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Inherited tenants: Keep the 20-30 yr tenant hoarders?
BPers!
I'm closing on a 4 plex in a C neighborhood. Two of the tenants have fairly maintained their units but the other two have trashed theirs (hoarders). Both of these tenants have been in the units for 20-30 years and don't pay late and never ask for maintenance.
Goal: Exterior Remodel, increase rents 15% ,Cash out refi (BRRR) in 1-2 years
Option 1: Not renew leases and give 30 day notice upon closing. Rehab and re-rent both units.
Option 2: All new year leases. Rehab only exterior and save cash for rehab if/when they move out.
I really do appreciate your input!
Best,
Keoki