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How To Avoid Running Into Mortgage Paying Trouble for Savannah Homeowners

Nov 3, 2020

You might think the only people who have difficulties paying the mortgage are tenants, but as a real estate investor or landlord, sometimes you may have difficulty paying the mortgage, as well. Below are some things you can do to avoid having difficulty paying your mortgage each month.

Keep your properties occupied.

Even though it may sound overly simple, this is the most obvious way to ensure your rent can cover your property mortgage. Do not let your advertising for new tenants lapse. Do not delay screening applicants or filling your properties if you find yourself swamped or overworked. Filling your vacancies quickly and efficiently is a crucial element of a successful REI business.

Make every effort to find quality tenants. As much as you want your properties to be full, you also want to find good-quality tenants. In order to qualify as “good,” they must pay rent on time, keep the property in good condition and not abuse the lease. When you conduct background and credit checks on potential tenants, you can ensure your rental fees are coming in regularly, which makes it easier to pay your mortgage.

Ensure that the property is well maintained. Tenants who pay their rent on time and who are long-term will keep you happy if you do your part to keep them. Address maintenance issues promptly. Make repairs as required. You should upgrade your appliances or at the very least ensure yours are in good working order. Be sure to respond to your tenants’ calls quickly, or to let them know if you won’t be available for a while.

Try to find long-term tenants. Do not assume quality tenants are necessarily long-term. It is possible that some good renters aren’t able to stay longer than a few months. For example, they may be students or temporarily employed. They may be living in an area as they await a move or retirement. Any situation where long-term tenants are available, consider them. This will at least make filling vacancies less frequent.

Developing lasting relationships with your tenants goes a long way to helping you keep them in your property longer. When a landlord and tenant have a good relationship, an average tenant becomes an excellent one simply because they want to keep that relationship going.