Real estate offers many exciting ways to earn a return on investment, including highly creative niches that provide impressive results; some can equal or exceed traditional market sectors. And these creative niches offer other benefits—for example, combining your hobby or other business enterprises and enjoying lower overhead costs while building wealth.
Another benefit of branching out is the added security against an economic downturn in any one sector; the others can carry you through. Rental properties build in a layer of protection against inflation because rents tend to keep pace with increases in the cost of living with little impact on your monthly cash flow. Please note that this article is for informational purposes, not financial or legal advice.
So read on as we explore these three creative real estate niches that investors like you should know about in Utah in 2023.
AirBnBs are one such real estate niches that investors like you should know about in Utah. Advances in technology help investors take advantage of online services with user friendly apps that provide travelers and real estate investors a platform upon which short term rentals have become a streamlined process, with checks and balances protecting both parties. Keyless entry and other inventive methods have evolved to provide the privacy and social distance that are now the norms in travel lodging. Investing in Utah real estate to use for short term rentals can provide high returns. Because tenants are short term, spending little time in the unit, you save money because there tends to be less wear and tear overall. Of course, its important to focus on the location of your AirBnB investment so that you are not concerned about bookings. Professional buyers like those at Utahhomes.biz can help you zero in on the right property in Utah to suit your AirBnB investment strategy.
Self-storage properties are another real estate niche that investors like you should know about in Utah. Savvy investors are taking advantage of this profitable business with operating costs that generally run very low. Another benefit of self-storage properties are the additional income streams that can be added, such as sales of boxes and other moving supplies, locks, insurance and other products or services that combine well with the moving industry. The professional buyers at Utahhomes.biz are highly educated professional local real estate investors who know the Utah real estate market and can guide you to the best location for this enterprise.
Mobile Home Park
Mobile home parks are another interesting and profitable real estate niche that investors like you should know about in Utah. Cash-on-cash returns are a metric used to evaluate an investments profitability, measuring the net income against the initial cash investment and mobile home parks average of earning back about 20 percent of your investment each year is impressive. Tenants in mobile home parks own and maintain their own units and pay lot rent and tend to stay in place much longer than tenants in more traditional rentals. Professional buyers like those at Utahhomes.biz are expert negotiators that understand competition is low among buyers for mobile home parks.
With so many real estate niches to know about in Utah, why not explore the possibilities with experts who know about them all, the professional buyers at Utahhomes.biz. If you’d like to relax knowing your retirement will be golden, why not work with the pros at Utahhomes.biz and their full-service in-house team of industry specialists, including everything it takes to make it easy to earn a passive income and build wealth in Utah with a well-diversified real estate portfolio. Call Utahhomes.biz at (801) 820-0049.