Are you having trouble paying your mortgage in Denver, CO? There may be more people that have challenges for paying their mortgage then just homeowners… even landlords and real estate investors. Fortunately, if you are a landlord or real estate investor, you can avoid those challenging times with these tips:
Keep your properties at full capacity.
Yes, that is a simple statement, but it is also the way to keep an income flow that covers your mortgage payment. Never let up on advertising and attracting new tenants or put screening new applicants on the back burner because you’re busy. One of the biggest factors for a successful REI business is keeping your vacancies filled, efficiently and quickly.
Attract quality tenants.
While keeping your properties at capacity is key, you want good tenants. Meaning, you want tenants that pay on time, take care of the property, and respect the lease. Implement a policy of checking background and credit history. Knowing that you have done your due diligence in checking your prospective tenants, you’ll have a better chance that your checks will be on time each month, which in turn, pays your mortgage.
Find long-term tenants.
A quality tenant does not necessarily mean they will be a long-term tenant. By vetting prospective tenants and weeding out those that are looking for temporary housing will eliminate having vacancies.
Keep well-maintained property.
Good tenants and long-term tenants are going to stay where a property is well maintained. Upgrade the appliances and handle any maintenance issues promptly. If you are can’t respond to a tenant’s request right away, let them know.
In Closing – Be A Good Landlord!
This will help you develop a long-lasting relationship and that in turn, will help keep your tenants longer. In today’s economy, you don’t want to fall behind on your mortgage, especially if for an REI professional. By following these tips, you’ll develop a lasting relationship with your tenants, and keep those funds coming in so you can pay your mortgage.
If you are having trouble paying your mortgage in Denver, CO we can help. Fill out the simple form below and we can cover your options when it comes to selling your home.