Do I have to honor and old landlords lease

[Timothy Winfield]

Hello BP, I'm buying a duplex and it is already leased out. The current rent rates are severely under fair market value. The surrounding rents of at least two other duplexs within a blocks radius are renting for 1k a month on each side. My question is do I have to honor the previous landlords lease?

[Mike Cumbie]

Yes for as long as it is in effect. If it has 6 months left then you have to continue for 6 months. Also if your area is rent controlled you may be limited to how much you can raise it. So just get a full picture and purchase accordingly.

Good Luck!