Owning single-family rental properties doesn’t have to mean buying the standard Frisco suburban home. In these times, there are more options than ever before for single-family rental property investors. By taking into consideration a few of the most ingenious and innovative alternative housing ideas, you definitely could find 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. For instance, boats usually cost less than traditional homes, which simply means a smaller initial investment. A houseboat can further be moved from one place to the other, giving you the chance to take advantage of the strongest markets. Many people dream of living on a boat, so with an effective marketing effort, 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, but definitely cost less and have more interior space. Some buses have more square footage than small studio apartments. Even supposing you have to pay for several improvements early on, it doesn’t take so much to turn a bus into a comfortable home.
3. Mobile Home
Despite a somewhat seedy reputation, mobile homes are great opportunities for investors. There are really nice, maintained mobile home neighborhoods in lots of areas around the country, many of which are in high demand. Buying and renting mobile homes would be a suitable and effective way to expand or diversify your investment portfolio.
4. Tiny Homes
One other new trend taking the real estate industry by storm is tiny homes. These pint-sized houses can be built without difficulty on existing land or placed on trailers for more mobility. One way or the other, they are relatively inexpensive to invest in and good alternative choices for various tenants.
5. Prefabricated Cabins
Who says cabin kits are only for wilderness retreats? Inexpensive prefabricated cabins can definitely be a speedy and budget-friendly way to broaden your investing horizons. These cabins work well in nice areas with attractive landscapes.
6. Shipping Container Homes
Shipping containers are versatile structures that can quickly be renovated into a residential home. Similar to a bus or cabin kit, you’ll have to spend more on improvements to make it a home for a full-time tenant. But, in truth, the novelty of living in a shipping container might help you attract tenants really interested in less common or traditional living arrangements.
7. Treehouse
Take living close to nature to a whole new level by investing in a treehouse. As an investor, you can let your creativity run wild by designing and building a treehouse as a rental. And like a tiny house, the initial investment will likely be much smaller than a more typical property. But, as a matter of fact, a grown-up treehouse could entice and appeal to your tenants’ sense of nostalgia, while also bestowing all the necessary comforts of home.
8. Silo Homes
For more rural locations, why not aim to acquire a silo home? There is no limit to the country charm in a small silo home. Old silos are relatively inexpensive, so finishing the interior won’t cost a fortune. In the long run, you could build a sturdy bungalow that is perfect to rent.
9. Manufactured Home
Though high-end manufactured homes can cost the same as a more traditional property, in many markets, they could still be a cost-effective option. They are, furthermore, generally worry-free to make and have a clean, simple look that numerous tenants would perceive as 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 One Source at 214-960-1612 to find out about our flexible property management plans!
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