New landlord here! Need some advice

[Yashira Quinones]

Today I close on my first property. Yay! A two family here in Massachusetts. Tenants are paying way below market rent. How do I go about increasing rent if is already the end of the month? They don’t have a lease in place and have not been paid last month or deposit. 
I hope someone can give me some advice.

[Theresa Harris]

You should have got their deposit when you bought the property.  The previous landlord needed to transfer it to you as it is the tenant's money.  

The next question is how much below market value are they and is it worth a vacancy?  As there is no lease, check your local laws and see how much notice you need to give.  Make sure you do it in writing.