Where to look for good tenants????

Question

I am looking to buy my first property in an area that comes with some risk as far as finding good tenants, so would like to hear from some of you that have bought properties in a lower-income area on how you found good tenants. Where did you post the opening in other words?

Also looking for advice on how much to charge for deposits. I will be looking at charging 750-800 a month for a 3br/2bath single-family.

Dawn Platt · Answer

Thanks for the responses. Great info and great help!

Wale Lawal · Answer

Hi @Dawn Platt ,posting your property listing online is the best way to reach potential tenants. The majority of renters find their apartment online through platforms like Realtor.com®, Kvcore, HAR.com, Zillow, and other popular rental listing sites.

Goodluck!

Cameron Braig · Answer

@Dawn Platt

Depending on the industries in your market you could look to pair with local employers. Additionally if you have some hospitals in the area that take on contract or traveling nurses this could be an opportunity to discover consistent, strong tenants.

Best of luck and thanks for the post.

Poem Turner · Answer

Have you considered the local Section 8 or Housing Voucher Program? Guaranteed rent payments, annual (or more often) inspections by the agency, constant pool of motivated tenants. If you can befriend or get to know the local administrators, they'll cherry pick tenants for you.

Chris Tarpey · Answer

I have always found that it is worth working with a property manager to find good, qualified tenants. While you may not want to hire a property manager to manage the property, many PM's offer "catch and release" to help you find a solid tenant, get it leased up and pass it over to you.

Usually for their services they may charge 10% of first months rent and maybe some other small fees but they will take on the professional pictures, listing on various platforms, showing to agents/potential tenants, running background and credit checks, and legally drafting all lease paperwork.

I have personally done this before and it is definitely worth the money, freeing up my time to work on growing my business.