Advice about a property with existing tenants

[Brandon M.]

Hi all,

I'm considering a purchase of a property that needs a fairly significant renovation. The property is currently occupied - the current tenants would like to remain on the property and sign a lease. I have concerns that having the place occupied will significantly complicate the renovation. I'm new to this and I'm investing out of state - just wanted to get others perspectives and thoughts on this situation.

Thanks!
Brandon

[Nathan Gesner]

They want to stay in place because they hope to lock in a low rate before the renovation. Why would you want to keep a tenant that's been willingly living in a dump? That demonstrates his standards.

Get them out and you can renovate faster. Then you can rent it to a Tenant you've personally screened.