Who Faces Mortgage Issues
You may think it’s only the average Philadelphia area homeowners that have mortgage paying trouble, but as a real estate investor or landlord, there may be times when it’s hard to pay the mortgage on your end as well. Here are some things to avoid difficulty paying your mortgage each month.
Keep your rental property occupied. While it may sound simplified, this is the most obvious method for ensuring you’ll receive rent money each month to cover your property mortgage payments. Don’t allow yourself to get stuck not advertising for new tenants. Always state in the lease that you’ll be able to market the property around a month earlier than the current tenant’s lease is up. This allows for no gap or separation between tenants. The new age of technology & social media permits plenty of ways for you to get that home rented out fast & efficiently. One method would be to use neighborhood Facebook groups, or even the Facebook marketplace would be a great way. Landlords may also use Zillow and Realtor.com to list the property for rent. If you are looking to have someone else do all the heavy lifting for you, contact local real estate agencies; plenty of them help you get the place rented out and the tenant screened. If you decide to do it yourself, don’t put off screening applicants; this will help make sure you’ve selected the most qualified tenant!
Qualify Your Tenants
Do your best to find quality tenants. While you want to keep your rental properties occupied, finding good quality tenants is key. By “good,” I mean that they pay their rent-on time, keep the property well maintained, & don’t break the rules of the lease. By using background and credit checks, you can find the best tenants available and thereby do what’s possible to keep generating your rental income, which will allow you to continue paying the mortgage on time & avoid mortgage paying trouble for homeowners!
The best tenants are people who will stay long-term & pay on time. Don’t assume that quality tenants will necessarily be long-term ones, though. Some quality renters may know they can’t last more than a few months. They are students or simply just working a temporary job. Whatever the situation, opt for long-term tenants when the opportunity is available.
Be A Good Landlord
Keep the property well maintained. If you want good tenants who pay their rent on time, do your part to keep them. Deal with home maintenance issues fast & correctly. Make repairs and home upgrades as necessary. Replace appliances or make sure the ones you give are in good working order. Respond to your tenant’s calls quickly, or if you can’t be sure, they know you’ll be unavailable for a while.
Being a good landlord will go a long 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 addition, doing little things like those mentioned above as a Philadelphia area homeowners are ways to help avoid if you have mortgage paying trouble.
In a tough economy, it’s crucial to avoid facing the difficulty of paying the mortgage late. That applies to an REI professional as it does to the average renter. These simple tips can help as you work to develop lasting & long-term tenants to keep in your rental properties, bringing in the income you need every month. We pride ourselves in assisting Philadelphia area homeowners and landlords in avoiding mortgage-paying trouble!