Owning single-family rental properties doesn’t have to mean buying the standard Jamaica Plain suburban home. Now, there are more options than ever before for single-family rental property investors. By understanding several of the most inventive and innovative alternative housing ideas, you 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. As an example, boats usually cost less than traditional homes, which implies a smaller initial investment. A houseboat can additionally be moved from location to location, enabling you to take advantage of the strongest markets. Many people dream of living on a boat, so with an efficient marketing tactic, 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, are usually less costly and are big in the interior. Some buses have more square footage than small studio apartments. Despite that this entails you funding various improvements at the start, it doesn’t need a lot to turn a bus into a comfortable home.
3. Mobile Home
Despite a somewhat seedy reputation, mobile homes are great possibilities and options for investors. There are lovely, well-maintained mobile home neighborhoods in countless places around the country, many of which are in high demand. Buying and renting mobile homes could be the best method to expand or diversify your investment portfolio.
4. Tiny Homes
One particular new trend taking the real estate industry by storm is tiny homes. These pint-sized houses can be simply built on existing land or placed on trailers for more mobility. Either way, they are relatively inexpensive to have and great alternatives for lots of tenants.
5. Prefabricated Cabins
Who says cabin kits are only for wilderness retreats? Inexpensive prefabricated cabins may be a rapid and low-cost way to broaden your investing horizons. These cabins work effectively in ideal locations with stunning views.
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 want to make several improvements to make it a home for a full-time tenant. The novelty of living in a shipping container might help you attract tenants going in search of less conventional 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 equipping a treehouse as a rental. And like a tiny house, the initial investment will likely be much smaller than a more traditional property. But, in actuality, a grown-up treehouse will surely tempt your tenants’ feelings of nostalgia, while still endowing all the amenities and comforts of home.
8. Silo Homes
For more rural locations, why not consider purchasing a silo home? There is no end to the country charm in a small silo home. Old silos are relatively inexpensive, so finishing the interior won’t cost a fortune. In fact, you could make a sturdy bungalow that is perfect to rent.
9. Manufactured Home
Although high-end manufactured homes can cost the same as a more traditional property, in certain markets, they could still be a cheaper option. They are, moreover, oftentimes trouble-free to keep and have a clean, simple look that several tenants will find delightful.
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 home, make sure to contact Real Property Management Boston at 617-522-0099 to find out about our flexible property management plans!
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