All Forum Posts by: Adam Hinkley

Thanks everyone for your responses!

Hi all,

New to BP and new to be being a landlord as I close on my first property on Friday. It's a duplex that will be owner occupied. I have a few questions about how I should proceed in the first few months of owning the property and will really appreciate any help I can get. 

Few details first, the other unit is rented by a single woman who has lived there for 4 years and is on a month to month lease with previous ower. She currently pays $895 and is paying under market value as previous owner never raised rent, similar 2br/1ba properties rent for $1100-1300 a month. Ideally I would like to keep her as a tenant and she would like to stay according to previous owner has been a good tenant. 

My plan is raise her rent slightly to around $1050 to get closer to market rates, plus I plan on doing some upgrades (deck etc..). This would help me minimize initial costs until I get settled in to the place. Also I was planning raising rent July 1 and having her sign a new one year lease then

Interested in general as to what people thing of this plan  

Couple questions  

Once I close what happens to her old lease? Is it null?

Do I need to have her sign a new lease right away?

My lender included a security deposit and rent proration credit on my closing cost, does this mean I can't collect security deposit from the seller or current tenant?

Sorry for the long post, and thank you for anyone that has some advice!!

Hello all,

Just getting started in real estate investing as I am about to close on my first property. Friday I close on a duplex that will be owner occupied for a few years until I move out and keep it as a rental property. I'm a dentist by day so don't know how much time and effort I'll put into real estate investing but wanted to use bigger pockets as a resource to learn as much as I can, and see if I want to expand my focus on real estate. 

Looking forward to jumping in!