Top Benefits of Owning an Investment Property in Owings Mills
When you invest in a rental property in Owings Mills, you can be sure you have a diverse market of potential tenants. Owings Mills’ high livability score, connectivity, and abundance of shopping options will entice renters if marketed properly.
There are a few other benefits to property investment in general, including:
- Low Risk Investment.
Property investors have real, tangible assets they can fall back on in the event of a loss of income or housing. Over time, properties will continue to appreciate and grow your residual income.
- Tax Deductions and Incentives.
Property investment offers both short and long-term tax benefits:
- Short Term. The cost of repairs, contractor payments, travel, and any other maintenance expenses are deductible.
- Long Term. Write off depreciation for up to 27 years, meaning you do not have to pay taxes on your rental income. You can also write off interest on your mortgage, and on credit cards used for landlord purposes.
- Leverage. Bank and government loans allow you to purchase rental property without having to put much of your own money down. You can easily pay off your mortgage with income from renters, gaining equity and thus allowing you to get loans for more and/or larger rental properties.
- Passive Income. The biggest benefit of property investment is developing an almost entirely passive income. Grow your capital even further by purchasing more units. The more renters you have, the more income you will see.
How Can I Be Sure I Want to Use a Property Management Company in Owings Mills?
Why Choose Bay Management Group?
Property management companies know the nuances of the communities they manage.
They know the best places to buy, the best way to market to renters, and the best resources available to you as a landlord. They do all the work that comes with owning a rental property for you.
It should come as no surprise that property management companies can find you better quality tenants. When using a property management company to conduct your marketing and screening processes, you can expect tenants who will:
- Pay their rent on time so you can pay your expenses.
- Extend their lease and stay longer, saving you income lost to vacancy.
- Inflict less damage on the unit, protecting your investment and saving money on repairs.
- In general, cause fewer problems so you do not have to deal with stress and legal issues.
Additionally, property management companies know how to handle preemptive legal issues like lease terms, safety codes, and inspections. In the event that an unexpected issue does arise, management companies are also equipped to deal with the legalities of evictions, tenant rights, lease terminations, and security deposits.
Renters are just like homeowners: they want a safe place to call home. Properties managed by companies are generally in much better condition, cleaner, and safer. Your tenants can be confident that if they have a problem, they have a reliable contact who is there to help them.Start Maximizing Your Rental ROI Today