It can be a challenge making that monthly mortgage payment if you are a landlord or a real estate investor, and it isn’t just your tenant who finds it difficult to make their monthly payment on time. Here are some tips on how to avoid running into mortgage paying trouble for Dallas homeowners.
One of the easiest ways to ensure you pay your mortgage each month is by having a steady income each month in the form of rent payments, which means having your properties full. That sounds obvious, but it’s important to recognize the importance of having your Dallas properties occupied and any vacant properties should be filled immediately. Even if you feel you are overworked and have too many other things to do, make the time to screen and interview potential renters, and keep up with your advertising.
Just as important as always having your properties full is having responsible tenants in them. This means a tenant who keeps the place in good condition, won’t take advantage of the lease agreement and of course, who pays their rent on time. Finding good tenants is easier if you carry out a background and credit check, and it all helps to make sure you can make your mortgage payments every month.
Students, and those working a temporary job in the area may only be short term tenants, although they can still be responsible tenants and ideal for your properties. Of course, a long term tenant is always going to be the best way to fill your rental homes, but don’t overlook the potential of someone staying in your home for just a few months, and it’s certainly better than having your properties sit empty.
Keeping your property in good shape is one way to increase your chances of getting a responsible tenant who pays their rent on time. If you aren’t going to be available for a while, let your tenant know; otherwise you should deal with any issues or questions they have as quickly as possible. You should keep the appliances in the home in good working order, and make any required repairs in a timely manner.
Developing a strong and lasting relationship with your tenant is a lot easier if you take steps to be a responsible landlord. Most tenants want a good relationship too, and an average tenant can become one of the best you ever had if you focus on that positive landlord and tenant relationship.
Your goal should be doing everything possible to avoid problems with being able to pay your mortgage on time, especially in a tough economy. The tips above can help to ensure you have responsible tenants who pay their rent on time, and can help make sure your Dallas properties are full. It’s just as important to make payments on time for a REI professional, as for a renter.