How to Handle Existing Renters After Purchase

[Monica Morff]

My husband and I are on the middle of a purchase right now of a triplex with existing renters. The rents for this property are much lower than that of comparables and we would like to increase the rents to bring it back up to market value. the rents currently are $320 and $335 for one bedroom units and $500 for the two bedroom unit, all of which are in particularly good shape but only ~500 sq ft per. The issue is that we would like to raise the rents and we don't particularly care if the current renters stay (2 out of 3 have recent felony convictions and we typically don't rent to felons), however we don't want them to trash the place or anything. All three are on month to month and we would like to raise the rents to $500, $550, and $700 which matches that of comparable properties. What is the best way to go about this? Is it best to raise it all at once? Also, is it proper etiquette to go and meet the tenants in person or simply send a letter? Finally, do we need to make a new lease for it to be valid or will the previous owners lease hold up In the case that we need to evict someone? Thank you!