Monthly or Yearly Contracts?

[Nick Tzenevrakis]

Hey BP,

While in search of my first investment property, I've spoken with many landlords, realtors, and investors in my area. I would dare say 9/10 of them are renting on a month to month lease in C to B grade SFH's, duplex's, or triplexes. I've also heard from most of them that if the tenant is good, they do not ever up the rent. My question is, as I look for my first duplex or triplex to "house hack", and assuming I purchase a place with a tenant that's on a Month to Month, should I be looking to move to yearly contracts? How often do you plan on upping the rent? Have any of you purchased an investment property and have the tenants switch to Yearly?

Let me know what you guys think, I have a couple solid off-market opportunities to consider this week!