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Zachary Bannon
  • New to Real Estate
  • Massachusetts
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New Flippers in Boston Area

Zachary Bannon
  • New to Real Estate
  • Massachusetts
Posted Mar 2 2024, 15:24

Hi All,

Been listening to the podcast and want to find my first deal in 2024. 

Located in the greater Boston area and have a friend who wants to partner up. We don’t have a lot of capital and most of our experience is in construction. We were thinking the best course for us would be to do a flip. We are both pretty conservative and as such we thought maybe something small like a mobile home would be a good place to start.

We would love to hear people’s thoughts and we are interested in connecting with people and hopefully finding some mentors. 

Thank you,

- Zach

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Tanner Lewis
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#3 Starting Out Contributor
  • Lender
  • Austin, TX
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Tanner Lewis
Pro Member
#3 Starting Out Contributor
  • Lender
  • Austin, TX
Replied Mar 2 2024, 20:11

I would avoid mobile homes as they are such a volatile asset class. Not to mention that it will be difficult to finance. I know other hard money lenders who can do them, but you will be paying +6% higher interest rates on the debt than an average hard money deal.

If you go forward with a deal, I would get an SFR with a lipstick rehab. That should be the best place to start.

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Robert E Bogino
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  • Real Estate Agent
  • Alpharetta, GA
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Robert E Bogino
Pro Member
  • Real Estate Agent
  • Alpharetta, GA
Replied Mar 3 2024, 03:55
Quote from @Zachary Bannon:

Hi All,

Been listening to the podcast and want to find my first deal in 2024. 

Located in the greater Boston area and have a friend who wants to partner up. We don’t have a lot of capital and most of our experience is in construction. We were thinking the best course for us would be to do a flip. We are both pretty conservative and as such we thought maybe something small like a mobile home would be a good place to start.

We would love to hear people’s thoughts and we are interested in connecting with people and hopefully finding some mentors. 

Thank you,

- Zach


When you referring  to mobile homes are you talking about in the park or on land models?  I do land, which is basically the same as SFR flips with a few differences.  Usually* less capital involved but you do need to be more careful on your exit options as far as lending for your end  buyer goes.
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Rachel H.#2 Mobile Home Park Investing Contributor
  • San Antonio, TX
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Rachel H.#2 Mobile Home Park Investing Contributor
  • San Antonio, TX
Replied Mar 3 2024, 08:35

@Zachary Bannon Great to hear of your interest in mobile homes Zachary! 

As in any area of real estate investing, investing in mobile homes is definitely a niche. If you're just starting out, learning your market and doing your own due diligence in the areas where you want to invest in helps which will set you apart from the competition. 

Personally, I've been investing in mobile homes since 2007. Like any business, it's had its ups and downs. Overall, it's been quite profitable. 

I started as a buy and hold mobile home investor. Now, I have transitioned into wholesaling mobile homes. Been great so far!

If you have any questions, feel free to send me a DM. Hope that helps! 

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Bruce D. Kowal
Tax & Financial Services
  • Metro NY + New Bedford
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Bruce D. Kowal
Tax & Financial Services
  • Metro NY + New Bedford
Replied Mar 3 2024, 09:23

Look at Zillow or some similar site and see what mobile homes are renting for, how long on the market. You can always pretend to be a renter and pump the Seller for information.  Or speak with the broker.  I think New Hampshire is better for this type of rental business.

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Zachary Bannon
  • New to Real Estate
  • Massachusetts
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Zachary Bannon
  • New to Real Estate
  • Massachusetts
Replied Mar 4 2024, 06:15

appreciate all the advice and I'll be following up with some of you to pick your brains as we get more involved in the due diligence and underwriting of potential deals.

One thing I should have mentioned is we have a couple of relationships with a few private investors (family, friends, etc.) who have expressed interest in providing the capital if we find a deal that pencils.


Thanks for all the feedback so far everyone. Exhilarating to finally be taking these first steps.

Thank you,

Zach

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Mike Klarman
  • Specialist
  • New Jersey
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Mike Klarman
  • Specialist
  • New Jersey
Replied Mar 4 2024, 06:49

Do not do mobile homes.  Very hard to get funding for.

Boston is a pricey market, tough to operate there with no capital.  

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Lien Vuong
  • Real Estate Agent
  • Boston, MA
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Lien Vuong
  • Real Estate Agent
  • Boston, MA
Replied Mar 5 2024, 10:49

Welcome and wishing you luck in your 2024 goal!

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Jessica Stevenson
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  • Real Estate Broker
  • Manchester, NH
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Jessica Stevenson
Pro Member
  • Real Estate Broker
  • Manchester, NH
Replied Mar 6 2024, 05:12

@Zachary Bannon I'll be the third one to sway you away from a mobile home for your first project.  Too many nuances with financing even for ones on their own land.  Look in the suburbs or just over the border in NH.  Starter homes anywhere south of Manchester are flying right now due to lack of inventory.   Sounds like you have a great crew of motivated people behind you and you're doing your homework.. you'll do great!

  • Real Estate Agent New Hampshire (#072410) and Massachusetts (#9562547)

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Kyle Spearin
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  • Investor
  • Boston, MA
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Kyle Spearin
Pro Member
  • Investor
  • Boston, MA
Replied Mar 7 2024, 13:08

@Zachary Bannon in terms of asset classes, would you be open to a smaller square footage single family? A condo? 

In terms of strategies, you can do something other than a full gut if you're more conservative. I do a mix of these along with cosmetic flips and flips that basically just need to be cleaned where we bought low with a ton of built in equity. 

Lots of ways to be conservative without doing a mobile home. Happy to talk through this with you!

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Zachary Bannon
  • New to Real Estate
  • Massachusetts
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Zachary Bannon
  • New to Real Estate
  • Massachusetts
Replied Mar 12 2024, 06:10

Thanks everyone, we do really appreciate the feedback! My business partner and I were mostly looking at mobile homes because it was a project we could finance ourselves without any outside financing (the purchase of the property property and projected rehab budget). We also felt the relative size and scope required would lend itself to a good first flip.

Seems like there is a lot of aversion to which makes sense since they seem to be a very nuanced asset class. We are going to talk through our strategy some more and possibly shift to a small single family home.

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Zachary Bannon
  • New to Real Estate
  • Massachusetts
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Zachary Bannon
  • New to Real Estate
  • Massachusetts
Replied Mar 12 2024, 06:12

@Kyle Spearin Appreciate the offer. Would for sure be interested in talking more! A small single family would probably be doable for us. My only reservation with Condos is difficult and expensive HOAs.

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Zachary Bannon
  • New to Real Estate
  • Massachusetts
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Zachary Bannon
  • New to Real Estate
  • Massachusetts
Replied Mar 12 2024, 06:14

@Jessica Stevenson Thanks for the tip! we will take a look at that market for sure.