What to do with existing tenants in new purchase?
Hello,
I am in the process of learning about real estate investing and being a landlord. I have identified a 10 unit complex that could be remodeled and rented out for a higher price. This would be necessary in order to make the place cashflow for me in the neighborhood. My question is, how do I deal with the existing tenants? I would need to remodel all 10 units and the exterior of the building so it is likely I would not be able to have tenants for that period. And after the remodel, it is likely the rent will be higher than they are willing to pay. I am fully prepared to find new tenants, but what is the process for turning tenants over like this? Do I just wait for existing leases to finish and then raise the rent or do I just refuse to renew their leases? Is there a process that the buyer and seller of the property can work through in regards to the existing tenants? Thank you in advance for the help.
Christopher Costa