Experience with owning rental properties in Richfield, MN?
Does anyone have any experience with owning and operating rental properties in Richfield, MN? I've had an 11 unit come across my desk, but have no experience with this city. I would be wondering things like how the city is to work with? What kind of applicants do you tend to see? Any unusual restrictions? How is the rental licensing and inspection process? Any special requirements when it comes time to sell a property? Anything else I should know? Thanks in advance for any insight!!
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Hi Mitch,
I have owned a couple SFH's in Richfield for about 7 years now. I have them managed by a 3rd party. I have not had any problems with the City at all although, I keep the properties in good condition. The renters in these properties have been there at least 3 years maybe longer and I have not had trouble with criminal activity or malicious damage. Their are probably a couple submarkets where I would be reluctant to buy, but I generally I like the City overall as a rental market. Happy to talk with you further if you are interested.
I have owned a couple SFH's in Richfield for about 7 years now. I have them managed by a 3rd party. I have not had any problems with the City at all although, I keep the properties in good condition. The renters in these properties have been there at least 3 years maybe longer and I have not had trouble with criminal activity or malicious damage. Their are probably a couple submarkets where I would be reluctant to buy, but I generally I like the City overall as a rental market. Happy to talk with you further if you are interested.