Updated over 7 years ago on . Most recent reply
multi unit question
Hi. I came across a potential investment property i may be interested in partnering up with some people. It's a multi unit of 2 2bedroom apartments, 2- 1 bedroom apartments, and 1 space that's commercial spot. It looks like a residence. It's 2 buildings. So a total of 5 spots to rent. All of the spaces are tenant occupied. The commercial spot, if bought, I think a plan is to convert it to just a regular living space of studios or a 2 bedroom apt. Their leases seem to be up so they're paying month to month. The apartment complex is older and in a big city. If there is an idea to rehab the whole place and either sell it or rent it all out, how would I get the tenants to leave? If they're month to month, would a 30 day notice be enough? Would I have to pay them and if so, how much percentage wise? Any advice is greatly appreciated! Thanks!