Owning single-family rental properties doesn’t have to mean buying the standard Hampden suburban home. These days, there are more options than ever before for single-family rental property investors. A new and profitable niche market for your investment business is what awaits you, if only you look into a few alternative housing ideas.
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. 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, except they aren’t as expensive and they have more space. Some buses have more square footage than small studio apartments. It will take a bit of effort and resources to improve the space, but it really doesn’t take much to turn a bus into a comfortable home.
3. Mobile Home
Despite a somewhat seedy reputation, transferable houses are desirable assets for investors. Readily accessible mobile home neighborhoods are located in different parts of the country. These neighborhoods are well maintained, and they are 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. Even though they’re tiny, these pint-sized houses are convenient since they can be built on existing land, or placed on trailers for portability. Nevertheless, these units are relatively inexpensive, and they make for good investments for a lot of potential tenants.
5. Prefabricated Cabins
Who says cabin kits are only for wilderness retreats? Inexpensive prefabricated cabins will provide a means for you to broaden your investing horizons. These cabins are great for places with a picturesque view 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 good amount of decorating and rearranging will need to take place to make the space enticing 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.
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! Same as a tiny house, the initial investment will likely be much smaller, unlike typical housing properties. Nonetheless, a grown-up treehouse will bring about some nostalgia to the tenants, as well as the same warmth of a regular home.
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. An affordable and sturdy bungalow that is perfect to rent is what you will have had in the end.
9. Manufactured Home
While high-end manufactured homes can cost the same as a more traditional property, other markets might be pricing them at a significantly lower rate. It’s a good thing that these homes have a clean and simple look — it definitely makes it easier to maintain them!
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 Acadia at 207-561-7482 to find out about our flexible property management plans!
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