Owning single-family rental properties doesn’t have to mean buying the standard Logan suburban home. These days, there are more options than ever before for single-family rental property investors. Uncover new and profitable niche markets for your investment business by taking into consideration just a few alternative housing ideas.
1. Houseboat
If you live near the waterfront, there are many advantages to owning a houseboat. If your budget needs a bit of breathing room, look for something that will need a smaller initial investment. Houseboats are a good example since they cost less than traditional homes. One other advantage of houseboats is that they are moveable. If at any time you choose to move, you can. This will allow you to take advantage of the strongest markets, wherever they may be. Finding a tenant might be much easier than you think since many people dream of living on a boat!
2. Bus House
A growing trend in mobile living is the bus house. While retrofitted buses are similar to large RVs, you can save more on them since they are priced lower. Also, they have the capacity to accommodate more people. Some buses have more square footage than small studio apartments. There will be costs to improving the overall look, but it’s not that hard to turn a bus into a comfortable home.
3. Mobile Home
Despite a somewhat seedy reputation, movable homes are a beneficial option for investors. All over the country are wonderful mobile home neighborhoods that are high in demand. Expanding and diversifying your investment portfolio is easy when you’re ready to buy and rent mobile homes.
4. Tiny Homes
Another trend taking the real estate industry by storm is tiny homes. Though pint-sized, these tiny houses can be quite the catch for those who are looking to build on existing land or placed on trailers for people who want to move around. One way or another, tiny homes are great investments for many tenants, especially because they are relatively inexpensive.
5. Prefabricated Cabins
Who says cabin kits are only for wilderness retreats? Inexpensive prefabricated cabins are great investments to broaden your investing horizons. These cabins are perfect for those who are in the market for properties that offer a sense of tranquility.
6. Shipping Container Homes
Shipping containers are versatile structures that can be quickly renovated into a residential home. Similar to a bus or cabin kit, you’ll have to modify a few things to make the unit appealing to a full-time tenant. Nevertheless, the novelty of living in a shipping container might help you attract tenants because of how unconventional it is — some people are actually in the market for these kinds of things.
7. Treehouse
Take living close to nature to a whole new level by investing in a treehouse. Who said treehouses were only for kids? Let your creativity run wild by investing in one and turning it into a rental! Similarly, these treehouses will likely have a much smaller initial investment, just like tiny houses! Still, the magical nostalgia that comes with a grown-up treehouse is undeniably something that brings a wonderful sense of home to interested tenants.
8. Silo Homes
For more rural locations, maybe a silo home will suit your needs? There are a number of tenants that are actually looking for that country charm and feel that a silo home can provide. Old silos are relatively inexpensive, so finishing the interior won’t cost a fortune. When all is said and done, it will have been a worthy investment to build for yourself a sturdy bungalow that is perfect to rent.
9. Manufactured Home
While high-end manufactured homes can cost the same as a more traditional property, the market still offers other options that are more friendly to those who are working with a relatively tighter budget. They will still attract tenants, though, since they have that clean, simple look that is very appealing to a lot of people today.
By thinking outside of the box, you might discover some of the most creative and profitable housing options available. Once you find the perfect rental homes, make sure to contact Real Property Management Cache Valley at 435-753-5200 to find out about our flexible property management plans!
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