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Old 01-17-2015, 07:19 PM
 
1 posts, read 834 times
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I am considering buying a property, torn between condo downtown vs townhome in eden prairie (I live by myself and work at Eden Prairie). Potentially in 2 year I am going to rent the property out. I am not familiar with the rental market, which option is better off?
Thanks
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Old 01-17-2015, 08:14 PM
 
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In two years, who knows? I suspect Minneapolis makes it more difficult for landlords, but I'm not entirely sure (I know there are some rather strict rules and hefty fees for turning places into rental units; you'd also want to check into the building rules). The downtown market is really hot right now, but they're building many more units so in a couple of years the market could be saturated -- or it could be that the boom is still going, and you'll have no trouble renting your place out. There are still lots of employers and jobs in Eden Prairie, and there will always be those who want to live near work. And assuming you like it out there, at least you'd get two years of easy commute out of it.
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Old 01-18-2015, 09:00 AM
 
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I'm renting out a 3,400 sq ft single family home in EP now. It was super easy to find a tenant. Rental market is blazing hot right now.

Find a realtor who specializes in helping people buy rental properties. Interview 3 of them and ask specific questions about whether they have a good team (prop managers, contractors etc), how they evaluate properties, and make damn sure they can cite the local regs and know the intricacies. I am using a prop manager who someone 'forgot' to mention that EP requires a license to rent your home out, with an inspection. Now I have to get an inspector in while the tenants are there (embarrassing, unprofessional, could have done this before tenants moved in if the expert I was paying had his stuff together).

IMO EP is a very solid safe area to invest in RE. Lots of corporate jobs in EP and along the 494 corridor, good schools, great amenities (retail, parks, near several popular recreational lakes).
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