Having Trouble Paying the Mortgage on Your Statesville, NC house?
Its easy to think of the tenant paying the rent in a timely fashion, 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- especially when you’re not collecting that underlying rent payment. Here are some ideas to make it easier to find yourself in a position to pay the mortgage on your Statesville home on time, every month. If worse comes to worse, you can find a lot of helpful information on the NC Foreclosure Prevention Fund.
Keep your Statesville properties full.
While it may sound overly simplified, this is the most obvious method for ensuring you’ve got rent money coming in each month to cover your property mortgage payments. Make advertising for prospective tenants one of your top priorities. And don’t put off screening applicants or filling your properties because you get busy or overworked. Recognize filling your vacancies as a major aspect of your REI business success and deal with it quickly and efficiently every time. Every day the property sits empty, your return on investment decreases, and the chance that you will have to dip into personal funds increases.
Do your best to find quality tenants.
While you want to keep your properties full, finding good quality tenants is key. By “good” it means they pay their rent on time, keep the property maintained and don’t abuse the lease. By using background and credit checks, you can find the best tenants available and thereby do what’s possible to keep your rental fees coming in regularly, which will help you pay the mortgage when it comes due.
Look for longterm tenants.
Don’t assume that quality tenants will necessarily be longterm ones. Some good renters may know they can’t stay over a few months at most. They may be students or working a temporary job. They may just be living in an area waiting to move or retire somewhere else. Whatever the situation, opt for longterm renters when the choice is available. Doing so will make filling a vacancy at least a more infrequent possibility.
Keep the property well maintained.
The very best of tenants tend to be attracted to the very best of landlords. If you let deferred maintenance pile up, and respond slowly (or not at all) to tenants requests for repairs, can you honestly expect them to feel that getting the rent to you on time is a priority? Upgrade appliances or at least ensure the ones you provide are in good working order. Give your tenants a way to contact you (or better yet, your property management company) at all times.
Being a good landlord will go a long in 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 a tough economy, 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 the average renter. These simple tips can help as you work to develop lasting, longterm, rent paying tenants to keep your properties bringing in the income you need every month.
Some tenants will literally stay in your property for decade upon decade, eventually paying the property off, and giving you very little hassle in the meantime. Many of the above tips can help ensure that you attract, and ultimately keep, these very tenants.