I’m Having Trouble Paying My Houston Mortgage
“I’m having trouble paying my Houston mortgage”… Is this a common thought of yours? Believe it or not, People tend to 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. Unfortunately there are a lot of different variables that can come into play when owning a home and paying the mortgage. Here are some things you can do to avoid saying “I’m having trouble paying my Houston mortgage”.
The most obvious way to keep tenants paying your mortgage is by keeping 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. Never allow yourself to get slack on advertising for new tenants. You should always be prospecting for new tenants because as we all know, they can leave us anytime at the drop of a dime. 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. You don’t want to be the landlord out there that’s always scrambling to get their properties occupied again at the last second.
Do your very best to find quality tenants. While you want to keep your properties full, finding good quality tenants is key. Finding good quality tenants can definitely be a challenge though. By “good” it means they pay their rent on time, keep the property maintained and don’t abuse the lease. I would write those three “Good” qualities down and instill them in your head, because that right there will determine how long you last in this field. 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.
Always look for long term tenants. Don’t assume that quality tenants will necessarily be long term ones. Some good renters may know they can’t stay over a few months at most. That is why you ask them from the very beginning what they plan on doing in the future with their living situation. 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 long term renters when the choice is available. Doing so will make filling a vacancy at least a more infrequent possibility. I know that from experience, nobody wants to have to find a renter every few months because they keep putting short term renters into their properties. Do yourself a favor now and start incorporating these tactics and watch your stress levels slowly start to drop. This will help keep you from thinking “I’m having trouble paying my Houston mortgage”.
Keep the property well maintained. If you want good tenants, long term tenants and tenants who pay their rent on time, do your part to keep them. Deal with monthly 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 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.
It’s very important to do all you can to avoid saying “I’m having trouble paying my Houston 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, long term, rent paying tenants to keep your properties bringing in the income you need every month.
If you have read this article and are feeling like it might be a little overwhelming, I ask you to remember one thing. That one thing is… We Buy Houses in Houston as is and can help you in whatever situation you find yourself in. If you feel yourself getting behind on that mortgage because the tenant left unexpectedly, give us a call and we can find a solution for you. You can fill out a 15 second online form or simply call us at (713) 742-2577.