Some of the top investors got where they are by thinking outside the box. By finding your own unique niche, you can reduce competition and become the leader in your area. In our latest post, we explore unconventional investment strategies for investors in New Orleans!
Buying and Seling Land
There are many ways to make money using this option. Some people buy large parcels then sell the lots off individually. Others buy land at low prices from motivated sellers then sell the property to someone who wants to develop the lot. Others buy and develop the land themselves. Land investment is an excellent, low-cost, low-maintenance way to build and diversify your portfolio.
Flipping or Renting Mobile Homes
For the right person, buying and selling mobile homes is a great niche. You can typically start with very little cash, and soon turn it into a profitable business. It is important to learn about the market for these types of homes in your area. Mobile homes don’t always perform the way a single-family house would.
Owning A Mobile Home Park
A smart investor looks at a plot of land and sees the potential in it. One strategy is to buy a parcel of land and turn it into a mobile home park. You will collect monthly lot fees for people staying there, with very little overhead.
Buying Probate Estates
When someone passes away, the process of handling their property can be difficult. Sometimes the heirs are willing to sell the property if you handle all the dirty work. To learn about any available deals, network with probate attorneys. This niche isn’t right for everyone, but if you are patient and learn the process, it can be very lucrative.
Owning Vacation Rentals
With sites like Air B&B, homeowners can quickly and easily market their homes to vacationers world-wide. Many people are buying homes exclusively to offer them as short-term rentals. The amount collected in a week can be often be comparable to the amount collected in a month with a long-term rental. Vacation rentals need more cleaning and maintenance, and people won’t have the same level of respect for the property as they would their own home, but owning one can be a very profitable investment when handled properly.
Investing in Student Housing
Students will need somewhere to live as long as a college is open. Student housing is rented lower than the average single-family rental and usually has fewer bells and whistles. Expect more damage and the need to paint and replace the carpets more often. However, with students in school year-round, you can expect lower turnovers, saving you time and money in the long run.
There are many niche markets and unconventional investment strategies you can use to make money in New Orleans. Louisiana Direct Home Buyers can help you sort through your options so you can find what’s best for you! Don’t settle for one property type until you learn about all your options!
Do you want to find great property deals in New Orleans? We can help! Send us a message or give us a call today! (504) 224-9066