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Updated almost 3 years ago,

User Stats

45
Posts
22
Votes
Guy Idan
  • Investor
  • Miami, FL
22
Votes |
45
Posts

Best way to renovate with tenants in place?

Guy Idan
  • Investor
  • Miami, FL
Posted

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!

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