"Accidental Landlord" in Pasadena, MD (spin-off from Intro forum)

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"Accidental Landlord" in Pasadena, MD (spin-off from Intro forum)

David L.
Pasadena, MD · Member since 2013 · 15 posts · 0 votes

Background - Full post here:
https://www.biggerpockets.com/forums/55/topics/91574-accidental-landlord-in-pasadena-md

I own a SFH in Pasadena, MD that my wife and I purchased at the top of the bubble in the Spring of 2007. Built in 1979, and no updates since, it appears. I've put a lot of money and time into this house over the last few years.

We are having a new house built in PA and should be moving up there at the end of summer if everything goes according to schedule.

As for this house, I'm pretty certain that we are far too upside-down to even bother selling at this time, so I'm going to be looking to rent it out. I figure I will have all my remodeling done just in time to move out so someone else can enjoy my hard work. Figures, right?

I really don't know even where to begin, so I have a lot of reading ahead of me. I had one local realtor stop by to talk with me and give me a run-down on what she could do for me. Basically advertise/screen/paperwork/get the house rented for the cost of one month's rent.

I still have a lot of work left before I feel the house is "move-in ready", but I'm hacking away at it day by day. It would probably be easiest if I had her take care of everything for me on this go-round. If I did, I guess my biggest problem at this point is at what point should I start showing the house? It would be impossible to wait until everything is at 100%.

I need to research "what renters are looking for" in a house and at least focus my early efforts on that so there are no big red flags or sore thumbs sticking out.

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  • Matt Devincenzo
    Investor · Clairemont, CA · Member since 2011 · 3k+ posts · 2k+ votes
    13y

    David L. looking at the 2 pics in the other thread I'd consider stopping any more improvements other than truly necessary repairs. You're going to be spending money on something that will likely not bring anymore rent and will possibly be damaged by even the most careful of tenants.

    Now that also depends on your tenant base, but I for one have seen that 95% of tenants don't take a second thought at that "outdated XXX" because they understand they're renting not buying. It also looks like the kitchen/dining are is very nice for a rental, so I don't think you need to do a whole lot to update the entire house just to turn around and rent it. I think your improvements that have been completed thus far are probably more than adequate to get a quality tenant in place.

    Remember it's business at this point don't let emotion of it being "your home" overpower rational decision making of it being "your income producing investment".

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  • David L.
    OP
    Pasadena, MD · Member since 2013 · 15 posts · 0 votes
    13y

    Hi Matt,

    I have such a horrible internal struggle going on inside me. I am very, very meticulous with my workmanship. I don't know everything about anything, but I know a little about many things and can work my way through most projects.

    With that said, I have such an aversion to things not being perfect, that I have a hard time completing the last 10-20% of a project (I have many "almost done" projects around here. Now that I know I won't be living here and won't have to deal with any mistakes or imperfections staring me in the sould every single day, that's made it a bit easier to get things done.

    I'm having a hard time with the balance of making it nice enough to attract high quality renters vs. wasting too much money on anything.

    I really just need to get it to "showable" condition, whatever that may be.

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