What are Zoom Towns? The ability to work remotely has driven demand for Zoom Cities, locations ideal for remote workers outside of traditional urban metropolitan centers. It’s so common you can now find “Zoom Town” on Wikipedia.
- Zoom Towns are Boom Towns; The Top 15
- Why Zoom Towns are on the Rise
- Zoom Towns luring workers to rural enclaves – BBC
- Foreign Buyer Activity Down – but not in ‘Zoom Cities’ – Inman Luxury Report
Harrisburg, Allentown and Pittsburgh
In the Philadelphia area, we’ve seen a post-COVID uptick not only in our premier suburban townships like Villanova, Gladwyne, Wayne and Bryn Mawr but in outlying Central PA locations such as Harrisburg, Allentown and Pittsburgh, all three highlighted in the Top 25 Most Neighborly Cities in America.
Small town living in Central PA offers the best of country friendliness within driving distance of not only Philadelphia, but Manhattan or Washington DC. Farmers markets with fresh vegetables and locally raised meat, quaint coffee shops and stores add to the character and friendly lifestyle.
Institutional investors are hot on Central PA where multi-unit and single family home rental properties offer better cash flow and potential equity gain than in the inflated Philadelphia urban neighborhoods. There’s also an increase in short terms rentals for vacation usage as well as traveling nurses and remote workers.
Nomad Living – Millennial Buyer Trends
Taking a Zoom Town living to another level, Millennial home buying trends include opting for a Nomad Lifestyle. From resort fractional luxury to RV mobile living, the ability to travel and work from anywhere in the world opens an entirely new home buying dynamic. Something I heard from my global networking with luxury agents as well as from my millennial daughter.
I have to admit, my family seems to have a strong travel bug. Maybe it’s genetic, or maybe it’s growing up with many road trips and frequent moves.
My family roots are midwestern nomad “Little House on the Prairie” style including mining in South Dakota, cattle ranchers from Texas, sod huts in Nebraska and the Omaha reservation. In fact my father grew up on a ranch that was originally homesteaded by my great grandmother with a sod hut.
From our home base in San Francisco, I raised my daughter to be a citizen of the world. She stayed in Japan as an exchange student and we traveled frequently. From weekend camping trips in the Redwoods to Amtrak cross-country visits to grandparents, we were always exploring.
A normal weekend was at the beach, camping near Half Moon Bay or a beautiful coastal drive to visit friends in Malibu.
Together we’ve supported that travel bug with her three boys. Making sure they were on a plane multiple times before they were out of diapers, and had their passports before they started school.
Recently she inspired me to look into the trend towards Mobile Home and RV Investing / Flipping. I must admit, mobile home living conjured up images of Eminem’s rap battle in his movie 8 Mile. Thanks to her insights, I’ve discovered how delightful mobile home, excuse me, manufactured home living is!
When affordable housing has almost disappeared, manufactured homes offer a great alternative for first time home buyers or renters who want quality living at an affordable price. Or those who want remote, zoom town living in a financially flexible ownership model.
Home Buying Options post Foreclosure or Short Sale
Manufactured (aka mobile home) living also creates options for distressed property owners! And those facing damaged credit due to COVID hardships.
It can take up to two years for credit repair needed to qualify again for a Fannie Mae backed mortgage after a successful short sale.
However, when you buy a manufactured home it’s not deeded real estate. It’s a title, like with a car.
Some mobile home parks do require a credit check to be approved for a site rental, but there are options including private financing, or what you may consider “rent-to-own.”
Mobile home investors and flippers often offer private financing and with affordable prices you can pay off your home within a few years, rather than face another 30 year mortgage.
BRRRR with Mobile (Manufactured) Homes
If you want to get into BRRRR (Buy – Rehab – Rent – Refinance – Repeat.) at a low cost, low risk – this may be a great option for you! After renovation, you can become the private lender, or landlord, whichever fits best for your portfolio.
To learn more about BRRRR, join CREATIVE BRRRR STRATEGIES on Clubhouse. You can subscribe to the BRRRR newsletter and receive complimentary Educational Info and Spreadsheets at clubhousesuccesses.com.
Low cost to entry and minor repair expenses make mobile homes a great place to start your BRRRR flip strategy.
Some interesting videos to get you started;
- 5 Biggest Lies about Manufactured (Mobile) Homes
- How to start wholesaling mobile homes with $1,000
- How to flip mobile homes
Want to explore options? Let’s talk – book a time now on my calendar.