Buying Mutli-Family With Current Tenant at Will

[Michael Hines]

My wife and I are in the process of purchasing our first mult-family unit. The property has a current tenant at will who has been at the property a long time and is paying well below market rent. Trying to decide whether to keep him as a tenant and how to go about the situation. Please share any advice or resources on managing properties. 

[J.R. Coffin]

Personally, I inherited a long-term tenant on my first multi family. I had the opportunity to kick out them out because their lease had already been converted to month to month. But because it was my first multi-family, I decided to keep them and just raise the rent 2%. Finding a new tenant was one less headache a had to go through and I wanted my first year to go smoothly. 

That being said, I use a property manager and its well worth it for me. Even though its just a duplex, I already know that dealing with tenants isnt my forte and I don't wish it to be.