How to find good and loyal tenants
Some way to attract good tenants is to offer discounts to long-term renters. For example, give a month free for every two years of rent. Offer two months free if they sign a three-year deal. Credit: iStock
One thing they did not address, or maybe I missed it, was how they are finding renters for their properties. I assume they are renting to cover the mortgages since they mentioned their strategy is to buy and hold versus flipping.
I currently own two investment properties plus my primary residence, and want to buy more investment properties but I’m worried about finding renters. I prefer to buy and hold versus flipping as this fits with my long-term wealth accumulation strategy.
Do you have any advice on the best way to find and keep qualified renters? It seems to be so many people getting involved with this facet of the real estate industry that finding good renters is more of a challenge. Any advice or assistance you can provide is greatly appreciated.
Try to underprice the market. If tenants smell a deal, they’ll flock to your door, and you should be able to pick the best one.
I think finding tenants has become pretty tough, but with rising interest rates, people will again think that they can get a better deal renting.
By the way, a book I like is Robert Shemin’s “Secrets of a Millionaire Real Estate Landlord” or anything by Bob Irwin.
