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The best way to help ensure that you chose the right tenant is through a screening process that you will be able to use for every prospective tenant that expresses interest in your property. You can either create a rental application form or have an open discussion with the prospects, whatever works best for you. The goal of both methods is to gather necessary information about the prospect that will help you to make a decision. There are a lot of questions that can be asked during the screening process, but these should never be forgotten:

• Why Are You Moving?

This very simple question can provide a lot of information about a prospective tenant. You want to look for reasonable explanations such as wanting a shorter commute to work or needing a larger space. Be cautious when dealing with prospects who have been evicted or who are moving due to issues with their current landlord or neighbors. While exercising caution still keep in mind that the fault may not lie entirely on the prospect so remember to give them the benefit of the doubt.

• What Is Your Monthly Income?

The question of income can help you determine whether or not the prospective tenant can afford to pay the rent for the property. Ideally you will want to accept a tenant whose monthly income is significantly higher than the monthly rent. Especially if they are leasing the property on their own. In a co-applicant situation where more than two or more individuals are leasing the property together the collective income of the applicants should be able to cover the rent and any additional utility cost that may not be included.

• Can You Provide References?

References are very important. The prospective tenant should be able to be able to provide names and contact information of suitable individuals who are willing to speak to their character. If the prospective tenant does not feel the need to provide references you should not consider giving them a second thought. Apart from personal references, references from an employer and landlord is recommended. The employer will help verify income and stable employment while the landlord will provide you with information on what you can expect from the prospect as a tenant.

You’ve taken the leap and decided to buy a home. After signing a mountain of paperwork, you are now the proud owner of your own residence. When the first mortgage payment comes due, you are hit by the reality of what you have done. You have taken on 30 years’ worth of massive payments, in an economy that makes no promises about long-term job stability.

An aggressive plan for mortgage prepayment can help reduce this long-term commitment and save you money.

Plan Before You Buy
Look before you leap and do the math in advance, to determine how much house you can afford to buy, then buy less house than you can afford. This strategy will ensure that you have adequate cash flow to make extra mortgage payments and will provide some cushion, should you have to take a lower-paying job at some point in the future. Also, make sure that your mortgage does not impose a penalty for prepayment. This clause can put a damper on your efforts to get out of debt.

Next, you need to pay attention to the financing terms. While adjustable-rate mortgages offer lower initial payments, they are used all too often to enable buyers to get into homes they cannot actually afford. If your plan is to get out of debt as quickly as possible, a fixed-rate mortgage provides the predictability of a steady interest rate, and it can always be refinanced if rates fall.

How to Pay Off a Mortgage 
Once you have a mortgage, the key to paying it off is simple: send money to the bank. Set aside some cash and make at least one extra payment on your mortgage per year or each month add a set amount that you can comfortably afford (say $15 or $25) to your payment. Another idea, apply the next tax refund towards your mortgage principal.

If your career advances over the years, put those raises and bonuses to work by sending them to the mortgage company. You were doing just fine without that money, and you won’t miss it if you don’t get used to having it in your budget.

Keep an eye on interest rates and, if they fall, consider refinancing. If you can reduce your interest rate, shorten the term of your loan or both, refinancing can be an excellent strategy. Just don’t make the mistake of keeping your term the same and taking money out.

The Bottom Line
There’s no time like the present to begin your quest to pay off that mortgage. Start by reading your amortization schedule; once you see exactly how much of your monthly payment goes to interest, and what a tiny portion goes toward paying off the principal, you will realize that every extra dollar you send, reduces the portion of your payment that services your interest expense. That can be a powerful motivator, for financially savvy individuals.

If you focus your efforts on the task at hand, you may be surprised at how quickly you can retire a mortgage. With your mission accomplished, you will find that the comforts of home are even more pleasurable when it is you, not the bank, who owns the home.

Property management is the supervision of residential or commercial real estate and involves the managing of property that is owned by someone else.

The property manager acts on behalf of the client to act as a care taker of the property while generating income. Companies who handle property management communicate with both the clients and tenants, saving time from collecting rent, handling maintenance and repairs and responding to complaints.

There are numerous reasons why an individual would need the assistance of a property manager; here are a few of those reasons.

1) If you currently own multiple properties, rental units or an apartment building, providing the same level of care towards each individually can be difficult. The more properties or apartments you own, the more you’re likely to benefit from a management company.

2) If you do not live near your property, whether you live in a different community or in another country, hiring a company to manage your property can assist with many issues that you will be unable to handle while being away.

3) If you have limited time on your hands between taking care of your family, having a social life, and having a full time job, managing a rental building added in the midst can create additional burdens that can be avoided.

4) If you have the time to manage your own property but do not have the skills required, or you are not interested in hands on management, you should consider hiring a property manager or management company.