You probably think it’s only the tenant who has a hard time paying the mortgage, but as a real estate investor or landlord, there may be times when it’s hard to pay the mortgage on yourself. Don’t worry here are some things you can do to avoid hard times in paying your mortgage each month without being late.
Always keep your properties full. While it may sound very easy, this is the most known method for ensuring you’ve got rent money coming in each month to pay your mortgage payments. The hard part is finding the right tenants and not putting off screening applicants or filling your properties because you get busy or overworked. Filling your vacancies is a major aspect of your REI business success and deal with it quickly and efficiently every time.
Do your best to find quality tenants. While you want to keep your properties full but finding a great tenants is key. You want a great tenants that pay their rent on time, keep the property maintained and don’t break the lease. You can also do background and credit checks, so you can find the best tenants available. This is one of the best way possible to keep your rental fees coming in regularly, giving you great cash flow. Which will help you pay the mortgage when it comes due.
Another key thing is try looking for long term tenants. Don’t assume that quality tenants will necessarily be long term ones. Some good renters may know they won’t stay long maybe few months if you lucky. They might be students or working a temporary job and don’t have plans to stay long. They may just be living in an area waiting to move or retire somewhere else. Whatever the situation, opt for longterm renters when the choice is available. Doing so will make filling a vacancy at least a more infrequent possibility.
Keep the property well maintained. If you want good tenants, long term tenants and tenants who pay their rent on time, do your part to keep them for as long as you can. Deal with everything from maintenance issues quickly and make repairs as necessary. Upgrade appliances or at least ensure the ones you provide are in great working order. Always respond to your tenants’ calls quickly, or if you can’t be sure they know you’ll be unavailable for awhile.
Being a great landlord will go a long in way in developing lasting relationships with your tenants, which will in turn, help you keep them in your property longer. Often a tenant and landlord relationship can turn an average tenant into a great one simply because they want to keep that relationship intact.
In a tough economy, it’s important to do all you can to avoid facing the difficulty of paying the mortgage. That applies just as much to an real estate professional as it does to the average renter. These simple tips can help as you work to develop lasting, longterm, rent paying tenants to keep your properties bringing in the income you need every month.