Mortgage Paying Trouble
HOW TO AVOID RUNNING INTO MORTGAGE PAYING TROUBLE FOR PROPERTY OWNERS
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 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 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, long-term, rent paying tenants to keep your properties bringing in the income you need every month.
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One Touch Properties LLC. buys properties Nationwide. We’re able to close quickly… or on your schedule. Like we’ve mentioned, when you work with us there are no fees… like there are when you list your property with an agent. What this means to you is you don’t have to worry about extra costs, having to come out of pocket to sell your property fast, or even getting your house ready for a sale (we’ll buy your property as-is). Don’t worry about repairing or cleaning up your property. We’ll buy your property in as-is condition… no matter how ugly or pretty it is… no matter the location.
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FREQUENTLY ASKED QUESTIONS
Maybe you have a few questions. That’s okay; most people do. So here’s a quick collection of some of the questions people ask us… along with our answers. If you still have a question, don’t hesitate to contact us (or give us a call) and we’ll be happy to answer it for you.
Q: Will you be listing my property on the MLS or actually buying it? A: Great question. We’re not agents, and we don’t list houses. We are professional property buyers: We buy properties that meet our purchasing criteria. From there we may repair the property and resell it to another property owner or keep it as a rental ourselves.
Q: Do you pay fair prices for properties? A: Many of the properties we purchase are below market value (we do this so we can resell it at a profit to another property owner). We are looking to get a fair discount on a property. However, in our experience, many sellers aren’t necessarily expecting a large “windfall” on the property but rather appreciate that we can offer cash, we close very quickly (no waiting for financing), and no time or effort or expense is required on your part of fix up the property or pay agent fees. If that’s what you’re looking for and you see the value in getting your property sold fast… let’s see if we can come to a fair win-win price. (Besides, our no-obligation pricing commitment means that you do not have to move forward with the offer we give… but it’s good to know what we’re offering!)
Q: How do you determine the price to offer on my property? A: Great question, and we’re an open book: Our process is very straightforward. We look at the location of the property, what repairs are needed, the current condition of the property, and values of comparable houses sold in the area recently. As you know, property values have taken a huge hit in the last 5 years and most areas still haven’t seen prices come back up. We take many pieces of information into consideration… and come up with a fair price that works for us and works for you too.
Q: Are there any fees or commissions to work with you? A: This is what makes us stand out from the traditional method of selling your property: There are NO fees or commissions when you sell your property to us. We’ll make you an offer, and if it’s a fit then we’ll buy your property (and we’ll often pay for the closing costs too!). No hassle. No fees. We make our money after we pay for repairs on the property (if any) and sell it for a profit (we’re taking the risks here on whether we can sell it for a profit or not, once we buy the property from you… the responsibility is ours and you walk away without the burden of the property and its payments… and often with cash in your hand).
Q: How are you different from a real estate agent? A: Real estate agents list properties and hope that someone will buy them. The agent shows the properties to prospective buyers if there are any (the average time to sell a property in many markets right now is 6-12 months) and then take a percentage of the sale price if they find a buyer. Oftentimes, the agent’s commission is 3-6% of the sale price of your property (so if it’s a $100,000 property, you’ll pay between $3,000 – $6,000 in commissions to an agent). Agents provide a great service for those that can wait 6-12 months to sell and who don’t mind giving up some of that sale price to pay for the commissions. But that’s where we’re different: We’re not agents, we’re home buyers. Our company actually buys houses. We don’t list properties . Since we’re actually the one buying the property from you, and we pay with all cash… we can make a decision to buy your property within a couple of days (sometimes the same day). Again, we make our living by taking the risk to buy the property with our own cash, repair the property, and market it ourselves to find a buyer (which is the hard part in this market).
Q: Is there any obligation when I submit my info? A: There is absolutely zero obligation for you. Once you tell us a bit about your property, we’ll take a look at things, maybe set up a call with you to find out a bit more, and make you an all-cash offer that’s fair for you and fair for us. From there, it’s 100% your decision on whether or not you’d like to sell your property to us… and we won’t hassle you, won’t harass you… it’s 100% your decision and we’ll let you decide what’s right for you.
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We are a real estate solutions and investment firm that specializes in helping property owners get rid of burdensome property fast. We are investors and problem solvers who can buy your property fast with a fair all cash or creative offer.