BYOMH? Renting my land to a mobile home owner

[Terri Pour-Rastegar]

So I have a 1+ acre lot here in Lake Wylie SC, and it has a great well and septic approved for 4-bedroom. I'm not ready to build something decent on that lot quite yet. I was wondering if there's a market for renting this land to folks who want to park their mobile home on it? The property is zoned for mobile homes, as long as they're not pre-HUD.

• How would I find such "land tenants"?
• What could I charge for rent (for just the land)?  Keep in mind, I will maintain well/septic--they need only pay for power.
• What potential pitfalls do I need to watch our for?
• What does such a lease need to say specific to this situation?

Any information/direction would be greatly appreciated.

PS:  I'm also open to the idea of buying a MH and putting it on my lot and renting it out like that.  But that's a whole lot more work.  LOL!

Thanks!

[Bill Gulley]

First, ask zoning authorities if MHs are allowed there! If so, then;

The value of the property can derive rents, apply a cap rate (like 10%) and compute a payment over a term of 10, 15, 20, 30 years and add taxes and liability coverage as well as 10% for messing with it. Judgment will tell you what might be had at the annuity amounts. Also look at similar areas and rents as being comparable  if you can.

Look at a residential lease, you can delete items pertaining to improvements, except as to items as to sewer and well/water and utilities, you do maintenance, they need their own utilities in their name before dragging in a MH.

You also need a deposit, see how much a drag off fee would be if the bail on you.

I suggest you obtain a UCC filing on the title to secure your interests in past rents, costs, expenses and damages as well as attorney fees in collections and court costs, the MH is personal property. Now, that said, check with @Ken Rishel  liens may have changed for MHs, but I'd secure my position, since they can hook up and take off.

Get liability insurance. you might get coverage for the well with a residence on the property but you can't insure it. Have hookups inspected.

I'd try leasing the land first, when you build later on you'll need to dispose of that old trailer, hopefully you can sell it to another dealer.

There are many here who work the MH angle, they may have other comments. :)