Why Invest in Pikesville?
Pikesville’s prosperous, mature population is a great opportunity for investors to make a solid ROI.
In the heart of Baltimore County, with easy access to downtown Baltimore, Pikesville is a great location for tenants looking to escape expensive city life. Pikesville has its own steady business community as well, so there are lots of professionals in need of housing.
You can get into property investment quickly and easily. Mortgage interest is very low at the moment (3%), so you do not have to pay as much on loans. In addition to these low interest rates, there is a growing need for housing. Investors will be able to quickly turn a profit on property investments.
And you can pay off those loans using your tenants’ rent money. Within 15-20 years, you can fully own your property without ever having to use your money, providing you with real security should financial problems arise in the future.
You are also building equity when you invest in property. The housing market is in a “bottom bounce” growth period. This means property acquired now will quickly appreciate in value. Generally, properties in locations with good school systems and lots of transportation options tend to hold their value better, even during economic downturns.
Expect a steady cash flow from your rental units. This is money you can use to pay mortgages, expenses, and assure your financial security. Most of your income can be written off in some way, as well. In addition to long-term tax deductions, landlords can also write off smaller expenses like travel, repairs, home offices, and credit card interest.
Solo Property Management Is Tougher Than You Think
If you are thinking about managing your investment property yourself, you may want to consider some of what you will be responsible for:
- Searching for tenants can be a daunting task, especially if you do not know the area or what kind of tenant would best suit your property.
- Screening tenants costs money. Done improperly, it can result in bad renters and potential eviction issues.
- Rental unit preparation has to be done before tenants can move in. All necessary repairs will need to be made, including de-leading of older homes. After a tenant moves out, the unit will need to be cleaned and repainted, and the locks need to be changed. Any bigger problems, and you will have to spend time looking for a reputable contractor.
- Legalities like lease terms, security deposits, rental registration, lease termination, and eviction notices all require documentation that can be tough to navigate on your own.
- Finally, rent collection needs to be done in a timely, organized manner. Landlords going solo may have to chase down tenants for rent, or tenants who refuse to pay because something needs to be repaired.
Professional property management companies have the experience needed to deal with every problem that can arise with owning a rental unit. From marketing units and screening tenants to making sure your rental is in great shape before potential tenants even see it, a property management company makes owning an investment property as hassle-free as possible.
A good property management company understands all the legal procedures and documents you will need to avoid mishaps. They will also collect rent on time, managing all issues so you do not have to.
Why Choose Bay Management Group?
Bay Management will find you the best market in Pikesville. Whether you want to rent to families or young professionals, Bay Management knows what tenants are looking for.