Owning single-family rental properties doesn’t have to mean buying the standard Plantation 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.
If you live near the waterfront, there are many advantages to owning a houseboat. Costing less than traditional homes, houseboats will give you more wiggle room for your budget, since you will need a smaller initial investment. Being able to be moved around, houseboats make for good investments, since you can transfer locations at a moment’s notice. In doing so, you are able to take advantage of the strongest markets. As amusing as it may sound, many people actually dream of living on a boat. This is why, with houseboats, finding a tenant might be much easier than you think.
2. Bus House
A growing trend in mobile living is the bus house. Retrofitted buses are similar to large RVs. However, they will not cost as much, and they are roomier. 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, portable residences are charming properties for investors. Sprawled out all over the country are attractive mobile home neighborhoods that are in high demand. Buying and renting mobile homes is a means to expand or diversify your investment portfolio.
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 for you to broaden your investing horizons. These cabins work well in wide-open spaces that provide a beautiful display of nature.
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, a few upgrades will need to be made to make it a home for full-time tenants. And yet, the novelty of living in a shipping container might help you attract tenants since not everyone wants to live in typical houses.
Take living close to nature to a whole new level by investing in a treehouse. Don’t be afraid to let your creativity run wild by investing in a treehouse as a rental. Similarly, these treehouses will likely have a much smaller initial investment, just like tiny houses! Offering nostalgia and delight, a grown-up treehouse just might be what tenants are what looking for.
8. Silo Homes
For more rural locations, choosing to go for a silo home is not at all a bad choice. A silo home may not be your typical residence, but it definitely has its own vibe and a whole lot of country charm. Old silos are relatively inexpensive, so finishing the interior won’t cost a fortune. Afterward, you would have built 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, a number of cost-effective options are still available in the market. It’s also quite advantageous that these homes have that clean and simple look as they will be relatively easier to maintain.
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 Asset Solutions at 954-889-5627 to find out about our flexible property management plans!
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