Found some really nice places, but leased land....... (real estate, mobile home) - Los Angeles - California (CA) - City-Data Forum

Clandest · 08-08-2009, 01:23 PM

Ok so I am looking at buying a place in a couple months and I found a couple really nice ones that say $80,000 but also say that the land is leased for $700.

Is leased land REALLY bad and should be overlooked? Or is it not that bad?

Thanks

Green Irish Eyes · 08-08-2009, 01:48 PM

What kind of property are you looking at? It sounds like a mobile home, perhaps, in which case leased property isn't all that uncommon.

Clandest · 08-09-2009, 04:20 PM

There are places i've found for around $80,000-$100,000 non mobile homes. So I was wondering

Green Irish Eyes · 08-09-2009, 04:30 PM

Since the Forum doesn't allow the posting of real estate links, let me try to convey what the OP is looking at. These are single-family homes in Canyon Country, approximately 1400+ SF, with a 4000SF lot. As the OP stated, the homes are priced in the $80-$100k range, and the land is leased.

If anyone has suggestions on these properties and whether they're a good idea, the OP can DM links for others to look at.

bhcompy · 08-09-2009, 05:57 PM

It really depends on the length of the lease. If you're 90 years away from expiration, it's not a big deal. If you're 10, that's a pretty big problem you'll have

Green Irish Eyes · 08-09-2009, 06:05 PM

Quote:

Originally Posted by bhcompy

It really depends on the length of the lease. If you're 90 years away from expiration, it's not a big deal. If you're 10, that's a pretty big problem you'll have

Out of curiosity, do you know what happens when the lease expires?

bhcompy · 08-09-2009, 10:10 PM

based on limited knowledge, you try to renegotiate with the land owner. sometimes you secure a new lease, maybe paying more money in the process, sometimes you dont and you give up the land.