Tenant occupied when buying a multifamily property

[Abimael Rodriguez]

When you first buy your multifamily property, what do you first do? Upgrade or remodel the property if needed? Raise the rent? Kick out tenants in some units to remodel? What if there are tenants with contract leases?

[Anthony Wick]

I inherited tenants on my duplex. The first thing I did (after reviewing their lease in its entirety) was to meet them and ask them if they have any maintenance issues they would like fixed. I did a thorough walk thru of their units and told them it was their chance to start over with a clean slate. I fixed a few small things for them, and I also bought them a washer & dryer for their unit. They were very happy with my response as their new landlord. After 6 months of them being very good tenants, I signed them up for a 2 year extension (with a rent increase of course).