Rent Increases for an inherited tenant

[James Herbert]

We purchased a bundle of foreclosures from the bank. We inherited tenants and the current rents are month to month and have not been raised in years. (8-10 years) some Tenant’s have leases to prove some don’t, the stories are consistent across all and the houses are not to close to each other. We are believing them on the rents. To bring rents to market we have to go up 40-60%. My question is do we do this in one big increase? we will loose some tenants, one in particular we would like to see them find a better fit for themselves. Others we want to stay. Or do we have graduated increases over the next 2 years. I have my opinion but want to leave the door wide open for comments.