Many owners never intended to be landlords. Many had to rent out their homes because the market changed and they couldn’t sell. I like to call these owners, “Reluctant Landlords”.
Many have held on as the recession dragged on and have kept the homes in reasonable shape, but now may be faced with aging equipment, roofs and cosmetics. Now may be the time to consider trying to sell and recoup as much as you can….or maybe look at your motive and see if it may have changed and hold on to the property for the long haul.
If the latter seems like the way to go, start setting aside an amount each month as a reserve account to deal with the aging property. This will allow you some peace of mind as things come up. Once you have $4-5K in reserve, you can rest easier when the roof springs a leak or the refrigerator fails.
This is the process we use for purposely acquired rental properties, and since you may fall into the Reluctant Landlord category, now is the time to step up your game and handle the property as a real rental.
You will get a better tenant that will take better care of the property if it looks, feels and smells like a home.
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