Purchasing 4 plex, getting new tenants, and renovation advice.
Hello everyone,
I've got a 4 plex that we are about to close on October 1st and the rents are way under market rents. It's my goal to renovate each unit and get each one up to market rents as soon as possible.
Currently I am trying to strategize the best way to make this happen.
I am pretty worried the current tenants are just not going to pay on the turnover or say that the rent is less than what the owner has provided us in expired lease agreements. They are all on month to month tenancies and have been for over a year. Oregon law states that we have to give 60 days notice for no cause for tenancies over a year, but it also states that we can give 30 days notice if the property is being sold and we are moving into the unit. I could imagine living there during the renovations and then moving out once we have each unit ready, but I am not interested in living in the building long term.
Anyone have experience with a turnover like this? Any recommendations on a lawyer?
Thanks!