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Updated almost 10 years ago,
multi family buy inheriting tenants
Good day all,
I have a question that I realize is probably quite dependent on the location of purchase. I am looking to purchase a multi family in Ontario, Canada. Essentially, the plan is to buy (between 6-10 units) and slowly renovate each unit every couple months. When looking to get rid of the current tenants (as the idea is to raise the rents after renovating) is there a time restriction on how quickly the units have to be renovated after purchase? What is the best way to evict them in order to renovate and then raise rents? Is there a stipulation that the previous tenants get "first dibs" on the units once renovated at the previous rate they were paying? I guess my question boils down to can I purchase the building, slowly remove the tenants to renovate and then re-tenant the building at higher rents? Thanks and appreciate the feedback!