My experience has been primarily in buy-hold-rent and am just learning about manufactured homes since hearing John Fedro's podcast. Am I understanding the Florida Statute correctly that if I buy a mobile home where I pay monthly lot rent, I am locked into a one year rental agreement? I guess I was under the impression that since this is a snow bird and tourist state that there were shorter terms.
I am a beginning investor in Florida as well. I haven't heard about renting for just 1 year. I am also a huge fan of Johns pod casts. I think the best investment is to sell a trailer though paymentS opose to just renting contracts. That's my take on it but I'm just a newbie still.
I haven't heard the 1 year rule. It might be that the owner owns the home on the lot and is in a contract for that full year and rents it out to snow birds. Not sure. I believe John has homes in FL and I've never heard of the problem coming up.
@Mark Higgins thanks. That makes sense. I'm just starting to piece together that strategy of selling through payments. Probably just had the resort tax in my mind from the yearly reminder from the tax collector about tax for rentals under 6 months.
@Steven J. thank you.
Snow bird rental is another option I'm considering.
@Vivianne S. I'm no expert, but if you're buying a manufactured/mobile home that will reside in a MHP (i.e. you won't own the land), you (as owner of the home) are obligated to pay the lot rent in perpetuity. You're leasing/renting the lot with no option to buy and the MHP owner will expect to collect the lot rent each month - so long as the home sits on the pad. Obviously, if you resell the home then the new owner becomes obligated for the lot rent (presuming the buyer is approved by the park).
Typically, you are actually locked into a 1 year, auto-renewing 99 year lease. This is especially true with the local "big boys" like ELS, HTA and Carefree.
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