You might think that the tenant is the only one who has trouble paying the mortgage, but as a real estate investor or landlord, you may also have trouble paying the mortgage sometimes. Here are some things you can do to make sure that paying your mortgage each month doesn’t get hard for you.
Keep all of your rentals full. Even though it sounds too easy, this is the most obvious way to make sure you get enough rent money each month to cover your mortgage payments. Don’t let yourself get lazy about looking for new renters. And don’t put off screening applicants or filling your properties because you are busy or have too much to do. Filling your vacancies is an important part of the success of your REI business, so do it quickly and well every time.
Try as hard as you can to find good tenants. Finding good tenants is important if you want to keep your rentals full. By “good,” it means that they pay their rent on time, take care of the property, and don’t break the rules of the lease. By doing background and credit checks, you can find the best tenants and do what you can to keep your rental fees coming in regularly, which will help you pay the mortgage when it’s due.
Try to find long-term tenants. Don’t assume that good tenants will always stay for a long time. Some good renters might know that they can’t stay longer than a few months. They might be students or people with short-term jobs. They may just be living in an area until they move or retire somewhere else. No matter what, choose long-term renters if you have the choice. If you do this, filling a job opening will happen less often.
Keep the property in good condition. If you want good tenants who pay their rent on time and stay for a long time, you need to do what you can to keep them. Take care of maintenance problems quickly. Fix what needs fixing. Upgrade the appliances you provide, or at least make sure the ones you do have are in good shape. Quickly answer your tenants’ calls, or let them know if you won’t be available for a while.
Being a good landlord will go a long way toward building long-lasting relationships with your tenants, which will help you keep them in your property for longer. A good relationship between a tenant and a landlord can often turn an average tenant into a great one, just because they want to keep that relationship going.
In a bad economy, you should do everything you can to avoid having trouble paying the mortgage.
That is true for a professional in real estate investment as well as for the average renter. These simple tips can help you find long-term, rent-paying tenants for your rental properties so you can keep getting the money you need every month.