I plan to move too Minnesot in 2-4 years. I have family that could check on the renters. What are the rules for this.
2007-01-28 12:52:28 · 7 answers · asked by Jennifer K 1 in Business & Finance ➔ Renting & Real Estate
The rule of thumb is do not buy property more than 100 miles from your current residence. Maybe you will change your mind when you read what happen to my friend.
My friend bought property in another state, and her sister said that she would handle the rent and complaints. Her sister decided that she needed the money more then her sister. She collected the rent and use the money for herself, and did not send the money to her sister as promised. The sister that was buying the property had to take money out of her saving to cover the mortgage until she could take off of work and go back to confront her sister.
She said never again will I buy property out of town--lesson learned the hard way.
2007-01-28 13:14:19 · answer #1 · answered by D S 4 · 0⤊ 0⤋
There are no 'rules'. Buy what you like. Leave it empty or rent it out.
You need to follow the regulations when it comes to habitable housing, no discrimination, etc. But there are no rules for owning a property out of state. It happens all the time.
Definitely consider the costs of remote management. Likely best to get a property property management firm and not a family member. In some states it is not legal for a family member who is not also an owner to handle the property management details.
You certainly can buy. If and how it makes sense economically is a question. It might be better not to buy now and just wait. The local market might not be moving much so buying now may not provide much of an advantage.
Also note that what makes the most sense as a rental property (3 or 4 bed, 2 bad with a garage) might not be the property you want to live in later. Location, price range, style, fixtures are all things that could be in question. Some folks have specific preferences while rents tend to focus on the middle of the market. They are in for the short term while the owner is there 'for life' (normally no more than 7 years).
2007-01-29 00:30:42 · answer #2 · answered by Anonymous · 0⤊ 0⤋
You can buy and rent a house anywhere in the USA, but what happens if you get a renter in there that leaves a lot of damage in the house, like renters so often do. Are you going to be able to oversee repairs from CA? Even if they don't damage the property, if they move out, you still have to clean and paint the place before you can rent it out again. It sounds like asking for problems to me.
2007-01-28 16:30:59 · answer #3 · answered by kelly h 3 · 0⤊ 0⤋
There are no rules. You simply buy a home in MN. I suggest you hook up with a great property manager or screen your tenants really well and have some type of home warranty in place. Just in case something breaks down, they call an 800 number to come and fix it.
Regards
2007-01-28 14:40:37 · answer #4 · answered by Anonymous · 0⤊ 0⤋
Rent To Own Homes - http://RentToOwnHome.uzaev.com/?lHJG
2016-07-12 12:33:30 · answer #5 · answered by Randolph 3 · 0⤊ 0⤋
No rules, you may buy property anywhere in the US and rent it out.
2007-01-28 13:01:24 · answer #6 · answered by Anonymous · 0⤊ 0⤋
Theres no houses left in minnesota. Sorry.
2007-01-28 13:00:15 · answer #7 · answered by phreak77 1 · 1⤊ 0⤋