Trying before you’re buying is the latest fad in adventure rental. You can claim your stake in the cash flow now and it may very well be easier than ever. It requires discipline, patience, and creativity though. So whether you just want to diversify your current real estate investments, develop some passive income for the future, or reach new financial goals, investing in the tiny house real estate market may be a very smart idea for you. Face it. Real estate is less volatile than the stock market, more reliable than you 401k, and yields more than traditional savings. This doesn’t mean that owning investment real estate is a trip down easy street. If it were, everyone would own a tiny house, beach cottage, or mountain chalet. Let us help you understand how to plan, how to develop a strategy for success, and how to create a new business from almost nothing!
FIND THE RIGHT PROPERTY
Finding the right investment property is essential. When looking at tiny houses for sale there are a number of considerations (other than location) that can make a property truly marketable. If you are wanting to appeal to multiple age groups you should consider things like sleeping lofts in general. If you do decide to purchase a place that has a primary sleeping loft you need to think about loft access; stairs or a ladder. More often than not you will isolate your target market by this one factor alone. Potential renters with disabilities, older adults, and even parents with small children are left out when the loft access is by ladder only. Before making an offer walk through the property (physically or virtually) and think about different target demographics and how they may be affected by the details.
BE THE FIRST OR THE LAST
In real estate, it is often true: The early bird gets the worm. But oftentimes it is not the highest offer on a property that gets accepted. It is simply the first. When a person puts a property on the market it is more common for them to be selling not for a huge profit margin but rather to rid themselves of the property. That said, if you are looking for a good deal, be quick about it. Don’t linger over your potential offer. Make a reasonable and sound offer and stick to it. If you are having to finance the purchase, go into your search with a pre-approval so you can jump at any property the moment you see it.
Conversely, another way to invest in a solid real estate property is to look for a property that has been on the market for a longer time. Those owners are likely more willing to sell for a discount due to market fatigue.
TREAT YOUR TINY HOUSE INVESTMENT LIKE A BUSINESS…’CAUSE IT IS
TRUTH: Real estate investing is a serious business, and you need to take it seriously.
KNOW YOUR STRENGTHS
START WITH A STRATEGY AND A PLAN
You won’t know where you are if you don’t know where you’ve been. You also won’t know where to go if you don’t recognize a destination. Before you make even the first offer, map out what you want to get out of your real estate investment. Do you want to live in the tiny house first? Do you want to park it and rent it? Do you want to flip it? Whatever you want to do, your plan should include short-term and long-term goals, as well as a strategy for achieving them.
The tiny house real estate market is ripe with opportunities. Become familiar with them. Visit our listings and find out what your next move is!