Top Benefits of Owning an Investment Property
Baltimore County offers many benefits for property investors.
- Prime location With college towns, waterfront property, historic districts, and tree-lined streets, every niche is covered. In areas populated by young families and professionals, rental units are always needed.
- Low risk investment Investing in real estate properties, especially in growing communities, almost guarantees a return. On average, a good investment will return between 8-10% annually. As populations continue to grow, the value of your property appreciates, returning more and increasing your capital.
- Low maintenance If you invest in low maintenance properties, you will be generating passive income, giving you more financial freedom. If you invest wisely, your cash-flow will be tax free. You will be able to write off depreciation, insurance, and repairs against other income.
- Tax write-offs Additionally, investors will be able to write off business expenses like travel and payments to contractors or management companies.
- Tenants pay the mortgage Perhaps the biggest benefit real estate investment offers is not having to pay a mortgage out of pocket. Investment properties can be funded with bank-borrowed money; with a steady flow of rental income, you are growing your credit and securing your tangible assets. Keep in mind you will more than likely be getting tax breaks on these payments, as well.
Why Should I Use a Property Management Service?
Property management services essentially ensure your investment is secure. These companies have steady, experienced staff to manage every aspect of your investment.
- More freedom. Professional property management means you have more time to go about your day. Whether you are looking to add onto your investments, have another job, or want to spend more time with your family, property management companies afford you that luxury.
- Better tenants. Property management companies do all the legwork when it comes to finding, screening, and collecting rent from tenants. The screening process alone is a difficult one, and property management specialists know how to spot warning signs and avoid bad tenants. If you want tenants who pay their rent on time and treat your rental properties with care, property management companies will weed through the applications to find reliable candidates.
- Fewer legal problems. In today’s world, tenants actually have more rights than landlords. Putting your investment in the hands of one bad tenant can lead to a number of legal issues. Property management specialists are experts in legal documentation, including leases, evictions, safety codes, inspections, and security deposits.
- Maintenance and repairs. Property management companies will maintain and arrange repairs for all your rental units. Think about it: how much time would you otherwise spend cleaning, painting, changing locks, and making repairs on your own? A good property management company will have a network of licensed and certified contractors, in addition to their in-house staff for cleaning and small repairs.
- Happier, long-term renters. When rental properties are in top shape and tenants do not have to hassle landlords about various issues, it naturally leads to happy, long-term renters. Property management companies offer quick responses for repairs or other tenant needs, so you do not have to respond. Rent is collected in a systemized, streamlined way, and all documentation is well organized. The process is more pleasant for everyone. Some management companies offer tenant retention guarantees that safeguard your lease length.
Bay Management Group?
Bay Management offers a full-service, experienced staff that is available 24/7. This means they can respond to the needs of you and your tenants quickly and knowledgeably. Landlords can feel confident that their properties are maintained, and tenants can feel confident that their issues will be resolved at any time of the day.
Locally owned and operated, Bay Management knows all the areas of Baltimore County better than any other management group. They will market your property aggressively using a network of websites, locators, and tenant placement services.
Contact Bay Management
As the most trusted property management company in Baltimore, we are happy to help.
Additional Property Management Resources Available: