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Updated over 7 years ago,

User Stats

72
Posts
13
Votes
Benjamin E.
  • Investor
  • Chicago, IL
13
Votes |
72
Posts

Taking on existing tenants with new purchase

Benjamin E.
  • Investor
  • Chicago, IL
Posted
Hi all. About to put an offer in on a three flat. Issue is that the existing tenants have more than two people per legal bedroom living in the property. Three bedroom units, with between 6-9 people in each unit. Looking for thoughts on how to handle this if I purchase the property, short of asking them to leave. They all have been there for 10+ years, and the rents are only at $900. They can be easily raised to $1200 or so without even doing any repairs. I would at a minimum raise the rents and perhaps offer them to stay. Anyone who doesn't wish to stay could leave and I would update the unit. Thoughts? Any way to keep them? Also, keep in mind that winter is coming, making it harder to get someone out.

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