Owning single-family rental properties doesn’t have to mean buying the standard Lincoln Park suburban home. These days, there are more options than ever before for single-family rental property investors. Looking at a few alternative housing ideas might offer you a glimpse of a new and profitable niche market for your investment business.
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. Finding a tenant might be much easier than you think since many people dream of living on a boat!
2. Bus House
A growing trend in mobile living is the bus house. While retrofitted buses are similar to large RVs, you can save more on them since they are priced lower. Also, they have the capacity to accommodate more people. Some buses even have more square footage than small studio apartments. Refurbishing the space might require you to spend a bit, but turning a bus into a comfortable home is not that difficult.
3. Mobile Home
Despite a somewhat seedy reputation, movable homes are a beneficial option for investors. All over the country are wonderful mobile home neighborhoods that are high 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. Even though they’re tiny, these pint-sized houses are convenient since they can be built on existing land, or placed on trailers for portability. In any case, these houses are bang for the buck, since they are relatively inexpensive but in high demand.
5. Prefabricated Cabins
Who says cabin kits are only for wilderness retreats? Inexpensive prefabricated cabins are great investments 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 modifications will have to be made to the container so that it becomes alluring to full-time tenants. Nonetheless, the novelty of living in a shipping container might help you attract tenants inclined towards more “creative” living spaces.
Take living close to nature to a whole new level by investing in a treehouse. Who said treehouses were only for kids? Let your creativity run wild by investing in one and turning it into a rental! Much like a tiny house, the initial investment will likely be much smaller, unlike more conventional houses. Nonetheless, a grown-up treehouse will bring about some nostalgia to the tenants, as well as the same warmth of a regular home.
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, the market still offers other options that are more friendly to those who are working with a relatively tighter budget. 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 Chicago Edge at 773-904-7700 to find out about our flexible property management plans!
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