With easy access to Baltimore and Washington, D.C., College Park has the best of both worlds. This city is home to the University of Maryland, College Park campus.
As a suburb minutes from D.C., the city offers a plethora of restaurants, stores, transportation options, and entertainment venues close by.
The city has recently experienced a boom in infrastructure improvements.
College Park features a large number of homes for commuters and students alike. Because of this, real estate in College Park is a wonderful way to expand your portfolio.
Investment Property Benefits
Do you have financial security for your future? Safe investments are important, but real estate has potential for high-yield returns now found in retirement funds, most stocks, and bonds.
Owning investment property in College Park has several benefits. Here are a few of them.
- TAX DEDUCTIONS.Rental property owners recoup some of their cost through depreciation benefits. The cost of home repairs such as applying fresh paint, fixing loose stairs, or even purchasing tools or materials to improve the property (e.g., lawn mowers) can be deducted. Hiring contractors to make those repairs are deductible, as is related travel.
- LARGE POOL OF POTENTIAL TENANTS.College Park has a large number of students coming into town every year. Upperclassmen often want to move off-campus into their own housing.
- BUILD EQUITY.When renting a property, the tenant is paying your mortgage. With several properties generating income simultaneously, it’s a great way to pass a business to children or sell off properties with huge equity to help pad one’s retirement income.
- ASSET APPRECIATION.As property values continue to climb, your rental properties will also appreciate in value.
Solo Management vs. Property Management Companies
Running any business is challenging. Now add the frustration and confusion of spreading your business across multiple locations, a large number of available tax deductions, making house calls to panicked or upset renters, and trying to strong-arm rent from elusive tenants.
Property management companies exist to eliminate the time spent dealing with these issues.
They will conduct searches for new tenants, using an advertising budget most property owners couldn’t achieve alone. They will ensure tenants have solid backgrounds and a stable financial situation to improve the chances of renter retention.
The biggest factors in successfully using a company are its experience and staff. A large staff ensures that tenants always have someone who can respond quickly if there’s an issue or immediate need for repair.
Experience means better tenant placement, timely rent collection, and a professional front between the property owner and tenants.
What makes a property management company worth the expense are the little things, like move-out reports, dealing with security deposits, truancy periods, signing leases, performing background checks, and a host of other duties.
Why Choose Bay Property Management Group?
Customers rely on the Bay Property Management Group for their accessibility, professionalism, and knowledge of the College Park investment property market.Out of all the local property management companies in the area, Bay Property Management Group is one of the few to offer 24/7 customer service and has some of the lowest management rates in Maryland.
They will market each of your properties diligently and apply the same determination to building relationships with tenants. The Bay Property Management Group is out to protect your assets. When you do well, they do well.
Ask yourself, do you have what it takes to run eviction proceedings? How about follow-through with the legal proceedings?
Bay Property Management Group gives property owners reports on financials and move-in and move-out reports and performs routine inspections. They clearly state to tenants the financial obligations of renting property and won’t hesitate to begin eviction proceedings if payments aren’t made.