Which sounds better to you, paying rent to a landlord for a house that you don’t own or paying a mortgage to a bank for a house that you DO own? Owning a property has many advantages and benefits. We buy houses in Philly, and believe there are good investments through most of the city. However, even though you own it, mortgage payments can be difficult to keep up with at times. For example, when there is a pandemic! Here are a few things you can do to avoid trouble and stay consistent with paying back your mortgage payments.
Find great tenants that will pay your rent each month. Put forth a strong effort to lock in quality renters that will take care of your property. While you need to keep your properties full, discovering great quality occupants is critical. By “great” it implies they pay their rent on time, keep the property clean, and do not miss rent payments. By utilizing credit checks and background reports, you can find the best tenants that will not give you a hassle and will hold up their end of the deal. They can help you pay that mortgage payment if you give them a nice place to live. This will help you avoid being late on mortgage payments.
Avoid vacancies for your rental properties. Keep your properties full, or as close to full as you can. While it might sound obvious, this is the clearest strategy for guaranteeing you have rental income coming in every month to cover your mortgage payments. Try not to allow yourself to slack on promoting your rental listing. Additionally, don’t put off screening candidates or filling your properties since you get going or exhausted. Look at filling your units as a significant part of your REI business achievement and manage it rapidly and productively. This will save you in the end and is a large reason why landlords cannot pay their mortgage.
Don’t less things go to waste! Keep the property all around kept up. If that you find that Rock-star tenant who plans to live in your unit long term, AND if they pay their lease on time, do your part to keep them. Manage support issues fast. Make repairs a priority. Update appliances or if nothing else guarantee the ones you give are in acceptable working condition. Respond to your tenants’ calls quickly, or if you can’t let them know you’ll get back to them soon.
Search for long term occupants, of course, is part of the process too. Try not to expect that quality occupants will always be long-term ones. Some great tenants may realize they cannot stay over a couple of months all things considered. They may simply be living in an area they don’t plan to stay in very long. Whatever the circumstance, pick long-term tenants when the decision is there for you. Doing so will make filling a unit easier, and then you won’t have to worry down the road. Being a landlord CAN be easy, but it starts here, with your tenants.
Be a nice person. What I mean specifically, is that being a decent landlord will go a long way in creating fruitful and easy relationships with your tenants, which will assist you in keeping them in your property longer. Regularly a tenant and property owner relationship can transform a normal tenant into an incredible one just on the grounds that they need to keep that relationship unblemished.
In an uncertain economic state, it is critical to do everything you can to missing mortgage payments. Banks have been more flexible recently due to COVID-19, but that won’t last. These basic hints can help as you work to find easy-going, long-term, rent-paying tenants to keep your properties afloat and allow you to pay for your mortgage each month.
Curious about what your property may be worth? Give us a call to find out more details on how to sell your house fast! We buy houses in Philadelphia PA and can close quickly and on your schedule. Text or Call us at (215) 326-9208.