Owning single-family rental properties doesn’t have to mean buying the standard Mesa suburban home. In these days and age, there are more options than ever before for single-family rental property investors. By seriously checking out some of the most wonderfully innovative alternative housing ideas, you could unexpectedly 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 regularly cost less than traditional homes, which entails a smaller initial investment. A houseboat can furthermore be moved to different locations, helping you to take advantage of the strongest markets. Many people dream of living on a boat, so with a very good marketing strategy 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, although they are more cost-effective and with quite bigger interiors. Some buses have more square footage than small studio apartments. Even though you need to go and spend for a number of improvements at the very start, it doesn’t require a great deal to turn a bus into a comfortable home.
3. Mobile Home
Despite a somewhat seedy reputation, mobile homes are efficient alternatives for investors. There are excellent, well cared for mobile home neighborhoods in various localities around the country, many of which are in high demand. Buying and renting mobile homes should be a splendid way to expand or diversify your investment portfolio.
4. Tiny Homes
Another growing trend taking the real estate industry by storm is tiny homes. These pint-sized houses could be made on existing land or placed on trailers for more mobility. Whichever way, they are relatively inexpensive to procure and are great options for plenty of tenants.
5. Prefabricated Cabins
Who says cabin kits are only for wilderness retreats? Inexpensive prefabricated cabins can really be a quick and advantageous way to broaden your investing horizons. These cabins do best in peaceful locations with lovely 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 make various upgrades to transform it into a home for a full-time tenant. But, really, the novelty of living in a shipping container might help you attract tenants going after less 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 developing a treehouse as a rental. And the same with a tiny house, the initial investment will likely be much smaller than a more conventional property. Though a grown-up treehouse may really captivate your tenants’ sense of nostalgia, while similarly granting all the comforts and ease of home.
8. Silo Homes
For more rural locations, why not be brave and try to have a silo home? There is no end to the country charm in a cute silo home. Old silos are relatively inexpensive, so finishing the interior won’t cost a fortune. Well, in the end, you could build a sturdy bungalow that is perfect to rent.
9. Manufactured Home
Despite that high-end manufactured homes can cost the same as a more traditional property, in numerous markets, they can still be an affordable option. They are also normally hassle-free to sustain and have a clean, simple look that plenty of tenants could deem really appealing.
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 East Valley at 480-658-0869 to find out about our flexible property management plans!
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