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 you can do to avoid facing difficulty in paying your mortgage each month.
Keep your properties 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 being able to advertise 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 being 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 & easily. One method would be to use neighborhood Facebook groups or even the Facebook marketplace would be a great way. Landlords may also use websites like Zillow and Realtor.com to list the property for rent. If you’re just looking to have someone else just do all the heavy lifting for you then just contact a local agent there’s plenty of them to help you get the place rented out and the tenant screened. If you decide to do it on your own don’t put off screening applicants this will help make sure you’ve selected the most qualified tenant!
Do your best to find quality tenants. While you want to keep your 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 stay more than a few months at the most. They are students or simply just working a temporary job. Whatever the situation, opt for long-term tenants when the opportunity is available.
Keep the property well maintained. If you want good tenants who pay their rent on time, do your part to keep them. Deal with maintenance issues fast & correctly. Make repairs as necessary. Upgrade appliances or at least 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. Doing little things like mentioned above as a Philadelphia area homeowners are ways to help avoid if you have mortgage paying trouble.
In a tough economy, it’s important to avoid facing the difficulty of paying the mortgage late. That applies just as much 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 your properties bringing in the income you need every month. We take pride in helping Philadelphia area homeowners and landlords avoid mortgage-paying trouble! We’re Buying Property 215