Do you own a rental property in Saint Paul? Or are you looking at a Saint Paul Investment Property and trying to figure out where you should start?
There are a few key things to consider if you are looking to have an investment property in Saint Paul
Saint Paul requires all rental and investment properties to be licensed with the city. In Saint Paul, rentals are defined differently depending if they are two units and under (Single Family homes and Duplexes) or anything larger. If you are looking to rent out a Single Family Home in Saint Paul that has not been registered in the past, you must register with the Department of Safety and Inspections (DSI). You will find the city information online at here.
The great news is, Saint Paul Investment Properties will receive a provisional certificate of occupancy once filed with the city so getting started is very fast! The city will inspect the rent property through its Fire Inspection Program. Rental properties are then given a grade, and that grade will determine your fees and how often you are reinspected. For this reason, it is important that you read up on what they are looking for, or hire a professional Saint Paul Property Manager to help you through this process. Getting an A property will save you a lot more money than trying to do it yourself if you do not have the experience and time.
Saint Paul is a great rental market! With that said, it is important that you understand any state and local laws or ordinances on what can and cannot be done. For example, if you charge an application fee to process an application in Minnesota, it is required for you to have posted rental criteria. It is also required that you process applications as they come in, one at a time, and only look at the second application after a previous application has been denied. If you deny an application, you must state the reason through an adverse action letter.
While the candidate pool is strong in Saint Paul, it is important you know where to advertise, how to collect and application, what you can ask, and how to process. There are resources from the city and state to help, there are also organizations out there. If you do not have time or want to make sure you are doing it right, hiring a Saint Paul Property Manager can help as well.
No matter what sized Real Estate Investor you are, Saint Paul is a great market to be in! Invest Property Management has been investing and managing properties in Saint Paul for over ten years! If you are looking for help, or some advice over a cup of coffee, we are always here to help!
Founder and Broker
Invest Property Management