priced right.

Those were the less-common real estate investments that got my attention in a real estate guide published by UnitedCountry.com in late 2008. It is just enough to make one wonder what else is available.

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