How do you do renovations to units on fully rented apartment building
We are looking @ purchasing an 8-unit townhouse. It is going to be a value add property. The rents appear to be on the lower side and can be raised over time about $100. One of the units has been renovated with a new kitchen/dish washer, new flooring, carpet and it get $733. Atleast 4 of the units have long term tenants, 7yrs or more. My question is how do you renovate the units and keep the long term tenants living there? It appears from the units we got to view that the people are somewhat of pack rats. How do you put in new carpet, flooring and kitchen cabinets, etc with these people living there and then increase the rent to make up for investing all the extra money in the units? The tenants we talked to are already complaining that their rent has increased $20/mo. since the current owner took over.