How To Avoid Running Into Mortgage Paying Trouble for Long Island Homeowners

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 it’s hard to pay the mortgage on your end as well. 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 or filling your properties because you get busy or overworked. Recognize filling your vacancies as a major aspect of your REI business success and deal with it quickly and efficiently every time.

Do your best to find quality tenants. 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.

Look for longterm 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.

In a tough economy, it’s important to do all you can to avoid facing the difficulty of paying the mortgage. That applies just as much to an REI 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.

Ieishah Edwards

About Ieishah Edwards

In a society that has traditionally valued job security, Ieishah has demonstrated the ingenuity and perseverance it takes in creating and sustaining a successful growing business. She has displayed incredible drive, acumen and creativity which have positively impacted her business and the community she serves. Her goal, however, is to become a real estate investor who buys properties and/or sells them to end-users. The knowledge and experience of investing in real estate has grown tremendously due in part to her previous partnership with Anglestone Realty Acquisitions and OneSource Mortgage Company. This union has complimented this endeavor and has enabled her to develop a good business foundation in real estate investing. Ieishah decided to launch her own real estate investing business, HomeSites Property Holdings LLC. Within months after launching her own real estate investing company, Ieishah landed her first real estate deal. Now, as a full time real estate investor, Ieishah continues to invest in real estate and has never looked back. With the right drive, positive attitude, focus and idea, anyone can accomplish whatever is their passion in life. Focus on what you are passionate about, put together a marketing plan and take ACTION for results. Are you ready for the challenge?

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