How do you do renovations to units on fully rented apartment building

[Andrew Hofing]

We are looking @ purchasing an 8-unit townhouse.  It is going to be a value add property.  The rents appear to be on the lower side and can be raised over time about $100.  One of the units has been renovated with a new kitchen/dish washer, new flooring, carpet and it get $733.  Atleast 4 of the units have long term tenants, 7yrs or more.  My question is how do you renovate the units and keep the long term tenants living there?  It appears from the units we got to view that the people are somewhat of pack rats.  How do you put in new carpet, flooring and kitchen cabinets, etc with these people living there and then increase the rent to make up for investing all the extra money in the units?  The tenants we talked to are already complaining that their rent has increased $20/mo. since the current owner took over.  

[Austin Youmans]

Are you planning to sell it quickly?

If you are planning to keep it as a buy and hold I wouldn't renovate the apartments that have renters already.  I would just keep increasing the rents and they will eventually move and at that point you can renovate the apartment.