As a Minneapolis St Paul homeowner, how do you avoid running into mortgage paying trouble when your tenants don’t pay their rent?
Make Sure Tenants are Paying Rent
You may think it’s only the tenant who has a hard time paying the rent, 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. This spring of 2020 that has become so real as the corona virus sweeps across our nation. We have a law to protect tenants if they lose their job, we as landlords can not evict them until after the month of June. With out their rent being paid, you may not be able to pay your mortgage on you property. Here are some things you can do to avoid facing difficulty in paying your mortgage each month.
The surprising truth of being a landlord is keeping your properties full of rent paying tenants. 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 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. 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.
Maintain A Property
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 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.
Be 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.
Maybe Its Just Time To Sell And Move On
We at Minnesota Cash Home Buyers are in the business of buying homes for cash from home owners. Our specialty is working with people who are having some difficulty and would like to sell their home but not sure what the best way to do it is. We are real estate agents who can help you sell it traditionally, buy it out right from you, or if you need money over time, we can structure a payment plan than you will get a check every month for years when we purchase you property.