Hi everyone!! Long time listener, first time caller =0D So, I'm making moves to purchase a 17 unit, 11 apartments, and 6 retail on the ground floor. They are asking $820k, and this property brings in an NOI of 71K/year after all expenses, vacancies, taxes, and all. I would like to do a BRRR with this, though what do I do with the current tenants when I'm rehabbing? The apartments are all fully rented, and the retail is fully rented with only one vacancy. How do I rehab with tenants? If I purchase this property, what's the best and quickest way to get it in tip top shape without disrupting the current cash flow too much?
Thanks so much! This'll be my first investment!
Are you going to raise the rent on all the tenants once it's rehabbed? If so, you would probably be better off finding new tenants. I would just give a few people notice at once and work on those, get them rerented, and then repeat until they are all done.
Aww, brutal. Ha! I'll have to get used to that this is just business. No hard feelings, gotta do what's best for the bottom line. Thanks for your response!
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