120. Lowell Landlords: Has COVID Created Problems Paying The Mortgages on Your Rentals?

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You may think it’s only the tenant who has a hard time paying the mortgage, but as a real estate investor and/or landlord, there may be times when it’s hard to pay the mortgage on your end as well. And I’m sure I don’t have to tell you much about that with the Massachusetts COVID forbearance and eviction edicts in place! If you’d like to begin 2021 in a stronger position, talk to Summit Buys Houses about selling your property for cash now.

Charlie Baker has been trying his best but laws in Massachusetts are protecting tenants and just maybe landlords are being left to fend for themselves more than we’d like. Much of this may seem like common sense but it is a good time to go back to the basics, buckle down and be ready to come out win top when the dust settles. And that just might mean you want to be in a stronger cash position starting 2021. So here are some things you can do to avoid facing difficulty in paying your mortgage each month.

First: Keep your Lowell 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. If you need to, get some good quality pictures or even a video that prospective tenants can use to see the unit if in-person visits are difficult. 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.

Second: Do Effective Screening 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.

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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. With the University of Massachusetts at Lowell so close by, 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.

Third: Keep Your Lowell 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.

Fourth: Be A Good Lowell Landlord

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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 on your Lowell properties. 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.

We Buy Houses in Lowell Massachusetts all the time. If you’d rather cash out of your property—it is worth your time to get in touch with us. We are legitimate homebuyers in Lowell and can quickly give you a solid cash offer. There is never any obligation to accept – why not check us out? (978) 254-3800

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