"Accidental Landlord" in Pasadena, MD

"Accidental Landlord" in Pasadena, MD

Pasadena, MD · Member since 2013 · 15 posts · 0 votes

I own a SFH in Pasadena, MD that my wife and I purchased at the top of the bubble in the Spring of 2007. A house that was built in 1979, and appears to not have received any updates since 1984. Nothing structural or major, but seriously, seriously dated. I'm talking orange counters, green carpet, orange trim etc. I've spent the last few years and many, many dollars bringing the house into the current century.

Between my two kids, and having a traveling job, I'm pretty much burnt out on doing necessary home improvements, and living in a construction zone for the last few years. We've decided that we want to move to a different area, so we are having a new house built; should break ground within the next couple weeks. (Quiet neighborhood, better school district etc.)

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 belong to a few car forums, but have not had much luck with Real Estate advice. I think I may have found everything I'm looking for to get me headed in the right direction here on this forum.

I don't want to double-post or cross-post, so I figured I would save the details for a detailed thread in either the "Starting Out" or "Landlord & Rental Property" forum?

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  • Developer · Garland, TX · Member since 2008 · 8k+ posts · 4k+ votes
    13y

    Welcome to BiggerPockets, David, Hopefully your foray into accidental landlording will be prosperous.

    You might start another thread here with your specific questions:
    https://www.biggerpockets.com/forums/52-rental-property-questions-landlording-issues

  • Brandon TurnerPro Member
    Investor · Maui, HI · Member since 2009 · 13k+ posts · 3k+ votes
    13y

    Hey David L. great introduction! I can identify with the orange counter tops and green carpet. When I bought my apartment complex, a lot of the units looked like that. We've been slowly updating!

    I think turning your property into a rental is a smart idea. Wait out the market, let your tenants pay down your mortgage, and build your retirement all in one.

    These two posts might help you in your ventures:

    How to Be a Landlord: Ten Tips for Success

    How to Rent Your House: The Definitive Step by Step Guide

    Welcome to the site! Feel free to ask questions anytime.

    Oh - and definitely set up some Keyword Alerts to stay on top of stuff going on here!

  • Rental Property Investor · Sacramento, CA · Member since 2011 · 2k+ posts · 1k+ votes
    13y

    David L. welcome. I have two kids and a traveling job. I feel your pain Bro!

    Glad you join us.

  • Pasadena, MD · Member since 2013 · 15 posts · 0 votes
    13y

    Thanks for the welcome. I will check out those links, as well as create a thread in that forum too.

    Jon Klaus, it would be nice if it were prosperous, however I think at first I may just be holding my head above water until I learn the ins and outs, tax codes, laws, and so-forth.

    Here's a quick before/after shot (still in progress!) As you can imagine by the quality and level of detail I've put into this house, I would prefer to be extremely picky on who I get in here, within legal means of course.

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