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Tips for Homeowners Having Trouble Paying Their Mortgage in Union New Jersey

Tips for landlords having issues paying their mortgage
Homeowners, like tenants, are having issues making their mortgage payments

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.

Avoid Having Vacancies in Your Rentals

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.  Set up a process to screen applicants and make sure you get qualified candidates. Part of being a landlord is understanding how to keep your vacancies as low as possible. Having a fully occupied property can make it easier to make mortgage payments and cover all expenses.

Build a Tenant Screening Process that works

Do your best to find quality tenants. While you want to keep your properties full, finding good quality tenants is key.  A “good” tenant means that 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. The ideal candidate should make at least twice the amount in income as their monthly rental payments. Having adequate income and a history of being a responsible tenant will make it more likely that the tenant will pay. You want to keep quality tenants, which will help you pay the mortgage when it comes due.

Find Great Tenants and Keep Them Long Term

Look for longterm tenants. A good paying tenant does not guarantee that they will be staying long term. 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, interview all candidates and make a short list of the people looking to stay longer term. Review their income and qualifications and opt for those who are looking for a long term arrangement. Doing so will make filling a vacancy at least a more infrequent possibility.

Perform Regular Maintenance on Your Home

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.

Learning How to Keep Good Tenants Is Also About Being a Good Landlord

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.

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