Skip to content
×
Pro Members Get
Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
ANNUAL Save 54%
$32.50 /mo
$390 billed annualy
MONTHLY
$69 /mo
billed monthly
7 day free trial. Cancel anytime
×
Take Your Forum Experience
to the Next Level
Create a free account and join over 3 million investors sharing
their journeys and helping each other succeed.
Use your real name
By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions.
Already a member?  Login here
General Landlording & Rental Properties
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated over 5 years ago on . Most recent reply

User Stats

10
Posts
8
Votes
Christine C.
  • Attorney
  • Miami, FL
8
Votes |
10
Posts

New landlord here: General advice appreciated!

Christine C.
  • Attorney
  • Miami, FL
Posted

Hello! I closed today on my first income producing property in Miami, Florida! I'm very excited for this new venture and would like your advice on how to manage my first duplex. I have two tenants in their mid 30's. I need to (1) tent the property asap, (2) do landscaping to remove trees that are damaging to the roof, (3) take measurements of each unit so that I can begin plans to remodel, (4) determine whether to exercise the kick out option or do a novation on Tenant 1. Tenant 1's rent is way below market, has another 9 months left on the contract that has a 180 day kick out clause. He wants to stay long term. I'm considering asking him to sign a novation at FMV in consideration of not exercising the kick-out clause. Tenant 2 will be around until March/April. For the long-term, I'm also considering having a long-term tenant (maybe Tenant 1) in one unit and do short-term rentals in the other. General advice is welcome and also specific advice regarding the 3 points above. Thanks! -Christine

Loading replies...