As a real estate investor, you know how important it is to choose the right property in the right area that targets the right audience. From condos and apartments to single-family or multi-family homes, there are plenty of different property types that you can invest in to earn a regular rental income or seasonal rental income.
If you would like to diversity your portfolio and invest in some unique types of property that will attract an entirely different clientele, try these four alternative properties.
Self-storage Facilities
If you want to become a true real estate mogul, add self-storage to your portfolio. This form of commercial real estate is in the fastest growing sector of the market and offers the potential for quick growth.
With more and more Baby Boomers downsizing, the need for storage facilities is rising. In fact, about 1 in 10 Americans today use self-storage units for their household goods or business property. In a country where people like to acquire things that cannot quickly be consumed, self-storage becomes a viable real estate option.
Outdoorsy Vacation Homes
Would you like to enter the seasonal rental market? Do you want a property that could become the perfect escape any time of the year? Marina Point on Big Bear Lake is a 4-season resort with 110 luxury condos and 10 custom lake front homes, prime for your next investment. Perfect for the renter who wants to get away to nature but remain in the lap of luxury.
Pioneer Log Homes of BC have similar vacation homes as well – a true log cabin experience. These attract vacationers and lovebirds alike, these unique designs are a great fit if people want to escape the hustle and bustle to say their vows.
Student Housing Properties
The number of students being admitted to universities and colleges is on the rise. These traditional students, who leave the nest and relocate to a college area, need an affordable place to stay. If you invest in a property that can be converted to student housing complete with the amenities that students want and need, you can profit. You will need to construct a special lease the makes only the single tenant liable for their own expenses.
You will also need a unique marketing approach that can be implemented each time your tenants graduate so that your property always stays at maximum capacity. Once great thing about college areas is that they are generally in metropolitan areas where rents can be more affordable, making the point a solid marketing approach.
Medical Office Suites
The new Affordable Care Act has changed the way that medical services are delivered. Now, health care providers and systems are looking to open new spaces so that they can localize their settings and steer people away from hospitals to get care.
If you invest in a medical office suite for providers of outpatient services, you can earn regular rents from tenants that you can trust.
There are several types of real estate that you can invest in to diversify your risk. Some properties require more management and upkeep than others, but in the long run each of these offer you profit potential. If you’re considering investing, check out the benefits of working with First Team Property Management to get a better idea of what is expected of you and what help is available.
This guest post is written by Anica Oaks. A recent college graduate from University of San Francisco, Anica loves dogs, the ocean, and anything outdoor-related.
