The outbreak of Covid-19 has caused many people across the country to fall behind on mortgage payments. You may think it’s only the tenant who has a hard time paying the mortgage, 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 falling behind on mortgage payments.
Keep your 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. Don’t allow yourself to get slack on advertising for new tenants. 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.
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 keep you from falling behind on mortgage payments.
Look for long term tenants. Don’t assume that quality tenants will necessarily be long term 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 long term renters when the choice is available. Doing so will make filling a vacancy at least a more infrequent possibility.
Keep the property well maintained. If you want good tenants, long term tenants and tenants who pay their rent on time, do your part to keep them. Deal with maintenance issues quickly. Make repairs as necessary. Upgrade appliances or at least ensure the ones you provide are in good working order. Respond to your tenants’ 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 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 falling behind on mortgage payments. 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, rent paying tenants to keep your properties bringing in the income you need every month.
If you are a property owner who is falling behind on mortgage payments and looking to find a way out give us a call. Here at Linken Investments we buy houses in Lynchburg, Roanoke and all-around Virginia in any condition. Call or Text us today and we’ll make you a fast-fair cash offer and we’ll do all of the work! 434-390-2906.
Just reach out to us or fill out the form on this website so we can quickly look at your situation and make you a fast-fair cash offer on your house.