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Mortgage Payment tips for homeowners in Idaho

Can you cover your investment mortgage payment with no tenants?

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 and your mortgage payment covered.

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 payment. 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 real estate investment business success and deal with it quickly and efficiently every time.

mortgage payment

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.

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.

Being a good landlord will go a long in way. Delevoping lasting relationships with your tenants will help you keep them living in your property longer. Often a tenant and landlord relationships 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 a 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 find yourself facing foreclosure and unable to find tenants or maybe just inherited a home, in any case, we can help you sell your home in Boise in 7-10 days. If you’re thinking of selling and are exploring your options, consider selling directly to us.

Call our team at (208) 214 3365 or Fill out our quick home seller information form.

If you don’t want to go through the hassle and headache of selling to the market, then we might be able to help. We’ll give you a quick call once we find out a bit more about your property in Idaho, and make you an offer on your home the same day.


Northwest Home Buyers - Idaho

 

If you find yourself facing foreclosure and unable to find tenants or maybe just inherited a home, in any case, we can help you sell your home in Boise in 7-10 days. If you’re thinking of selling and are exploring your options, consider selling directly to us.

Call our team at (208) 214 3365 

Fill out our quick home seller information form.

If you don’t want to go through the hassle and headache of selling to the market, then we might be able to help. We’ll give you a quick call once we find out a bit more about your property in Idaho, and make you an offer on your home the same day.


andrew_wheeler

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