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Updated almost 3 years ago,
Best way to renovate with tenants in place?
Hey.
Looking at a 29 unit deal which is 95% ocuppied. This will be my first multi-family value-add deal if I close on it. Wanted to ask the experienced guy's here what do you usually do when purchasing a property that is mostly occupied but looking to do a value add to increase rents? I read some options about keeping one unit empty and then moving tenants there one by one while renovating their units, which doesn't sound like a bad idea, except that I can imagine it's a hassle for a tenant to move their stuff for temporary units while the other one is being renovated, but I have no experience or based knowledge here so we would be great to hear your thoughts and experiences.
My goal is to renovate the property and units within a year and exit it.
Any feedback would be appreciated.
Thanks!