buying a multifamily with tenants already in place

[Ethan Wicks]

Hi everyone, 

I found this really nice duplex that I want to jump on. There appears to be some nice work I can do with the front (new paint job, rip up the ugly awning and a few other things) to force alittle appreciation. However, there are tenants already in place that I would be taking over. Would I still be able to do the necessary work I want? 

[Alecia Loveless]

@Ethan Wicks I think the tenants are helpful because their lease value can help you get your financing.

To do repairs/renovations you will need them onboard or else to not renew their leases as the end. I’ve given my tenants a little discount if I’ve had to do some intrusive work in their units and they usually come around pretty quickly. So if their rent is $1850 maybe tell them you’ll discount it to $1650 for the 2 months you’ll be working on their unit.

Usually tenants are receptive to this as opposed to having to move them out entirely.