Owning single-family rental properties doesn’t have to mean buying the standard Farmers Branch suburban home. These days, there are more options than ever before for single-family rental property investors. Alternative housing ideas are a great way to see some new and profitable niche markets for your investment business.
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. If you want to take advantage of the strongest markets, you might need to move around quite often. With a houseboat, this will not be a problem since they can be moved. 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, portable residences are charming properties for investors. Scattered all across the country are beautiful mobile home neighborhoods that are highly sought after and in demand. A great way to expand or diversify your investment portfolio is 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. Nonetheless, they are relatively inexpensive in cost, and they are appealing to a lot of tenants.
5. Prefabricated Cabins
Who says cabin kits are only for wilderness retreats? Inexpensive prefabricated cabins are great for you to broaden your investing horizons. These cabins work well in wide-open spaces that provide a beautiful display 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 few modifications will have to be made to the container so that it becomes alluring to full-time tenants. However, the novelty of living in a shipping container might help you attract tenants who are looking for not-so-conventional homes.
7. Treehouse
Take living close to nature to a whole new level by investing in a treehouse. Let your creativity run wild by decking out a treehouse as a rental! Similar to that of a tiny house, a treehouse’s initial investment will likely be much smaller than that of a more orthodox housing. However, if a grown-up treehouse sparks nostalgia in tenants, then it would have been an interesting investment, at the very least.
8. Silo Homes
For more rural locations, perhaps a silo home is something you’d want to consider. There’s a lot of country charm to be had in silo homes. Old silos are relatively inexpensive, so finishing the interior won’t cost a fortune. Ultimately, a sturdy bungalow that is perfect to rent is a worthy investment.
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. Because these homes have that clean and simple look, a number of tenants just might find them 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 Legend at 214-227-2404 to find out about our flexible property management plans!
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