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WTF? Scotlandville Trailer Park sells for $5.9 million
Posted on 4/14/22 at 8:25 am
Posted on 4/14/22 at 8:25 am
A company that buys trailer parks across the country picked it up. Their logic is that there's a huge demand for affordable housing. So they decided to acquire as much of it as they can, which would drive up the price of these kinds of developments.
Same company owns Blakewood mobile home park on Old Hammond, which is actually surprisingly clean looking for a mobile home park.
This is near the airport, so it might be zoned for industrial or some kind of manufacturing use. But I think they intend to keep it as a trailer park. Which makes sense, as these mobile home developments are harder and harder to set up even in south Louisiana given how much they are disliked by local zoning boards. The old ones like this are sort of grandfathered in.
LINK
Same company owns Blakewood mobile home park on Old Hammond, which is actually surprisingly clean looking for a mobile home park.
This is near the airport, so it might be zoned for industrial or some kind of manufacturing use. But I think they intend to keep it as a trailer park. Which makes sense, as these mobile home developments are harder and harder to set up even in south Louisiana given how much they are disliked by local zoning boards. The old ones like this are sort of grandfathered in.
quote:
The park, which sits on 14 acres on Blount Road in Scotlandville, was sold by Dennis Ray Caruso.
Mobile home park investments have become more attractive due to an unprecedented demand for affordable housing, Forbes reports. Increased interest rates and higher rents have decreased home affordability across the country and in Baton Rouge.
Many mobile home parks have older-generation owners beginning to retire, and Forbes predicts the mobile home park asset class continuing to consolidate over the next five to 10 years. Large-scale investors like Warren Buffett and Blackstone are already major players in the mobile home park investing space.
LINK
This post was edited on 4/14/22 at 8:30 am
20
Posted on 4/14/22 at 8:27 am to goofball
Only worth it if the trailers are bullet proof.
Posted on 4/14/22 at 8:28 am to goofball
quote:
Their logic is that there's a huge demand for affordable housing.
They are correct but I bet they make it unaffordable for a lot. It's the only way they'll get their investment back.
Posted on 4/14/22 at 8:29 am to goofball
I wonder if the trailer park supervisor will give a speech on his last day. Something like this:
This is probably going to be the last time I get a chance to say anything to ya, Ricky. I wanna get something off my chest. It's not an apology. I'm not saying I'm sorry or anything, bud. I mean the truth is you never had a fricking chance. shite apple does not fall far from... You know, Rick...sometimes it's not quite clear why people do what they do. I mean, life is a strange fricking kettle of shite-fish. Like why your...your mom left Sunnyvale after you were born? And why your father and I were mortal fricking enemies? And why...why I made your life miserable ever since you were just a little boy? Why? Because...I mean things like this should only happen in the bible. A man shoots his only son. Look at that, Ricky. Someone sent you a fricking joint, bud. Isn't that something? Father and son. You...you smoking fricking dope, and me drinking alcohol. Well, Ricky...here's a toast to you, bud. To my only son. Hey, looks like the liquor wins, bud.
This is probably going to be the last time I get a chance to say anything to ya, Ricky. I wanna get something off my chest. It's not an apology. I'm not saying I'm sorry or anything, bud. I mean the truth is you never had a fricking chance. shite apple does not fall far from... You know, Rick...sometimes it's not quite clear why people do what they do. I mean, life is a strange fricking kettle of shite-fish. Like why your...your mom left Sunnyvale after you were born? And why your father and I were mortal fricking enemies? And why...why I made your life miserable ever since you were just a little boy? Why? Because...I mean things like this should only happen in the bible. A man shoots his only son. Look at that, Ricky. Someone sent you a fricking joint, bud. Isn't that something? Father and son. You...you smoking fricking dope, and me drinking alcohol. Well, Ricky...here's a toast to you, bud. To my only son. Hey, looks like the liquor wins, bud.
Posted on 4/14/22 at 8:30 am to goofball
quote:
A company that buys trailer parks across the country picked it up.
Sounds like a mobile home version of Blackrock.
They'll pay some shitty contractor to come in and flip a bunch of old trailers that may or may not be wind-rated, charge $1500 a month for them, and they'll all be section 8.
Posted on 4/14/22 at 8:30 am to RamblingNonsense
Posted on 4/14/22 at 8:34 am to wadewilson
quote:
Sounds like a mobile home version of Blackrock.
OMG have you seen this company's website?
This post was edited on 4/14/22 at 8:36 am
Posted on 4/14/22 at 8:36 am to goofball
Sunnyvale of the south.
Posted on 4/14/22 at 8:37 am to RamblingNonsense
quote:
I wonder if the trailer park supervisor will give a speech on his last day. Something like this:
This is probably going to be the last time I get a chance to say anything to ya, Ricky. I wanna get something off my chest. It's not an apology. I'm not saying I'm sorry or anything, bud. I mean the truth is you never had a fricking chance. shite apple does not fall far from... You know, Rick...sometimes it's not quite clear why people do what they do. I mean, life is a strange fricking kettle of shite-fish. Like why your...your mom left Sunnyvale after you were born? And why your father and I were mortal fricking enemies? And why...why I made your life miserable ever since you were just a little boy? Why? Because...I mean things like this should only happen in the bible. A man shoots his only son. Look at that, Ricky. Someone sent you a fricking joint, bud. Isn't that something? Father and son. You...you smoking fricking dope, and me drinking alcohol. Well, Ricky...here's a toast to you, bud. To my only son. Hey, looks like the liquor wins, bud.
