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.
Bay Management Group?
In the event that a tenant fails to pay their rent, Bay Management knows how to quickly begin eviction procedures. And whether you want to rent to students, families, or young professionals, we know how to attract and properly screen those tenants.
Contact Bay Management
Contact the Bay Management Group with any questions about property management in Baltimore County! As the most trusted property management company in Baltimore County, we are happy to assist you in exploring the process.
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