Tips To Avoid Running Into Mortgage Paying Trouble for Waxahachie Homeowners

People often think that only tenants and homeowners have a hard time taking care of paying the mortgage. However, as real estate investors or landlords, there are times when it’s difficult to take care of the mortgage on your end as well. Especially during times like the COVID-19 pandemic we are currently facing. Here are a few things you can do to avoid facing difficulty in paying your mortgage each month. 

Keep your properties full. While this may sound overly simplified, it remains the most obvious method for ensuring you’ve got rent money coming in each month to cover your property’s mortgage payments. Don’t allow yourself to become lax on advertising for new tenants or put off screening applicants because you get busy. All of your hard work in securing properties becomes mute if your properties aren’t filled. Especially during times like these with COVID-19. The best thing to combat COVID is to already have all your properties occupied, but if it is too late for that, don’t be afraid to discount a rate a little bit to avoid paying mortgage out of pocket each month. A wise man once said, it’s better to get part of something than all of nothing. 

Do everything you can to find quality tenants. You definitely want to keep your properties full, but finding good quality tenants is key. “Good” simply means they have a history of paying rent on time (and continue to do so), maintain the property well, and don’t abuse the lease. Using background and credit checks is necessary to find the best tenants available, thereby doing the most possible to keep your rental fees coming in regularly—which helps you pay mortgage when it comes due.

Whenever possible, look for long term tenants. Quality tenants aren’t necessarily long terms ones. Some great renters know they can’t stay over a few months at most. These tenants include students, temporary workers, or sometimes even post-graduate people on rotations. They may be people who are living in an area waiting to move or retire to the Keys. If possible, however, long term tenants are a better option for landlords. Try to find quality tenants that will be more long-term. This means there will be longer periods without vacancy, which is worth much more than a slightly higher short-term rate. 

Keep the property well-maintained. If you want good, long tern tenants who pay their rent on time and do their part to take care of the property—do your part to keep them there. Deal with maintenance issues quickly. Make repairs as soon as possible. Upgrade appliances or at least ensure the ones you provide work well. Respond to your tenants’ calls quickly, or if you can’t, make sure they know you’ll be unavailable for a while. Set expectations early and you will avoid many problems. And always follow the golden rule—treat others the way you want to be treated. You want to live in a property that has working appliances and is well-maintained, and they will too. Good tenants take pride in their place of residence, and their landlord should take pride in providing a good space

Being a good landlord will go a long way in developing lasting relationships with your tenants. This will in turn help you keep them in your property longer. Often a tenants/landlord relationship can turn an average tenant into a great one simply because they want to keep that relationship intact. Build on that relationship during this pandemic as well by checking in on your tenants and making sure that they know you aren’t going to things go wrong for their house. Successful businesses are built on relationships, and real estate is an especially people-driven business. Don’t lose sight of that. 

In a tough economy, especially like the one we are in during this pandemic, it’s important to do all you can to avoid facing the difficulty of paying the mortgage. That applies just as much to an REI professional as it does to an average renter. These simple tips can help you work to develop lasting, longterm, rent-paying tenant relationships to keep your properties bringing in the income you need every month.
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