Most of my parks have centralized storage where I rent stalls from $50-70 a month, with lot rent in the $300s. This new park I actually inherited a few nice garages (see pic) that I apparently can get around $10k for. Previous owner charged $10 a month which clearly is asinine. Lot rent in low $200s in this park. What should “lot rent” on a storage unit like this be going forward once I sell them? No real comps for any of this in the area. Thanks!
Are you calling stalls the garages ? Are you saying you can sell them for 10k? Are you trying to rent instead of sell? Im particularly interested in this as i have 1 or 2 garages and was thinking to just have them higher lot rents . My logic was that the garages are affixed to the ground being real property? I have seen other parks with garages but never really thought about it. Will be watching this thread.
I have one two car garage that I was going to demo because i think it would cost about 5k to fix up but don’t want to get stuck with something to care for down the road. My logic was that i could get an extra 50-100 a month and with insurance rates might not be worthwhile but i didn’t consider the option of a sale as i didn’t see it as a possibility…
Yes stalls = garages. The $10k was referring to the picture. I’d like to sell the garage (since this is just 1 structure, not a centralized storage garage with multiple units/garages/stalls), the same you’d sell a POH, and have lot rent thereafter. But am going to guess that sale price will largely be a function of what “lot” rent is for this garage going forward. I also have a bunch of empty lots in this property so that’s not an issue.
The issue i see is with ownership. I know at least in one county off the top of my head, the structures will be taxed for the owner . The MHs though can be owned by someone else and taxed by them. Ownership without separated taxation doesnt seem to make sense.
I don’t follow. It’s no different than a home. There are property taxes on the land, of course, and then other taxes on the personal property front where this would fall.
@mhp When you say home are you referring to a single family home or mobile home. Mobile home is personal property (i know in tx you can elect to “attach” it to the land as real property) but the home will have its own title can be sold etc. A shed or garage in this case can not be, maybe it will vary based on jurisdiction. Does anyone have any garages they sell or rent that can chime in with some clarification?
This is mobile home university… so mobile homes
We own the land - so call it whatever you want - home, shed, garage, etc - what’s the difference? It’s personal property and doesn’t the land beneath it.
Not sure how this became so convoluted
Because when you buy a home ( single family brick and stick ) you aren’t buying the home, you are buying the home and land. When you buy a mobile home in a park, you are buying the mobile home, So how are you selling the garage when you own the land and there is no mechanism to convey ownership of that structure ( a title, statement of location etc) ? Didn’t mean to steal this think but I’ve been wondering about this one
I agree with @Marvel_Equity and the others. I don’t see how you can legally detach it from the land and sell it. You could maybe sell the land with it. Isn’t that how condos are structured, you buy a portion of the entire structure and a tiny piece of land?