BRRR method: Rehabbing with tenants living in property

[Madison Balter]

Hi BP World, 

I just purchased by first BRRR duplex, now I'm trying to get inside to rehab the property. It's definitely a fixer upper. My tenants don't want to leave, and they are willing to pay higher rent. I already increased their rents by $1000 (considering their rents were almost $1200 below market value) however I was told by my property manager that my rents could be increased by $1400 per unit if we can get inside and renovate the units. Should my strategy be to increase rent to reach market rents or should I just wait it out until they leave? Another alternative I thought of was renovating while they are still living in the units, considering thus far these tenants are good and, always paid their rents on time. What do you guys think? Thanks, @investornursemadi