Rent increase for half the units?

[Stephen Jones]

BP Family,

I am closing on an 8 unit property this coming Friday. In 4 of the units, I will be collecting 875-950$ per month, which I'm ok with. In the other 4 units, the residents are paying 700$ a month (people who have lived there for quite some time), I'm not ok with. Every time I've purchased a property I've always raised the rent (It is the best time to do so, in my opinion), my question is, I've never had a situation where I needed to raise half the tenants rents, how do I go about this? My thoughts are to just put out a letter stating that it is my company policy that each of my residents pay 875$ and above? Any thoughts? Thank you.