Problems with Leased Lots

[Michael Fasig]

(I started this new topic a few days ago, received one response, but now it has disappeared from this forum).

I am retiring in the Spring and my wife and I have decided to permanently relocate to an over 55 MH park on the Gulf side of Florida. We have visited the area several times and surfed the internet extensively and have found several parks of interest. Now for the BIG QUESTION, do we lease the lot or buy.

Quite frankly we would like to purchase a home for $100K or less and lease the lot because we could get a much better home than trying to purchase home and land for the same money. However, I have been reading war stories about big developers coming in, buying the land from the park owner and giving the leasees 90 days to get out. And with less than adaquate compensation to make a move. This worries us emmensely because we could lose everything we have.

My question to you: are there any lease agreements out there that protect the leasee from this type of action. I'm also wondering if I would be better off financing the land because the payment would probably be close to the rental cost of the lot. Any thoughts that might help us in making this decision?

[Mark Bower]

You couldn't pay me enough to lease a lot along the coast. Developers are wicked out there. My parents can tell you about that first hand. They had a mobile home on a leased lot. They (all the tenants) spent oodles of money fighting the developers. In the end they were evicted and their homes smashed with a wrecking ball because there was no place to move them too. They licked their wounds and started over -- this time with a lot they bought!

Right now the market seems to have softened. Lots of lots are up for sale. Probably be a good time to buy. In the future if you did sell, you'll get much more for a home on its own lot, then a home on a leased lot.

Mark