How to Find Tenants


Here is a recent email that I received from someone who is taking my 7-Week email course, and my response:

Dear Terry,

We bought one fixer upper but are having trouble renting it — any ideas of good places to advertise for a tenant?

Thanks in advance,

Jean xxxx

Hi Jean,

Let me suggest a few techniques that that have worked for me:

1. Place several small For Rent signs on all nearby streets, especially the major intersections. If you get a sign with an arrow on it, you can point the arrow in the direction of your house. I buy the signs at Home Depot or Lowe’s.
2. Hold an “open house” on Saturday and Sunday. People driving by can come in and look around.
3. Contact companies that help people find rental properties. Some will list your property for free. These companies usually contact me.
4. Run an ad on craigslist.org. You can upload photos and describe the qualities of your rental property. The ads are free & I usually get a great response.

I hope you find a tenant soon.

Let me know if you come up with a good technique that I haven’t thought of.

Good luck!

Best regards,

Terry Sprouse

Location, Location, …

One thing I didn’t mention in the letter, but which is perhaps the most important consideration of all in attracting good tenants, is the location of your property. Properties located where people really like to rent are called “opportunity zones” (or “transition zones”). ┬áJust as Baskin-Robbins must offer the flavors of ice cream that the public likes, so you must offer rental properties in the areas of town where people want to live.

If your property is located in an area where people don’t like to rent, you will always have trouble finding tenants. For more information about my philosophy on where to invest, check out my EzineArticles.com article The Secret to Increasing Cash Flow – Invest in Opportunity Zones .

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2 Responses to “How to Find Tenants”

  1. […] will determine the kinds of tenants you will attract, and how much rent you can fairly charge. Do you want these bearded wonders as […]

  2. Ong says:

    Mike Everyone has a different onipion about this. If you are an investor (and Terry is a very successful investor), you might be better off at this time using that cash to buy more properties. Then you could go to work paying them off in a few years.Getting those paid off so that you have passive income is a way to build wealth. Think about it for a minute. What if you bought 10 houses and worked hard to pay 5 of your best houses off. In 5 or 10 years you could sell the other five of your houses and pay off the best ones completely. I don’t know what rents are in your area, but let’s just suppose that they were $1000 per month. Wouldn’t it be great to have 5 paid off houses bring in 5K every month?

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