You might think that just a tenant might have trouble paying the rent, but think again. As a homeowner, it can sometimes be difficult to pay your mortgage and end up in arrears. Here are a few things that could save you from having trouble paying off your mortgage every month.

Keep your properties filled. While it may sound simple, it’s the most obvious way to make sure you get your rent every month and cover your mortgage payments. Don’t be lazy about advertising for new tenants. And above all, you need to screen applicants, and never take on tenants just to fill your properties because you’re busy or overworked. Recognize that filling your vacancies is a major aspect of the success of your real estate business, and deal with the problem quickly and effectively every time.

Do your best to find quality tenants. Although you want to keep your properties all rented out, finding quality tenants is essential. That means they’ll pay their rent on time, keep the property clean and not abuse the lease. By checking previous landlords, the régis file (if applicable),  and credit history, you can find the best tenants available and do everything possible to keep the rent coming in regularly, which will help you pay your mortgage on time and keep money in your pocket.

Think long-term. Don’t assume that quality tenants will necessarily be long-term tenants. Some good tenants may know that they can’t stay for more than a few months. It could be a student or someone with a temporary job. They can simply come and live in the area until they move or retire elsewhere. Whatever the situation, opt for long-term tenants when you have the chance. This will make tenant turnover much less frequent.

Keep the property clean and 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 quickly with maintenance problems. Carry out any necessary repairs. Upgrade appliances, or at least make sure the ones you supply are in good working order. Answer your tenants’ calls promptly or make sure they know if you’re not available for a while.

Being a good Plex landlord will go a long way toward developing relationships with your tenants, which will help you keep them in your property longer. Often, a relationship between tenant and landlord can turn an “average” tenant into an excellent one simply because they want to keep the relationship intact.

In a tough economy, it’s important to do everything you can to avoid late payments. This is as true for a professional investor as it is for a small one. These simple tips can help you keep long-term tenants and paying rent so your properties generate the income you need every month.