I just closed on my first park in Florida, the lot rent includes lawn in common area, well water, septic and trash. It’s currently too low and needs an major increase. Is there a process or amount that the lot rent can’t be increase above. My plan is to send out a letter stating the lots rents are being increase due to all the maintence, repairs and improvements being done at the park and giving 30 days notice. Can anyone confirm that this is the correct process and there is no issues raising them in Florida to what ever amount I think the market can bare.
You will need to read the prospectus for your park in order to determine what you can and can’t do. You should also have it reviewed by an attorney and follow his guidance. Richard Lee is an excellent attorney regarding prospectus reviews: email@example.com
Before you do anything else regarding tenants sit down and learn all your state landlord tenant regulations. You are required to know the laws governing the business and pertaining to tenants rights.
Do not do anything before you know the law or hire a lawyer versed in landlord tenant rights before proceeding.
This park was very mis managed and run by a grandson of the original mom and pops. The only thing I received from the seller on closing was the lease and some had a one pager for rules of the park. I do not think a prospectus was given out to tenants.
Here’s a decent place to start understanding the state laws.
You should read actual laws to confirm accuracy.
Florida mobile home park lot tenancies is governed by Florida Stature 723, and if you google that, you will find the entire statute online. Raising rents requires 90-day notice, and there are rules about how that is sent out, whether you need to meet with residents regarding reasons for it, etc.