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How to BRRRR when there's already a tenant?
Have you ever done a BRRRR when there's already a tenant in the property? If so, how did you make that work?
Did you buy the property with a hard money loan, wait for the lease to expire, then finish the BRRRR process?
My main objective is to understand the step-by-step process, so I'm not looking for numbers. But feel free to share numbers if you think it will help.
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#2 Legal & Legislation Contributor
- Real Estate Agent
- Kansas City
You can either wait for it to be vacant. Whether that is asking the seller to give them notice(if this is possible) or you rent it out till then. The other option is you remodel as they are in there and raise rents to market(most cases tenants are under paying). Honestly I would target properties vacant or on MTM so you aren't putting yourself in a pinch. Hard money is a shorter term loan so if it gets drawn out you are in trouble. The other part is what if the tenant squats and you have to evict.
- Caleb Brown