options to keep tenants in place during flip
Good Afternoon BP community! This is my first post, I have an introduction that I will post later, but for now I have a specific question that I am excited to hear what y'all have to say.
Have you kept tenants in a rental while rehabbing it?
I'm an agent that will be listing a client's investment property soon. Ideally, the tenants would stay in place but the house needs a roof, paint, and floors. The work could take place in a relatively short amount of time but realistically could still be a couple months. Would you tell the 10+ year, always-paid-on-time tenants to take a hike? Or tell them go find an extended stay hotel and they can come back with the new owners?
Getting the rehab done and offering a turn-key investment property with long-history tenants in place would seem like an attractive package, right? What are your thoughts about the risks and liabilities in a transition like this? No the tenants are not interested in purchasing but they would like to stay.
1300sf, 3/2, about 30yrs old
1200mo current rent
as-is value: ~180-200
after repairs: 275
Have you kept tenants in a rental while rehabbing it?
I'm an agent that will be listing a client's investment property soon. Ideally, the tenants would stay in place but the house needs a roof, paint, and floors. The work could take place in a relatively short amount of time but realistically could still be a couple months. Would you tell the 10+ year, always-paid-on-time tenants to take a hike? Or tell them go find an extended stay hotel and they can come back with the new owners?
Getting the rehab done and offering a turn-key investment property with long-history tenants in place would seem like an attractive package, right? What are your thoughts about the risks and liabilities in a transition like this? No the tenants are not interested in purchasing but they would like to stay.
1300sf, 3/2, about 30yrs old
1200mo current rent
as-is value: ~180-200
after repairs: 275