So many prospective investors talk to me about how to buy great property. Houses or flats? Prices? How to finance? To refurbish? We talk for hours about deals. Deals, deals, deals.

They hardly ask me about how to find great tenants. In fact, they hardly mention tenants at all. It seems as though finding a great tenant is a given. It’s not.

Let me state the somewhat obvious here: A rental property does not become an income-generating asset until it generates you an income. Income is generated by a tenant paying the rent. Or to put it another way, a rental property is a debt–not an asset–until the tenancy begins.

Finding a closing deals is great but before you buy a property, make sure that there is tenant demand for it. And once you buy one, find that great tenant ASAP.