Minneapolis Condo STR's?

Question

Anyone doing STR's in condos they own or rent in the Minneapolis area?  Looking to see if this is something that some/all condo HOA's prohibit in this area.

Daniel Anshus · Answer

@Shaun Hatton most hoa’s do prohibit str but Minneapolis is also trying to outlawing them so might not be a good idea to enter str right now.

Shaun Hatton · Answer

@Randy Bloch & @Daniel Anshus Appreciate you sharing your local knowledge.  It's definitely harder to make the #'s work when you pay someone else to manage your STRs.  With automatic messaging and all the available apps I hardly spend any time doing it myself so it's hard to justify paying someone else to do it unless the #'s are that good.

Randy Bloch · Answer

@Shaun Hatton

I own condos in 5 different building in north loop and all prohibit STRs.  There is new building “sable” that is approved by the city for STRs...but you might need to include it in their rental program

Randy Bloch · Answer

Sable was built with STRs in mind I would not worry about regulation as much.  There is comes down to do the numbers make sense at the purchase price and how does the rental program impact your ability to run your business. I dont think you get set to set the price and the units are leased in next unit up style...so I didnt like this.

Shaun Hatton · Answer

@Randy Bloch Appreciate that.  I'd be interested in a quick chat with them without taking up a lot of their time. HOA's and current/possible future STR regs. definitely make condos feel like more of a roll of the dice.

Randy Bloch · Answer

I can hook you up with a north loop realtor who would be able to give you the down low on whether owners are making money @Sable.  My guess is no...I passed on them originally as the pro forma seemed really rosy. I think SFH might be better bet for a STR in Minneapolis

Shaun Hatton · Answer

@Randy Bloch Thanks for the info.  I'll look into sable.

Minneapolis Condo STR's?

Most Popular Reply