MultiFamily new landlord

[Geoffrey Morales]

I just took ownership of a Multiplex with 4 units. I have two long term (6 years and 12 years) tenants are on a month to month lease, one tenant that just signed a lease agreement in November and another tentant that is on their 6th month of their year lease. 

The question is do I honor the leases agreements from the prior owner? 

For the month to month tenants do I put them into a new year lease aggreement?

All rents are below market value, when and to which tenants can I raise rents ? 

[Will Barnard]

IF the month to month tenants are good and don't give you any problems like repairs requests, late on rent, etc, then you may not want to lose them so any increase in rents should come in steps and not all at once (sticker shock to tenant).

For the others will longer term rental agreements, you are contractually obligated to complete those terms before you increase rents on them. Again, if they are good tenants too, then do it in steps until you reach market value.