Lease Option Mobile Home Without Selling The Land
Hi. I'm new to BP and am in the process of purchasing a used / refurbished mobile home to put on land that I own. My goal is to Lease Option this mobile home and have the buyer relocate it once it is paid for so that I can purchase another MH and do the same. I don't want to sell the land. Due to a new ordinance, I can only put one mobile home on the land at a time. I would like to give someone a chance at home ownership so that's why I'm doing it this way. I'm open to any suggestions or feedback.
I have already identified a real estate attorney who can create the contract. I will be financing the mobile home to limit my out of pocket money. Here are some of my questions: Should I add land rent into the note? What is a good amount for land/lot rent given I am not using a mobile home park? Do you still charge a higher interest rate like 8-10% for the purchase? I am thinking of 3 years to make the notes affordable with a down payment of $3500-4000. Has anyone done a lease option without including appliances with the mobile home? This may be my first investment deal so I would like to get your feedback, advice, etc. Thanks in advance.