Where to Find Tenants

Question

I am a newbie at residential investing.  I was looking at 2 townhomes that have been foreclosed.  They were builder foreclosures and are almost complete (probably 90%).  I was considering purchasing them finishing them out and then leasing them.  I am curious as to where you all think the best places to find tenants is?  Also, how do you go about locating a tenant prior to purchasing and closing on the property.  I have heard that a lot of lenders want you to have the tenant lined up prior to the purchase.

Joey Budka · Answer

CL ads are the most effective and cost efficient way of getting tenants into properties. It also depends on your area. College towns require different forms of advertising than that of low-income neighborhoods. Its all about understanding the demographics.

Best of luck!

Eric Wang · Answer

I use both..  I mainly have the sign for people who don't have computers, but most of the time, there nothing but a waste of my time.  Both attracts different type of people.  I have more success with CL since people know what they want and has more detail information and pictures of the property.  It's hard to find a tenant without giving them a tour of the property.  Most tenants want to be able to checkout property before signing a lease.

Mark N.A · Answer

There are often city-specific rental sites that will let you advertize for free.  Same with weekly shopping papers.  Sometimes local businesses have bulletin boards where you can post a flier.

As you get more rentals you may consider creating your own website.  You can post lots of info on your site with pictures and downloadable forms.

Charles Lucenay · Answer

Those are good suggestions.  Thanks!

Scott M. · Answer

Sings on the property and CL are the two best sources I have found.

Signs are the #1 source for about 2 weeks - then all those who drive by think there is something wrong and the calls drop off a lot - so that is where CL comes in - or if your signs keep walking.

As for renting the place - you just get access to it from the realtor or owner and show it - if they want the deal done and you need to have a tenant in place then they will work with you as they want the deal done.

Tom NA · Answer

Best place - craigslist.

Other avenues: sign out front, newspaper ad, signs in stores/kiosks/bulletin boards/etc, mls, other websites.

I'm sure there are plenty of other places to advertise but if you have a decent property priced right, you shouldn't have too much trouble getting it rented out.  Good luck.