Many Maryland landlords never planned to be one. A parent's house is inherited. A job moves the family and the old house won't sell. If that's you, here's how to decide and what to do first.
Rent it or sell it?
Run both numbers honestly. For renting: realistic rent, minus management, vacancy, maintenance, taxes, insurance and any mortgage, plus the work needed to make the house rentable. For selling: the net after repairs, commission and closing costs, and what that cash could do elsewhere. We'll give you the rental side in writing, with no pressure either way.
The first 30 days
- Insurance. A homeowner's policy usually doesn't cover a rented house. Switch to a landlord (dwelling) policy before a tenant moves in.
- Licensing. Baltimore City, Baltimore County, Howard and Prince George's all have rental licensing or registration rules. Confirm what applies to your address.
- Lead. If the house was built before 1978, it falls under Maryland's lead law once it's rented. Here's how that works.
- Safety. Smoke and CO alarms, handrails, egress, electrical. These are fixed before anything cosmetic.
- Utilities and the HOA. Decide what the tenant pays, and read any HOA leasing rules.
The tax question to ask early
If the house was your home, the federal exclusion on gain from selling a primary residence generally requires that you lived there two of the five years before the sale. Renting it for a long time can change that, and depreciation affects the result too. Ask a CPA before you sign a long lease. Inherited property has its own rules, so get advice on those as well.
When you're ready, here's how onboarding works with us.