Tenant pay less than half market value

[Karianne Klomp]

Looking at a duplex to  purchase which has a long term tenant pay almost half the median market value. If I decide to acquire the property, how would you go about raising rent enough to make it profitable? It's in central florida. 

[Steven Foster Wilson]

Quote from @Karianne Klomp:

Looking at a duplex to  purchase which has a long term tenant pay almost half the median market value. If I decide to acquire the property, how would you go about raising rent enough to make it profitable? It's in central florida. 

 Pending on their lease you can give them a 30 day notice or offer to have them stay at the raised rent. If their lease is a year you could offer cash for keys. On my first property here in Columbus, I wanted to remodel although we still had 5 months left on the lease. I told the tenants that if they got out in the next month I would give them that months rent free and their security deposit back no questions asked. To my surprise they got out in that week.