New to Mid-Term Rentals

[Jermaine Lindsay]

Good Day All,

I’ve just relocated to Baltimore City, MD and I bought my first project home that I plan to house hack and turn my extra room into a mid-term rental. It has an unfinished basement in which I plan to finish so that I live down there with my dogs.  I’m active duty military and I’ve also have been a licensed real estate agent for 10 years. Currently I’m switching gears to maintain my license, for referral purposes, while focusing more on becoming a landlord/investor. 

[Jermaine Lindsay]

Quote from @KC Pake:

Quote from @Jermaine Lindsay:

Good Day All,

I’ve just relocated to Baltimore City, MD and I bought my first project home that I plan to house hack and turn my extra room into a mid-term rental. It has an unfinished basement in which I plan to finish so that I live down there with my dogs.  I’m active duty military and I’ve also have been a licensed real estate agent for 10 years. Currently I’m switching gears to maintain my license, for referral purposes, while focusing more on becoming a landlord/investor. 

Hi Jermaine,

Congratulations on your new project home! It's exciting to hear you're embarking on a house-hacking journey and planning to turn your extra room into a mid-term rental. The idea of finishing the basement to create a personal space for you and your dogs sounds like a great use of the area.

Given your background as an active-duty military member and a licensed real estate agent with a decade of experience, you're well-equipped to navigate the complexities of real estate investment. Your decision to focus on becoming a landlord/investor is a strategic move, especially considering your extensive knowledge of real estate.

A few tips as you make this transition:

Understand Local Regulations: Familiarize yourself with Baltimore's landlord-tenant laws and regulations regarding mid-term rentals. It's crucial to ensure compliance, especially since laws can vary significantly from one city to another.

Network with Local Investors: Connect with other real estate investors in Baltimore. They can provide valuable insights, advice, and potential partnership opportunities. Consider joining local real estate investment groups or forums.

Optimize Your Property for Rental: As you plan the renovations, think about what tenants might value in a mid-term rental. Features like high-speed internet, a functional kitchenette, and comfortable furnishings can make your rental more attractive.

Marketing Your Rental: Leverage your real estate experience to market your rental effectively. Utilize online platforms, social media, and your professional network to reach potential tenants.

Financial Planning: Ensure you have a solid financial plan in place. This includes budgeting for renovations, understanding your cash flow, and preparing for both expected and unexpected expenses.

Legal and Tax Considerations: Consult with a legal and tax professional to understand the implications of renting out part of your home. They can guide lease agreements, tax benefits, and deductions.

Balance Your Commitments: As an active-duty military member, ensure you can balance your professional responsibilities with your landlord duties.

Stay Informed and Educated: Continue educating yourself about real estate investment strategies, market trends, and property management. Hint - BiggerPockets has many, many valuable resources between the people and information available throughout the site.

Best of luck with your new journey, and Thank You for your service!

KC

Thank you very much for your words and sharing your perspective on areas I wouldn’t have thought. I will surely look more into these action items to ensure I’m doing things the right way with integrity.