Avoid Mortgage Trouble (Foreclosure) In Utah
You may think it’s only the renter who has a difficult time paying the mortgage, but as a professional in the real estate industry and being a landlord, there may be times or circumstances when it’s hard to pay the mortgage on your end as well. Here are some things you can do to avoid mortgage trouble or foreclosure each month. Keep your houses or properties full. While it sounds like a simple thing, this is the most obvious method for ensuring you’ve got money coming in each month to cover your house mortgage payments. Don’t allow yourself to get lazy and not advertise for new tenants and don’t put off screening applicants or filling your houses because you’re to busy or overwhelmed. Remember, filling your vacancies is the most important aspect of your Real Estate Investment or REI business success and dealing with problems or vacancies fast and efficiently every time. Do everything you can to find quality tenants. While you want to keep your single family homes full, finding the best quality tenants is key. By “The Best” it means tenants who keep the property maintained, pay their rent on time, and don’t abuse the house or lease agreement they agreed to. By doing a background and credit checks, you can find top quality tenants and make sure your rental fees come in regularly, which will help you pay your mortgage payments each month when it comes due. 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. Make sure the appliances are upgraded or at least provide appliances that 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 ways 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 mortgage trouble. That applies just as much to an REI professional as it does to the average renter. These simple tips and ideas 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.