Life has a way of surprising us, and sometimes, those surprises come in the form of real estate. If you’ve suddenly found yourself owning a home you didn’t plan to rent out—whether due to a job relocation, inheritance, or a market that makes selling less attractive—you might now be what’s known as an accidental landlord.
Who Is an Accidental Landlord?
An accidental landlord is someone who didn’t intentionally buy a property to become a landlord but ends up renting it out anyway. Maybe you got married and moved in with your partner, inherited a family home, or couldn’t sell your previous home when buying a new one. Whatever the reason, now you’re managing tenants, leases, and property maintenance—possibly for the first time.
Your Options Moving Forward:
1. Rent It Out Long-Term
Leasing the home to a long-term tenant can provide steady income while allowing the property to appreciate. This option is ideal if you plan to hold onto the property or return to it one day.
2. Hire a Property Manager
Managing a property takes time and expertise. A property management company can handle everything from tenant screening to repairs—especially helpful if you’re out of state or balancing other responsibilities.
3. Sell When the Time Is Right
If being a landlord isn’t for you, consider renting it temporarily and waiting for the market to improve before selling. This way, you don’t have to rush into a sale that doesn’t align with your financial goals.
4. Explore Short-Term Rentals
Depending on the location, turning your home into a furnished short-term rental might bring in higher income. But keep in mind the added work and potential regulatory requirements.
Final Thoughts
Becoming an accidental landlord doesn’t mean you have to figure it all out on your own. With the right support, clear goals, and smart planning, this unexpected situation could turn into a powerful step toward building long-term wealth.
Need help navigating your options? Let’s talk. We specialize in helping new landlords in and around the Nashville area maximize their investment while minimizing the stress. Call us today or fill out the form to the right and we will be in touch.