I am learning a lot about being a landlord right now. We bought a townhome in our neighborhood last month as a place to rent to our son. He’s moving into it this weekend and I am trying to quickly figure out what we need to do.
Owning a rental townhouse is a lot different than just owning a house. Even in the same neighborhood.
For example, I was a bit shocked to see how much the monthly home owners association bill for our new rental townhouse is going to run us. It’s $400/month – which is more than 4x what we pay on our much bigger primary home in the same neighborhood.
The HOA covers all the basics – lawn cutting, snow removal, garbage service, and our neighborhood amenities. That’s the same as our house, but it also includes maintaining the townhouse building itself. After all, maintaining/repairing the townhouse roof, siding, and foundation are all part of the association’s responsibility.
We’re going to pay the HOA fee directly ourselves, rather than have our renter (our son) pay for it. It seems like that is what most landlords do and many HOAs require. We better get going fast. We closed on the property last month and haven’t even set up a checkbook for paying bills / collecting rent yet.
We have a lot to learn as landlords, but it will be a fun ‘side hustle’ that benefits our son. Lots to learn!
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