I am new to investing in the area and an agent was asking me what areas to set up a search for a SFH to purchase as a STR. Does anyone have any suggestions? I had said downtown east, warehouse district, linden hills, north loop and near the U of M. Any other spots or specifics in a buy box? I also said a 3/2 or bigger and am flexible on price.
@Adam Putschoegl I would say for short term rentals make sure you are aware that Minneapolis passed an ordinance that you can only have one short term rental. Also North Loop is mostly condo buildings and I believe only one of them allows short term rentals. So probably not a good spot for that.
If you are just starting your search start with a large net and then narrow it down. I'd look at bulk analyzing sold properties first and then pick the areas that meet your numbers.
@Adam Putschoegl I would say for short term rentals make sure you are aware that Minneapolis passed an ordinance that you can only have one short term rental. Also North Loop is mostly condo buildings and I believe only one of them allows short term rentals. So probably not a good spot for that.
@Adam Putschoegl I would say for short term rentals make sure you are aware that Minneapolis passed an ordinance that you can only have one short term rental. Also North Loop is mostly condo buildings and I believe only one of them allows short term rentals. So probably not a good spot for that.
Good luck in your search. I would add in areas around the south minneapolis light rail system and around any of the lakes including Hiawatha and Nokomis.
You are going to want to check with each city and Homeowners association (if there is one) on whether or not they allow STRs. Also, what those cities rules and restrictions are. They are all different and they make changes very often.