Finding tenants to place before moving out?

Question

Hello BP Fam,

I have been pretty quiet on here because of keeping my head down and searching for dealing and I finally might have something here soon!

Is there a way to Pre-find tenants for a property before I purchase the next personal residence? Like can I put the property on a website and which website, or source would you go to, to find a tenant? Sorry for a probably basic question that has been answered plenty of times. I also need to read up on finding and placing tenants.

Thank y’all again for anything y’all can help us with and shout out to Delaware if anyone else is around here!

-Kristopher Kelly

Military Newbie Investor

Kristopher Kelly · Answer

@Douglas Spence

Thank you so much for the insight and pro tip!

I will be sure to do that I appreciate it very much and I will let you know how it goes.

Mario Garcia · Answer

I like facebook market place simply because you get a glimpse into who the tenants are based on their profile.  I agree with the previous person you should put an ad up 8 to 10 weeks early.

Mario - The Orange Box Project

Doug Spence · Answer

@Kristopher Kelly I recommend putting up an ad for your property on Zillow well before you intend to move out (8-10 weeks), just make sure you're clear on when people can move in. Some folks look for properties to rent months in advance, so you can help them out by getting their next home sorted out well before they need to move.

Pro Tip: put the property up for rent for a higher price than you think you can get. You can always slowly bring the price down over time until you find a qualified renter that wants it at that price. I did that for my first rental property and it paid off - both literally and figuratively speaking.

Best of luck and let us know how it goes!

Kristopher Kelly · Answer

@Cody Neumann @Ryan Husser

Thank you both for the advice!
The reason I am trying to figure it out before I move is that with a VA loan on the first property one of the stipulations is that I have a tenant under a one-year lease at the time of closing on the new property.

Thank you again and I will order the book right now.

Cody Neumann · Answer

@Kristopher Kelly

I agree with Ryan. If you are a first time land lord and are looking for pointers I highly suggest you read “The book on managing rental properties” by Brandon Turner. It helped me out tons when I got my first rental.

Ryan Husser · Answer

Hi Kristopher!

Yes, your plan would make sense and it is a great strategy if you want to rent out your old place after you move. I would recommend having your new home under contract first before advertising your old place. You don't want to be in a situation where you have a tenant lined up, but nowhere for yourself to live. Sites like Zillow, Apartments.com and even Facebook Marketplace are great places to advertise your home. Just make sure the move-in date for your renter is after you close and move out date for your current home.

Hopefully this helps!