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Updated over 6 years ago,
When rehabbing, what do I do with the current tenants?
Hi everyone!! Long time listener, first time caller =0D So, I'm making moves to purchase a 17 unit, 11 apartments, and 6 retail on the ground floor. They are asking $820k, and this property brings in an NOI of 71K/year after all expenses, vacancies, taxes, and all. I would like to do a BRRR with this, though what do I do with the current tenants when I'm rehabbing? The apartments are all fully rented, and the retail is fully rented with only one vacancy. How do I rehab with tenants? If I purchase this property, what's the best and quickest way to get it in tip top shape without disrupting the current cash flow too much?
Thanks so much! This'll be my first investment!
Grant Z.