First Duplex Help!!!

[Nick Diecidue]

My wife and I are looking to purchase 2/1 and 1/1 duplex in New Orleans, with long term tenants on each side, with a HELOC then refinance after a small renovation. Current rent is 1500 a month total with the landlord paying the water bill. The 2/1 side needs about 8-10k for it to become a 3/2. Right now, Our plan is to wait six months to due the renovation and have the tenants sign a six month lease for the current rent. We are going to inform them of the renovation along with the rent price increasing before they sign the six month lease. Does anyone have any suggestions or recommendations on what other options we can do?

[Brian Ellis]

@Nick Diecidue you can always ask the seller to deliver the units vacant upon closing (that's if you haven't signed a P&S yet).

What I would do is buy the property, and right away have the tenants fill out a rental application, apply that information into a 3 month lease, and deliver a notice of non-renewal 45 days in advance. Basically you are saying "im giving you 3 months to find a new place". This way you can collect a few months rent, and get your ducks in a row for the renovations.