Why Invest in Towson Rental Properties?
Towson has a diverse culture and is rapidly expanding. With new developments cropping up throughout the area, there is no better time to invest in property here.
Some of the most appealing benefits of owning an investment property in Towson include:
- Towson is home to Towson University, and with an enrollment of more than 22,000, it offers many opportunities for student housing.The constant influx of students means if you invest in property in this area, you will have a regular stream of renters for the majority of the year.
- In addition to students, young professionals and families are looking for the benefits of a quiet suburb along with the convenience of close proximity to city life that Towson offers.
- Real estate investments are inherently low risk, unlike stocks, bonds, business ventures, and similar options.Investors can be confident they have real, tangible assets that will not disappear or dissolve. Long-term properties continue to appreciate over time and grow your capital, returning on average of 8-10% annually.
- Additionally, real estate investments are heavy with long- and short-term tax deductions and incentives. Short-term deductions include maintenance expenses and depreciation.Federal regulations do not require you to pay taxes on the appreciation of your investment. The IRS will expect you to pay these taxes only when you sell.
- Funding your investment through bank and government loans means you do not have to put much money down to purchase property. This leverage allows you to easily pay off your mortgage using income from renters. Over time, you will be able to acquire more substantial rental properties and increase your income further.
- The biggest benefit of property investment is developing an almost entirely passive income. If you own more than one unit, you grow your capital even more. This gives you the freedom to concentrate on your primary source of income or further develop your realty venture.
How Can I Be Sure I Want to Use a Property Management Company in Towson?
Property management companies take all the guesswork (and the legwork) out of owning rental properties. They save investors countless amounts of time and money that would otherwise be spent searching for tenants and maintaining properties.
Here is a list of things to consider to make this decision:
- Inconvenience of self-managing properties.
Maintaining your investment is a lot of work. Many landlords do not have the time to take proper care of their rental units, leading to various states of disrepair and damage.When a tenant moves out, a unit needs to be walked through, cleaned, and painted, and the locks need to be changed.If you have multiple properties and do not live nearby, the maintenance can quickly become overwhelming. Property management companies arrange repairs and perform maintenance for you.
- Finding Quality Tenants
Do you know how to efficiently market your property to the appropriate tenants? When the applications come in, do you know how to screen them for signs of trouble? Property management specialists are trained to target renters that are just right for your unit, and they know what a good tenant looks like on paper.
- Legal Jargon
There is a lot of paperwork involved with renting. These are just a few aspects you will need to know:
- Lease terms
- Tenant rights
- Safety and building codes
- Security deposits
- Eviction notices
- Lease terminations
This list looks daunting, and it is not even comprehensive. Property management companies know the laws you need to follow as well as the rights of tenants. Simple time management is often enough to make landlords choose a management company.
- Renter Security
Generally, what renters want is a safe place to call home. If a problem arises in the middle of the night that needs attention, will you be available? A good property management company is always on call to respond to tenant needs. They also make it easy for tenants to pay their rent on time so everyone is happy.
The Benefits of Hiring a Property Management Company
Often, trying to screen clients, run background checks, collect rent on time, survey properties for damage and make repairs, and evict problem tenants proves to be too much for a single landlord.
Property management companies work to make your life easier and take care of any tenant issues that may arise.
Having a professional team manage your properties produces more reliable tenants. A great deal of this success comes down to experience sorting through potential renters.
These companies have heard all the excuses that unreliable tenants make. They know all the red flags that show up in background checks and interviews and thus prevent risky tenants from moving in.
Through research and thorough background screening, the tenants found are the ones who are more likely to rent for longer periods and pay on time.
Management companies will also conduct routine checks of the property to ensure the client is complying with their contract. (The contract is made to protect you. Maybe you don’t want a tenant to remodel your apartment or even put up a fresh coat of paint.)
Legal issues and other financial matters can also eat up your time. Property management companies can deal with tax problems and legal disputes with the tenants and will even handle repairs and maintenance.
Why Choose Bay Management Group?
Bay Management Group specializes in luxury residences and multi-family homes. They have a friendly and knowledgeable staff ready to serve you and your needs 24/7.
With decades of experience working with investment properties in Maryland, they can be trusted to guide your business decisions.
When you do well, they do well. They will take care of your properties with the same diligence, professionalism, and expertise that have built Bay Management’s stellar reputation throughout Maryland.