Finding tenants before closing a deal

[Harold Miller gregor]

New investor here trying to buy my first investment property

I can only afford a house I am looking at right now with tenants, how do i find tenants before i close the deal and purchase the property? 

Thanks Harold

[Steve Shafer]

@Harold Miller gregor I can't tell from your post whether this a lender requirement, or just your own personal criteria for peace of mind. In either case, you can market the property for rent pending the closing of the purchase. If you're in a strong rental market, you should be able to find a high quality tenant willing to do this. Most listing agents will allow showings for future leases if you need to take tenant prospects through the property. Hopefully your numbers on the investment aren't so tight that you don't have reserves for some vacancy though, i.e. 8-10% in year one. Another factor in your favor is that USUALLY you have at least a month, if not more, until your first mortgage payment is due, giving you time to do any needed work on the property, get a tenant moved-in, etc. If you are working with a good agent, they will be able to hold your hand through this process.