Owning single-family rental properties doesn’t have to mean buying the standard Bellevue suburban home. These days, there are more options than ever before for single-family rental property investors. Looking at a few alternative housing ideas might offer you a glimpse of a new and profitable niche market for your investment business.
1. Houseboat
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. 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. Since many people dream of living on a boat, it all boils down to how you can market your property to them. Finding the right tenant might be much easier than you think.
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. Refurbishing the space might require you to spend a bit, but turning a bus into a comfortable home is not that difficult.
3. Mobile Home
Despite a somewhat seedy reputation, transportable houses are attractive opportunities for investors. Scattered across the country are mobile home neighborhoods that are very much in high demand. If you want to expand or diversify your investment portfolio, you should consider buying and renting mobile homes.
4. Tiny Homes
Another trend taking the real estate industry by storm is tiny homes. Offering more options for movement, these pint-sized houses are built on existing land or placed on trailers. 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 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, a few upgrades will need to be made to make it a home for full-time tenants. However, the novelty of living in a shipping container might help you attract tenants who are looking for not-so-conventional homes.
7. Treehouse
Take living close to nature to a whole new level by investing in a treehouse. A treehouse as a rental is a good property investment. It may not be typical, but you can definitely let your creativity run wild! Much like a tiny house, the initial investment will likely be much smaller, unlike more conventional 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. 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. Because these homes have that clean and simple look, a number of tenants just might find them enticing.
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 Legacy at 402-983-8365 to find out about our flexible property management plans!
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