BRRRR - Buy, Rehab, Rent, Refinance, Repeat
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Updated over 3 years ago on . Most recent reply
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Section 8 Eviction - Moral Dilemmna?
I'm looking to purchase two properties locally that I plan to BRRRR. All current tenants are on month to month leases, have a disability, and are part of Section 8.
Id like to purchase one property for 70k, rehab for 30k and refi for 150k. This is a perfect opportunity.
My issue:
Tenants have occupied their units (3 total) for 10+ yrs.
This is a rural town with a population of 5,000 people. Rentals are extremely scarce. Section 8 housing is almost nonexistent.
If I follow through and BRRRR this property I will have to evict these disabled tenants into the toughest local rental market I've ever seen.
Is there a way I can morally tackle this deal? I feel conflicted - the property will likely be sold whether or not I purchase it. Is there a way to help them relocate? I’d hate to make people homeless so I can make a quick buck. Advice?
Thanks!