How to tell if you can rent your condo?

Question

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!

Chris T. · Answer

@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.

Natalie Schanne · Answer

@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.

Matthew Paul · Answer

Contact the condo association

Johnny Lopes · Answer

Great point Chris. I'm lucky enough where my mother-in-law works for a Real Estate Attorney, so he'd definitely double and triple check for me.

Johnny Lopes · Answer

Thanks Natalie, that's some helpful insight!

Johnny Lopes · Answer

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.

How to tell if you can rent your condo?

How to tell if you can rent your condo?

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