I am closing on a triplex that I got a a discount because of work that it needs. The main one being it needs rewired. The wiring still works, it just there is no ground wire and the electric box is a fuse box. Also, id like for each floor to pay their own electric instead of including it in the rent like the previous owner.
I will be occupying the first floor but I am inheriting floor 2 and floor 3 tenants and would like to keep them.
My question is, tenants on floor 2 have a lot of stuff, they have been there for 10 years, and to rewire their apt. Almost everything needs to come out so the electricians can do their thing.
Is 2 weeks enough notice for something like that or play it safe with a full 30 days. Also, they should be able to stay there (with minimal belongings) while the work is being done, do I need to compensate them at all for inconvienance, it will take about a week to rewire everything.
Has anyone gone through a similar experience and how did you handle it? Any insight would be great as this is my first investment.
@Rachel Degennaro I would advise against doing this while tenants are living there. They have to cut into sheet rock and fish wires. Its dusty and dirty work. Having to work around belongings will just slow them down. There will also be times when outlets won't work, and power will be out to the whole unit. Then you need guys to come in and patch the drywall, mud & tape, the sanding will get the place dirty and dusty, then you need to paint.
Have the electricians work on your unit before you move in. Then when a tenant moves out, do the work then.
If you can not wait till tenants move out on their own, allowing you to do electrical during vacancy, I would non renew one tenant at a time to complete the necessary work. This is not the type of upgrade that should be done with tenants in place.
Wait for tennat turn over or terminate one at a time.
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