Owning single-family rental properties doesn’t have to mean buying the standard Manhattan 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.
If you live near the waterfront, there are many advantages to owning a houseboat. If you do opt for these homes, they are priced less than traditional ones. That means that you’ll only need a smaller initial investment. Also, because of its mobility, houseboats can be moved around. This allows you to take advantage of the strongest markets. Because many people actually dream of living on a boat, it won’t be too difficult to find a tenant for your property — in reality, it might be much easier than you think!
2. Bus House
A growing trend in mobile living is the bus house. Similar to large RVs, retrofitted buses aren’t as pricey, and they are more spacious. 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. Buying and renting mobile homes provides a way for you to expand or diversify your investment portfolio.
4. Tiny Homes
Another trend taking the real estate industry by storm is tiny homes. They cost less, but have much to offer; these pint-sized houses are readily built on existing land or placed on trailers. In any case, these houses are bang for the buck, since they are relatively inexpensive but in high demand.
5. Prefabricated Cabins
Who says cabin kits are only for wilderness retreats? Inexpensive prefabricated cabins are an affordable means to broadening your investing horizons. These cabins work well in areas that offer a scenic 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, you will have to update the entire look of the place to make it attractive to 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.
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. 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, a silo home could be a profitable investment. Don’t underestimate the country charm that a silo home brings. 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, there are still those that offer them at a more affordable price. You just need to be informed of the different markets that are available. 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 Bozeman at 406-586-2226 to find out about our flexible property management plans!
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