Ive seen a few posts saying that’s its not a good idea to invest in mobile parks in the state of Louisiana I’m just curious as to why not? I’m from lake Charles which if I Google sasol plant expansion you’d see that we are expected to grow to 250k people popilation and over 80 billion worth of projects
I would say the biggest knock on LA is the lot rents for the medium sized markets within the state. A lot of states have lot rents easily exceeding $175-$200 per month even in rural markets. However, the deep south has a ton of parks in the $100 or under range. In any event, I think any market in LA with lot rents exceeding $175-$200, good economic indicators, and at least an hour from the coast would work for us. Right now, we only actively market to two LA markets, whereas we market to over 30 in states like IN and OH. Other states just give us more bang for our buck when we do direct mail, cold calling, and broker networking.On another note, I’ve probably run across at least 40 parks you guys own (assuming you are associated with James Moore)… If you guys are looking to sell any, feel free to send me a message!
Any condemnation of Louisiana is simply a “warning” sign – not a “stay away” sign. Obviously, Baton Rouge, Shreveport and New Orleans are large metro markets and behave like most of the others in the U.S. But in the rest of the state, you have to be sure that housing costs are high enough to create a niche for affordable housing. You can’t rent lots in a trailer park when SF prices are $35,000, and it’s hard to make money when lot rents are $75 per month. If you know of a niche in Louisiana that has a diversified economy, large metro, high SF price, and high apartment rents, then you should do as well as any other niche out there.
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Lol Charles I’m not associated with that guy I’d love to though! Years ago I actually bought a mobile hone to live in rent lost was about 125 a month cross the board in the town I reside in,its now gone up to roughy 200ish in some parks, how they figure out the lot rents I have no idea,there is quite a bit of run down parks here in the area and alot of mobile homes up for sale that’s for sure. Charles I’ve browsed these forums quite a bit the last few days and I can tell that u are very Keen and spot on with things,well so far my experience had been owning a couple of duplexes and I also own 7 mobile homes right now albeit it that I acquired them wrong (bought too high) I made this post badically cause I want to educate myself on owning parks and buy some although I’m not in the best position to do so at this moment.
Frank thanks for commenting as well
Haha! I thought you might have been because Mr Moore owns a few of his parks under the corporation named “Moore Enterprises.” In any event, I looked up Lake Charles and have subsequently added it to our list, so we are up to three in that state now.
I’d love to talk sometime and if u get anything here under contract let me know what I can do to help u out in any way
Frank, this is a relatively old thread but maybe you will see this.
Lake Charles is where I grew up. It has always been heavily dependent on oil and chemical plants, and now gambling as well.
There are some rather beat up old parks in Sulphur, La. that would make good turnarounds. They are continuously filled with plant workers and construction people. Sulphur and Westlake are both smaller towns just across the lake from Lake Charles and it all blends together, along with Moss Bluff. That should all be considered one metropolis.
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U are definitely right about the parks in swla Milton ,i see u just snagged a deal in Texas as well ,congrats on that !!!
I have a 128 lot park in Lake Charles and another under contract and my lot rent is $260. Lake Charles is a great place to own parks. The rental market has been on the rise over the last few years due to the amount of new construction work going on in the plants and it looks like it will
Be that way for a while.