rehabbing a multi-family

[Mike Mitchell]

I've listened to several of the rehabing podcasts etc shows 2,12,18,21 but no-one makes mention of rehabbing a multifamily. How does rehabbing a occupied multifamily (say 3-4 units) work if youre working on a timeline to pay back lenders in a tenant friendly state. I assume its going to take several months to get the current tenants out. Even with a cash for keys. This is not guranteed if the tenant does not want to move. Do you calculate paying a high enough amount that the tenant would move or do you calculate holding for holding for long enough to get the tenants out. In my area most houses are multifamily. Or are there anything else to do?

[Brandon Hicks]

Im closing a 12 unit this week and all 12 units need cosmetic rehabs. New entry doors, paint (on everything), flooring, light fixtures, replace all switches, receps, GFCI, countertops, backsplashes and appliances mainly. Nothing too crazy. My plan is wait until the 1st vacancy, which sounds like it will be very soon due to a pending eviction. I'll update that unit and then hopefully move a current tenant from another unit in at the higher rate and then rinse and repeat to get them all done in 12 months or less. I have 3 years before I need permanent financing though.