Renovating multi-family investment properties
Hi everyone!
We are trying to purchase 3 duplexes in Davenport Iowa using a hard money lender who will finance the rehab as well. Each unit has 3 bedrooms and 1.5 bathrooms and they will all need quite a bit of work done to bring the value up.
The lender had a question today about how we will get these rehabs done as quickly as possible when 2 of the 6 units are still currently occupied. We plan to begin renovations ASAP on the 4 vacant units but how should we go about renovating the occupied units? Should we plan on having them evicted (they never had leases, just month to month) or first ask the tenants for permission to allow the contractors to enter on a certain date and try to schedule the bathroom remodels at different times so they still have one bathroom to use?
This is our first time investing in multi family properties and any advice would be greatly appreciated. Thank you!
Most Popular Reply
@Rodrigo Orellana once you have two units done, you could offer to move the existing tenants into one of those. Or, since they're MtM, just give them 30 day notices to move out when you're ready to work on their units.