Just closed on my first multi

[Adriane Boggs]

I just closed on my first multi family. It consists of 2 one bedrooms and 2 two bedrooms and currently has two tenants in one of each. Leaving two vacant. Neither of these tenants have leases.

My question is how to proceed with having them sign a lease? The building needs cosmetic updates so my plan is to keep them there while I'm updating the two vacant and I think it will take me two months. Then do some type of non renewal or cash for keys when it's time to update the two occupied units. Then I can screen my own tenants and fill the building and complete my BRRRR.

Also the biggest improvement I’m doing is new windows in the entire building. What is the best way to go about this with my tenants?

TIA for any advice.

[Ashley Kehr]

Congratulations on your first multi family! You could have them sign a month to month lease. In new York state you then have to give 60 days notice that you are terminating the lease. Your state might be different. You could also offer them the new units to move into if you think they would be a good fit. The next couple months could be a trial period for you to see if they pay on time and respect the property. For the new windows I would just let them know ahead of time when they will be installed. You could always ask them too when it would be convenient for them and book the install then. I've found most tenants are happy with any kind of improvement even if it causes a little bit of an inconvenience for a day or two.