How To Avoid Running Into Mortgage Paying Trouble for DC and Maryland 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.

thebennettteam@yahoo.com

About thebennettteam@yahoo.com

My name is Gregory Bennett and I am the Owner of Bennett Team Properties in Greenbelt, Md. I specialize in making all of your real estate dreams come true. I stepped on the real estate stage about 25 years ago and have many accomplishments. I was named the Top Producer (#1 real estate agent) in Prince George's County, Maryland, 2002 through 2004, by selling more than 80 million dollars of real estate each year. I am a member of the Prince George's County Association of Realtors Hall of Fame and also gained membership in the Re/Max Hall of Fame in 2003. After only one year with Exit Realty Corporation International, I received the award "Top Recruiter Designation" for recruiting the most agents in the Exit International System in 2006. My entrepreneurial roots dig deep. I put my Bachelors degree in Business Management to the test immediately upon graduating from college. I owned College Clowns, an entertainment company specializing in children's birthday parties. I further sharpened my business and management skills by operating two retail stores selling party supplies. Although I could not foretell the future, this was the foundation for my current and growing real estate brokerage, Exit Bennett Realty. Currently I have more than 250 agents working with me. As a former military dependent I am blessed to have lived in various cities across the country and also lived in Okinawa, Japan. I am married with 1 beautiful daughter. I’m an avid sports fan and also love to travel. I also go to a great church, The Sanctuary at Kingdom Square. Call today (301)351-4513 or email at TheBennettTeam@yahoo.com

Get More Real Estate Market Info... Subscribe Below!

Learn more about us and find other resources on selling your house below. Like us, follow us, connect!

, , , ,

No comments yet.

Leave a Reply