Glenn from Baltimore MD

[Glenn Lovelace]

Hi All,

I'm one of millions that have found their beloved starter home under water and instead of bailing I'm doubling down on a rental transformation. I never thought I'd go this route but I've found the whole process intriguing. So that's why I'm here. It'll be great to learn from all the pros and beginners like myself.

Accidental Landlord,

Glenn

[William Fitzgerald]

Glenn,

Welcome to the site. I live and invest in Southern PA but grew up in Woodlawn and work in Columbia. I know the pain of being upside down your starter home. My wife and I bought ours in February of 2007. The thing that is killing me is that the HOA I'm in doesn't allow rentals! We bought our house before I had the real estate investing twinkle in my eye. I didn't have a clue about real estate so I didn't even blink at the no renting clause... I will never buy another house again that isn't allowed to be rented. I advise anyone I talk with to do the same. Having that exit strategy is a huge benefit if you need it. At least you have that option.

We are currently touching up the place to sell it and cut our losses. I don't want to stick it out until the house value and our mortgage line up. I'd rather take the hit now and hopefully make it up in a fixer upper that we find for our next home. Best of luck to you!