It’s a common misconception that only the tenant can have a hard time paying the bills. However, you may be surprised to know that even as a real estate investor or landlord, there may be times when you struggle to pay the mortgage as well.
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Here are some tips that will help you avoid the typical struggles around making your monthly mortgage payments.
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Keep your properties occupied.
While it may sound obvious, ensuring you have tenants all year round will help cover your property mortgage payments. It’s the simplest method to secure rent each month. You must deal with vacant properties quickly and efficiently. Don’t allow yourself to get slack on advertising for new tenants. Acknowledging that ‘filling vacancies’ is a significant aspect of your REI business success will go a long way. Being busy or overworked can be stressful, but it’s not an excuse that allows you to forget to screen new applicants or leave a property empty for months on end.
Find quality tenants.
This is where background and credit checks come in handy. By doing so, you can find the best tenants available and ensure that the rent is paid on time. We describe ‘quality tenants’ as individuals, couples, or families who pay their rent (and bills) each month, keep the property maintained, inform you of any issues, and don’t abuse the lease. While it’s a good idea to keep your properties full, high-quality tenants will always pay on time ensuring that the mortgage is covered on your end as well.
Look for longterm tenants.
When the choice is available, it’s best to opt for longterm renters. Although short term tenants may pay on time, continuous short term contracts will only increase how often you need to find new tenants. Don’t assume that quality tenants will necessarily be longterm. Some good renters may be unable to stay longer than a few months at most. They may be students or working a temporary job, or they may be individuals living in an area waiting to move or retire somewhere else. It’s a good idea to check how long a tenant plans to rent your property and choose longterm renters over short term contracts.
Keep quality tenants happy.
If you want to keep quality longterm tenants who will pay their rent on time, do your part to ensure that they are happy with the property and you as their landlord. Deal with maintenance issues quickly. Make repairs as necessary. Upgrade appliances or at least ensure the ones you provide are in good working order. Respond to your tenants’ calls and emails quickly, or let them know when you will be unavailable.
Be a good landlord.
Being a good landlord will go a long way in developing lasting relationships with your tenants. A tenant will be more likely to renew a contract and stay longer in the same property if they feel their opinion and issues have been recognized. Being a good landlord and striving to gain their respect and trust can also encourage people to be better tenants. An ignorant landlord with unreasonable expectations will only cause good tenants to act improperly.
In a tough economy, it’s essential to do all you can to avoid facing the difficulty of paying the mortgage. That applies just as much to a real estate professional as it does to the average renter. These simple tips can help you work towards developing lasting, longterm, rent paying tenants that keep your properties bringing in the income you need every month.
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