Owning single-family rental properties doesn’t have to mean buying the standard Williamsburg suburban home. These days, there are more options than ever before for single-family rental property investors. Find a new and profitable niche market for your investment business by simply subscribing to a few alternative housing ideas.
1. Houseboat
If you live near the waterfront, there are many advantages to owning a houseboat. Houseboats usually cost less than traditional homes. This means that you shell out a smaller initial investment. Since a houseboat can be moved around, this will allow you to take advantage of the strongest markets. As long as you have a solid game plan for how you want to market your property, finding a tenant might be much easier than you think. Many people, after all, dream of living on a boat.
2. Bus House
A growing trend in mobile living is the bus house. Retrofitted buses are similar to large RVs. However, they will not cost as much, and they are roomier. Some buses even have more square footage than small studio apartments. Turning a bus into a comfortable home doesn’t even require too much of you. There might be a few expenditures to consider, but it will be well worth it.
3. Mobile Home
Despite a somewhat seedy reputation, transportable houses are advantageous choices for investors. Sprawled out all over the country are attractive mobile home neighborhoods that are in high demand. Buying and renting mobile homes is a means to expand or diversify your investment portfolio.
4. Tiny Homes
Another trend taking the real estate industry by storm is tiny homes. These adorable pint-sized houses are ready to be built on existing land or placed on trailers if you want to move around. Regardless, these units are relatively inexpensive to purchase, and they are attractive to tenants.
5. Prefabricated Cabins
Who says cabin kits are only for wilderness retreats? Inexpensive prefabricated cabins allow you to broaden your investing horizons. These cabins are good choices for people who are into small spaces surrounded by 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 few upgrades will need to be made to make it a home for full-time tenants. Nonetheless, the novelty of living in a shipping container might help you attract tenants inclined towards more “creative” living 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. Just like the tiny house, the initial investment will likely be much smaller as opposed to a regular property. Nevertheless, a grown-up treehouse might attract tenants, if only for the nostalgia that comes with it.
8. Silo Homes
For more rural locations, a silo home is a reasonable option. Not to mention how much a silo home can enchant tenants with its alluring country charm. Old silos are relatively inexpensive, so finishing the interior won’t cost a fortune. Once you’re done with all that needs to be accomplished, you will have 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, a number of cost-effective options are still available in the market. As far as maintenance is concerned, these units will have had an advantage since they have that clean and simple look.
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 Dominion at 757-395-4274 to find out about our flexible property management plans!
We are pledged to the letter and spirit of U.S. policy for the achievement of equal housing opportunity throughout the Nation. See Equal Housing Opportunity Statement for more information.
