Owning single-family rental properties doesn’t have to mean buying the standard Allston 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. Opting for houseboats will mean putting up a smaller initial investment since these boats 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. 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. Retrofitted buses are similar to large RVs, but they are more affordable and generous in space. Some buses have more square footage than small studio apartments. It’s not that complicated or complex to turn a bus into a comfortable home. It will just take a bit of planning and execution.
3. Mobile Home
Despite a somewhat seedy reputation, transportable houses are advantageous choices for investors. Scattered all across the country are beautiful mobile home neighborhoods that are highly sought after and 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. Offering more options for movement, these pint-sized houses are built on existing land or placed on trailers. 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. Even so, the novelty of living in a shipping container might help you attract tenants who are in the market for unorthodox residential spaces.
7. Treehouse
Take living close to nature to a whole new level by investing in a treehouse. It might not be as common or usual as regular houses, but a treehouse as a rental is anything but a bad investment. It’s not as costly, and you can let your creativity run wild. Same as a tiny house, the initial investment will likely be much smaller, unlike typical housing properties. Nevertheless, a grown-up treehouse might attract tenants, if only for the nostalgia that comes with it.
8. Silo Homes
For more rural locations, perhaps a silo home is something you’d want to consider. 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, there are, still, more affordable options available in the market. 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 Commonwealth at 617-299-2342 to find out about our flexible property management plans!
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