Owning single-family rental properties doesn’t have to mean buying the standard Goose Creek suburban home. These days, there are more options than ever before for single-family rental property investors. A new and profitable niche market for your investment business is what awaits you, if only you look into a few alternative housing ideas.
1. Houseboat
If you live near the waterfront, there are many advantages to owning a houseboat. If you do opt for these homes, they are priced less than traditional ones. That means that you’ll only need 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. Similar to large RVs, retrofitted buses aren’t as pricey, and they are more spacious. Some buses 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, transferable houses are desirable assets for investors. All over the country are wonderful mobile home neighborhoods that are high in demand. Expanding and diversifying your investment portfolio is easy when you’re ready 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. 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 will provide a means for 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 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.
7. Treehouse
Take living close to nature to a whole new level by investing in a treehouse. Don’t be afraid to let your creativity run wild by investing in a treehouse as a rental. Same as a tiny house, the initial investment will likely be much smaller, unlike typical housing properties. Still, the magical nostalgia that comes with a grown-up treehouse is undeniably something that brings a wonderful sense of home to interested tenants.
8. Silo Homes
For more rural locations, a silo home could be a profitable investment. 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. An affordable and sturdy bungalow that is perfect to rent is what you will have had in the end.
9. Manufactured Home
While high-end manufactured homes can cost the same as a more traditional property, there are still those that offer them at a more affordable price. You just need to be informed of the different markets that are available. They will still attract tenants, though, since they have that clean, simple look that is very appealing to a lot of people today.
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 Charleston at 843-900-4061 to find out about our flexible property management plans!
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