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What You Can Find in This Guide to Property Management

• Choosing an Investment Property
• Determining Rental Pricing
• Renting Your Property
• Write a Rock-Solid Lease
• Maintenance and Inspections
• Collecting Rent
• Dealing with Evictions
• Accounting Best Practices
• Hiring a Property Management Firm

Choosing an Investment Property

Are you considering investing in rental property? Investors looking to diversify see a great opportunity in purchasing local real estate and turning it into a rental property. Rental properties provide extra cash flow as well as long term appreciation. Many individuals can benefit from this type of investment, and below are a few tips to get you started.

Are You Ready to Invest in Rental Property?

Rental property investment takes some preparation and consideration on your part. Before taking the plunge, investors should access their financial situation and make sure rental properties meet their business goals. While rentals can provide income, owners must also have enough capital to cover emergencies or losses that can arise. Talk to local bankers or other real estate professionals for guidance. We have assembled some items in this guide to property management to consider below.

Points to Consider Before Investing

• Personal Finances: You need to have at least six months of income set aside to cover personal and investment property expenses if something does not go according to plan. Having an emergency fund offers peace of mind and alleviates future stress. In addition to an emergency fund, you will need to budget for taxes, maintenance, utilities, marketing, and miscellaneous expenses.
• Local market: What are the average rental prices in the area? Which neighborhoods are the most lucrative, and why? The answers to these questions provide valuable information about how much you should consider paying for a home in certain areas. A local property management company would know the best cities in Maryland and should be able to give you current trends and statistics to help you make a well-informed decision.
• Projected Opportunity – Consider areas that are poised to skyrocket over the next few years, and cater your decisions toward the type of tenants you can expect to see in those areas.