Man, what a bunch of rambling nonsense.
quote:
RamblingNonsense
Oh. Carry on then...
Posted on 4/14/22 at 8:41 am to CocomoLSU
quote:
Man, what a bunch of rambling nonsense.
never seen Trailer Park Boys?
This post was edited on 4/14/22 at 8:42 am
Posted on 4/14/22 at 8:42 am to goofball
That's bad news for the residents. The days of paying Mr. Joe a few days late at a rate that hasn't changed for years is going away. These companies come in, boost lot rent, and nickel and dime the residents on fees. Here come the sewer, trash, and the administration fees. Many are elderly and poor and can't afford to move their trailer if they own it.
The companies take advantage of federally backed mortgage program designed to promote affordable housing, but they do the opposite. They leverage the park to the max and use the excess to buy another park. Rinse and repeat.
NPR: Why Are Investors Buying Up Mobile Home Parks And Evicting Residents?
The New Yorker: What Happens When Investment Firms Acquire Trailer Parks
The companies take advantage of federally backed mortgage program designed to promote affordable housing, but they do the opposite. They leverage the park to the max and use the excess to buy another park. Rinse and repeat.
NPR: Why Are Investors Buying Up Mobile Home Parks And Evicting Residents?
The New Yorker: What Happens When Investment Firms Acquire Trailer Parks
Posted on 4/14/22 at 8:42 am to goofball
quote:
WTF? Scotlandville Trailer Park sells for $5.9 million
Insurance fraud in the making
Posted on 4/14/22 at 8:43 am to goofball
I was listening to a real estate podcast recently that covered this, the guy owned several trailer parks around the south and was basically saying for the longest time they were damn near printing money, no one wanted to mess with them due to the stigma associated with them but there will alwaysbe a need for affordable housing. So he'd buy up parks with owned units, replace any damaged/old unit with a $10,000 repo trailer, and could bank on having the whole thing(usually would only buy parks with 50+ units) fully booked at $700/month per unit.
I'd be a slumlord for that kind of cash.
I'd be a slumlord for that kind of cash.
Posted on 4/14/22 at 8:55 am to YOURADHERE
quote:
I was listening to a real estate podcast recently that covered this, the guy owned several trailer parks around the south and was basically saying for the longest time they were damn near printing money, no one wanted to mess with them due to the stigma associated with them but there will alwaysbe a need for affordable housing. So he'd buy up parks with owned units, replace any damaged/old unit with a $10,000 repo trailer, and could bank on having the whole thing(usually would only buy parks with 50+ units) fully booked at $700/month per unit. I'd be a slumlord for that kind of cash.
Know a guy that does just that, he’s got a ton of parks. Lives in BR and probably posts here
Posted on 4/14/22 at 9:02 am to goofball
Can it be turned into a swingers trailer park like the one in Mamou?
Bring your house, share your spouse
Bring your house, share your spouse
Posted on 4/14/22 at 9:06 am to Twenty 49
quote:
That's bad news for the residents. The days of paying Mr. Joe a few days late at a rate that hasn't changed for years is going away. These companies come in, boost lot rent, and nickel and dime the residents on fees. Here come the sewer, trash, and the administration fees. Many are elderly and poor and can't afford to move their trailer if they own it.
Everything like this is bad news for normal people. We are clearly being slowly choked out by some evil forces of greed.
We need to deal with it somehow.
Posted on 4/14/22 at 9:11 am to goofball
We are quickly moving into a rental only society.
Posted on 4/14/22 at 9:24 am to Shexter
quote:
We are quickly moving into a rental only society.
Lol, wut.
What everyone is saying is the truth, but these trailer park markets are also set by society. You can't just jack the rent up immensely, no one will be able to afford it.
Also, a lot of the people that stay there basically stay there because its the absolutely cheapest option and they do the bare minimum to afford the rent. So you know what, it will get a lot of people to put in a lot more effort which is better for society.
That guy that mows 5 yards once a month or the other one that scraps twice a month will now have to work an extra 2 days a month to pay his bills.
The percentage of people that slum on society in a trailer park vastly outnumbers the amount that "need to live there to survive".
Posted on 4/14/22 at 9:31 am to Shexter
quote:
We are quickly moving into a rental only society.
You'll own nothing and be (somewhat) happy.
Posted on 4/14/22 at 9:35 am to goofball
You’ll eat bugs, own nothing, live in the pod and you’ll like it.
You’ll leave nothing to your grandchildren, on the off chance you reproduce when our plan to convince you to castrate or sterilize yourself as a young person doesn’t work.
You’ll leave nothing to your grandchildren, on the off chance you reproduce when our plan to convince you to castrate or sterilize yourself as a young person doesn’t work.
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