Skip to content
Real Estate Deal Analysis & Advice

User Stats

119
Posts
77
Votes
Ana Garcia
  • CPA
  • Miami, FL
77
Votes |
119
Posts

Work on major renovations & bring in new tenants

Ana Garcia
  • CPA
  • Miami, FL
Posted Oct 28 2016, 08:37

Hi Everyone!

We are analyzing a multi of 13 units which needs a LOT of repairs. Pretty much everything on the inside (walls, floors, ceilings, appliances, etc.) and of course, the tenants, need to be replaced. We have construction experience (we still plan to hire someone to do the work), however, here are some of our concerns and questions:

1. Tenants: What is the best way to clean the multi and bring in new tenants? The current tenants are month-to-month, C type tenants. There are currently 2 vacant units. I have learned here on BP that it is best to work on the common areas first. Should we then start renovating the vacant units to bring new tenants little by little? Should we raise rents right away to current tenants?

2. Distance: We are 2 hours away and will not be available to keep an eye on the day-to-day construction work. Our idea is to go check out the work every weekend, plus request pictures and updates from the contractor at least twice a week. We have no one in the area who could keep an eye on it for us. Has anyone been successful at managing work this way? Any advice?

Thanks for all your input!

Ana

Loading replies...