Guys, those solutions are overly complex. It’s best to just use a stencil to paint the text onto the fence in the 3D view port.
When you switch to texture paint mode, you should see tool setting in the n-panel on the right. There’s a section called texture mask. Change the mode from tiled to stencil:
Next go to the texture tab in the property editor and set the dropdown at the top to Brush Mask. Below that should be settings for which texture to use. After you’ve picked the right texture in the properties editor change the texture mask to that texture in the 3d view:
You can move the texture around by holding down alt and the right mouse button at the same time. Shift + alt + RMB resizes it and ctrl + alt + RMB rotates it. When you paint with the stencil over your object, the only areas affected are the white areas in the stencil texture. The result looks like this:
Here is the blend file if you want to look at it:
stencil.blend (774.6 KB)