You may think that it’s only the tenant who has a hard time their rent from time to time, but there may be times when it’s hard to pay the mortgage on your end as well. If your struggling with your mortgage payments and would much rather sell your house in order to avoid a foreclosure, consider a direct sale to our company, FastPath Home Buyers. We buy houses in Minneapolis, and throughout the Minnesota state. In addition to getting to sell fast, there are a few other benefits that you will experience when working with us: we pay with cash and we accept your house “as-is” (meaning in any condition). Finally, we are prepared to close on any deal in as little as 7 days. So Calls us at (612) 351-2384, or fill out a short form to receive an all cash offer today!
Here are some things you can do to avoid facing difficulty in paying your mortgage each month.
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 because you get busy with other stuff. From the get go, you should recognize that filling your vacancies is a major aspect when it comes to catching up on the mortgage payments of your second home,
Do your best to find quality tenants. While you may want to keep your properties full, finding good quality tenants is also very important. Don’t just accept anyone. Choose tenants that show their ability to pay their rent on time, keep the property maintained and take good care of their 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.
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 while 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 a more infrequent task.
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 happy. Deal with maintenance issues quickly. Make repairs when necessary. Upgrade appliances or at least ensure the ones you provide are in good working order. Responding to your tenants’ calls quickly will help you ensure that a steady flow of rent checks remains streaming out of your properties, and paying your mortgages.
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 facing the difficulty of paying the mortgage. This applies just as much to an REI professionals, as it does to the average renter. The simple tips listed in this blog post 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.