10 plex purchase with plans to renovate
Hello, I’m looking at purchasing a 10 plex property and have some concerns about inheriting the tenants. Reason for having the building empty are Reno’s and increasing the rent to market value. Also installing 2 more hydro meters to allow me to charge for hydro usage. Can I purchase the property vacant ? Location Ontario Canada. Thanks
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@Justin Sleep In regards to the rules, you can find that on the Ontario Landlord-tenant board website. Over a certain amount of doors in a property, the rules and payments you will need to give tenants changes when you issue the vacancy for repairs and maintenance forms. I suggest only 1 or 2 at a time. You do not want 10 empty units while doing renovations unless you can afford to service the debt without any rent coming in