General Real Estate Investing
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback
Updated over 1 year ago,
Deleading strategy, Massachusetts
Hope everyone is well! I purchased a 3 family property in Ma, with tenants, and there is children under age 6, in two units. The property lead status is unknown, there was no inspection done, but the house is built in 1910, so I figure what that means. As far as I know, as a new owner, I have 90 days to delead the place, before I'll become liable. So I'm contemplating different strategies to get it done. A friend, investor would empty the property (get the tenants out) and would renovate/delead the house, then bring in new tenants. I kinda feel bad for the tenants to do that and also hoping to find financially friendlier solution.
So here is my plan - idea:
Talk to all of the units and let them know, that I want to renovate the house, and ask if they would be willing to move out. I may offer some incentives here. I will talk to each unit separately, and my goal is to get one unit empty, so that I could renovate/delead the unit. After the reno is done, I would move one of the remaining tenants, into the renovated unit, and proceed with reno/deleading of the other unit. And finally repeat that again, to get the whole house done. There is a flaw in this strategy and it is that I need to know, what do I need to delead specifically. Assume that I know.
What do you all think about it, or can you share what worked for you? TY!