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 you fall behind on the mortgage in Austin as well. Here are some things you can do to avoid facing difficulty in paying your mortgage each month.
Keep your properties full and rented. 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 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 real estate business success so deal with it quickly and efficiently every time.
Do your best to find quality tenants. Quality tenants pay rent every month an on time. This means you have the money to pay your mortgage and keep from falling behind. 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.
Getting solid rental fees coming in every month is only one part of it. Making sure you have a system to pay your mortgage and don’t fall behind on the payments are even more important.
Look for long term 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. If you want good tenants, longterm 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 awhile.
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.
Falling behind on mortgage payments
in an Austin, Texas tough economy can be a easy to do if you don’t follow a few principles.
- Advertise and market to keep your property occupied.
- Collect market rents and have system to pay your mortgage on time.
- Keep your property well maintained.
It’s important to do all these things to avoid facing the difficulty of paying the mortgage. That applies just as much to a real estate 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.