Friday, March 11, 2011

Flashback Friday 11 03 11

Shortly after dh and I were married, we realized we needed to have some investments to minimize our taxes. We decided to invest in a piece of rental property in Baltimore as we had friends who were quite successful in renting her old place when they married.  We did a lot of looking and there were a lot of fixer-uppers, but we really didn't have that kind of free time or really that kind of energy.

We finally found this little gem of a 1920 bungalow. It had some issues, leaks on the slate roof, and some water in the basement, but we also looked at it as ...Could we conceive of living there if...if what we never determined. We were still weighing our options as to where we would live...stay in my house or move into a larger city. DC was too expensive which was hard for dh to believe but he hadn't kept up with the housing market. Baltimore was a whole new ballgame for him, tho I was pretty familiar with it from a former job, and my time commuting to Notre Dame. 

It wasn't easy to actually get the purchase made with very different methods and attitudes in the city. We certainly qualified but getting it done was - a challenge. Little did we know that we would look back and see that this really was the easy part. Getting things done only 20+ miles away turned out to be a real hassle. 

Having a friend find a tenants for us was a big mistake. We had disasters for tenants. All of them. The final family had promise but turned out to be professional 'issue' people. The wife knew tenants' rights backwards and forwards and really made an issue out of everything.  By this point, we only wanted out of the picture, but getting these tenants out became such a legal %#&#  I thought my dh would lose it big time.  In the end, they were gone and we easily sold the house just 4 years after owning it. We made a good profit but it seriously put us emotionally out of thinking about being landlords again.  I hope the buyer is happy in that house 5 years down the road. I occasionally feel wistful about a sweet little house but am so glad that it's history for us now.

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