How to tell if you can rent your condo?

6 Replies

Good Afternoon Everyone! I recently became a member of Bigger Pockets and I'm excited at what this site has to offer. I'm in the very preliminary stages of investing in real estate. I'm currently live in Montclair, NJ and absolutely love the area.

My main question for this post is about renting out a condo. There is condo currently available in Montclair that is a candidate for my first purchase. However, I'm not sure if its a property I can turn around a rent out. How do I go about finding this information? Should I reach out to the listing agent or go another route? I truly appreciate any advice!

Thanks for the feedback! Its a unique property. Its a 6 unit, 3 story home where the owner has seemed to sell the units as opposed to renting them. So I can't find any information regarding the association. 

@Johnny Lopes - Ask the listing agent of the property if you can rent it. He or she should have access to the HOA docs because she'd need them for your lender if you had to buy it.

An agent can also check on the MLS history tab if any of the units have ever been rented by a realtor.

@Johnny Lopes

Assuming the unit can be rented and the seller accept your offer, make sure your attorney is aware what your plan is - to rent out the unit. 

So that you have a reputable attorney triple check for you before closing.