Everyone is looking for nice ways to gain financial freedom. The idea of being debt-free and have the ability to travel and plan nice vacations sounds appealing, right? Well financial freedom isn’t hard to gain, if you invest properly!
Owning rental properties in Prince George’s and Montgomery counties, and the surrounding D.C. metro area is a great way to start your journey to being debt-free! In suburban areas like Bethesda and Silver Spring, where the cost of living is higher and the employment rate is at a low 3.7% (approximately 2% lower than the Maryland average!), it is very likely you will be able to run a successful rental property business.
Renting Investment Properties: All About Location!
Southern Maryland is a popular place for rental properties, due to the higher cost of living and crowded neighborhoods. Families appreciate sending their children to the best schools in Maryland and millennials appreciate the variety of entertainment and nightlife at their fingertips.
Easy access to both Baltimore and D.C. make surrounding counties very popular for young professionals and millennials who are in the market to rent instead of purchase a house. The median income has decreased, making down payments much harder to save for, and with the hefty amount of student loans the average millennial has, purchasing a house is usually out of the question.
Here are few ways to make your rental property more attractive to millennials:
- 24-hour maintenance
- Attached yards
- Covered parking
- Locations near shopping, restaurants, and entertainment
Many people choose rentals in these areas because the property taxes are high, making mortgages and down payments unreasonably high. However, as a landlord, you can change higher rental costs due to the area and cost of living. These properties are generally very successful in returning a high profit, but you’ll have to make an informed guess when you’re determining the actual return on investment in regards to your rental property business.
Rentals Are on the Rise
A few years ago, Prince George’s county housing market suffered from large amounts of foreclosures. However, this has increased the need for rental properties. House are auctioned off to investors much lower than their original cost, some costing only $80,000. The good news for investors is that these houses can be flipped with ease and rented for high rates due to their location right outside of D.C. and urban centers.
The market for rental properties is booming in Maryland, and is only projected to grow in the upcoming years. Now, while housing prices are relatively low, is the time to start your rental property business. Over the past 12 years, more Marylanders have decided to rent a property due to the high taxes, a decrease in the average income, and a multitude of other reasons. And the number of renters is only projected to get higher.
If you are curious about the value of your rental property and to see if you are undercharging for your Prince George’s county rental property, use this handy tool. The best way to ensure financial freedom is to stay up-to-date on rental trends in your property’s neighborhood. That way you’ll know how in-demand your property is, similar property rental rates, and your estimated return on investment.
Being familiar with the rental property marketing around your Hyattsville property will help you make informed decisions about your investments and the kind of tenant you will choose to reside in your rental.
Hire a Rental Property Management Group
One of the safest ways to make sure your property will bring in positive cash flow instead of falling into the red is to hire the help of a property management group. This is also the easiest way to earn “hassle-free” money – almost like getting a monthly paycheck for not doing anything!
A reliable, well-known property management group will be able to help you with every aspect of your rental property business, but here are some of the ways Bay Management Group helps that sets them apart from the rest:
- Full leasing services – These services not only place high-quality tenants in your property, but they take care of the most important part of leasing your property – the tenant screening process. Background checks are completed before qualifying a tenant to live in your property.
- 24/7 maintenance – Never worry about waking up at 2am for an emergency maintenance call. Reliable handymen and contractors ensure high quality work.
- Eviction services – BMG is familiar with rental laws and ensure a smooth eviction process for all parties involved.
Just a few of the tasks Bay Management Group will take over when you enlist their aid, but the list goes on. Click here for an extensive list and descriptions of their services that will help put your mind at ease!
If that isn’t enough to convince you that Bay Management knows what they’re doing, take it from their own clients! Rave reviews are easy when a business is so focused and dedicated to the client’s success and the tenant’s satisfaction with their property.
“I honestly don’t think I could have picked a better group. During the 32 months we worked with this company the renter never missed a payment and we only had a few maintenance issues… I would definitely recommend this company to any landlord looking for management.”
– Jessica P.
Even for clients that live far away, Bay Management will work with you to ensure your Montgomery and Prince George’s county properties are well taken care of!
“I have 4 properties with Bay Management Group and I live overseas. I love how I can trust them to make the right decisions with me being more than 5,000 miles away.” – Greg W.
Among other things, Bay Management Group has one of the lowest management rates in the Greater Baltimore-Washington Metro area. They provide outstanding service so all your have to worry about it planning your next vacation!
Talk to the talented group of professionals at the Bay Management Group office in Laurel, MD and see how they can help you manage your rental property and get you on the path to financial freedom! Call or stop by today!