Swindler wrote:...... I was trying to explain how the county owns the land, and it is leased to a guy, and then leased to me, and then I would own part of the T-hangar structure but I would never receive a deed since essentially I was buying a sub-leased piece of land with a structure on it that was owned by multiple people. ......
I own a single hangar in a building of 10 t-hangar's, on ground leased from the port authority It is a "leasehold condominium". There is a title on my hangar, and (lucky me!) I get to pay property tax every year. It's no different from owning a condo home, except for the leased land part.
I paid cash for mine, but I understand that other people at my airport have floated bank loans on theirs. There are a couple hangar buildings that are corporations, the hangar owners are the corporation stockholders who then rent their hangar to themselves. That was an end run about a temporary port rule that banned any more condo's in order to encourage developers to build rental hangars. No big deal, except I'm told that banks will not loan money to buy one of these hangars-- actually, to buy shares in the corporation.
We stared out with a 50 year land lease, but I understand a 30 year lease is not uncommon for this sort of "commercial" operation. Asssuming you can manage to not violate your lease by doing something dumb (like getting caught), the only bummer is an inflation clause like ours which adjusts the lease rate up based on the official consumer price index. But I guess that is only fair. If you can get a fixed rate or fixed rate schedule that'd be better.