Need advice on DC Deal

[Kyle Mitchell]

Hi everyone,

I am partnering up on an 11 unit building in DC and we are having challenges figuring out how to rehab 4 of the units over the next 12-16 months.  The building is fully occupied and between rent control and section 8 tenants (7 of the 11) we are looking for suggestions on how to best handle vacating the 4 units we would like to add a bedroom to.  From our research it is either not cost effective or nearly impossible to move tenants out even if they are technically on a month to month.  All of the tenants are long time residents of 3+ years.  Does anyone have any suggestions on how to best go about this?  We are currently under contract and looking to close in July and need some help figuring out how to get these apartments vacated so we can execute our business plan.  Without being able to rehab these units and up the section 8 rents we will not be able to get the returns we need on this deal.

Thanks,

Kyle

[Shadonna N.]

Cash for keys is the quickest and easiest.  There are other options but that is usually the most effective.