BRRRR method using hard money for off market multifamily homes

[Cherisse B.]

Hi BP community! My partner and I found some great off market multi-family homes in FL and we're interested in using the BRRRR strategy with them. Does anyone have insight on how to manage the renovation stage if we inherit tenants with existing leases? It would be close to impossible trying to do major renovations with tenants living there. Should we consider paying them to break the lease so our timelines, ARV and Refinance aren't impacted?

Please feel free to share any advice, but we'd also love suggestions for any books, podcasts, or webinars that reference this as well. 

Thanks!

[Ken Naim]

@Simone Gabrielle Most of the time just tell them you aren't renewing and they will move as the courts are pretty good over here and tenants know it. As long as you can get atleast one unit vacant you can do the work and once it is done, either another will become vacant or if a tenant is good and willing to pay the increase, move them in there and so on.