RENOVATING RENTAL PROPERTIES

[Jordan Santiago]

Hey Biggerpockets family,

I have been wondering for when I eventually buy a rental property. My goal is to buy a value add property. I am just curious as to how you renovate units/the building if the property is tenant occupied. Any advice? How do you go about this?

Thank you.

[Nathan Gesner]

I wouldn't renovate an occupied unit. If the tenant is paying close to market rate, leave it occupied and just be prepared to renovate when they leave. If it's well below market rate, get the tenant out when able, do the full renovation, and rent it for full market value.