When the economy goes bad it?s not uncommon for landlords to feel the pinch pretty hard. Not only are their tenants more likely to be late with payments or skip out all together, but you may also find more vacancies than normal. If you?re looking for ways to cut back your expenses and get you through a financial rough spot the following tips may help.
Lower Income Tenants?
If you?re not opposed to having lower income tenants who get assistance from the state or county, the local government does pay promptly as long as you keep up with your end of the paperwork.
Make sure to keep up with maintenance around the property, even though the expense may seem a little much at the time it will prevent you from larger, more expensive repairs in the future.
Do whatever repairs you can yourself to avoid third party costs. Its time consuming but it can be very cost effective.
Like many parents do with their children, offer a discount on rent for some tenants who perform maintenance tasks around the property. You will need reliable tenants who you can regularly count on but if they?re having financial difficulties they may be more than willing to shovel snow or mow lawns for a discount on rent.
Constantly keep a priority list of things you?d like to do around the property and their order of importance, this way when a little extra money does come your way you can tackle them one by one.