Property Improvements and Tenants

[Jacob Gelinas]

Hi all,

I just recently bought my first three family rental property and I inherited my tenants with the house. So far (knock on wood) my tenants have been fantastic which, from what I’ve heard, is not always the case with inherited tenants. That being said, the rents are WELL below market and I’d really like to bump them up. One of the leases will be up in a few months and I’d really like to get that unit up to market value. I’ve been thinking about renovating the unit to justify the significant increase in price but I’m also a little afraid that that might push the tenant out. If I renovate the unit I know I can get it rented pretty easily because of the location but I’d honestly love to keep the tenant I have if possible. Does anyone have any advice? Also, when I have the renovations done, if the tenant decides they do not want to stay, can I have them done while they are still in the unit or do I have to wait until they are gone? Thank you for any help!