Posted by Ernest Tew on March 28, 2001 at 05:32:33:
Ted, I have had some success in similar situations. I set up new homes on the land and sold them under a “net lease with option to buy” arrangement. I deeded the land to the buyer and took back a mortgage. This allowed them to qualify for homestead exemption, making the first $25,000 in assessed value tax-exempt while relieving me of property taxes.
I charged a token down payment on the land and interest only on the balance (as if it were rent).
Most of the cash down and monthly payments were allocated to the home. With the buyer having more money in the home, it helped to reduce the risk of damage–which isn’t a problem with the land.
I would not recommend just renting a mobile home. If you decide to buy new homes, I have a Florida dealer’s license and could assist you in buying them direct from the factory. You can call me at (352) 475-1280.