Tenant with 3 years lease - what are my options?

[Jo W.]

Hello everyone,

I'm looking into buying a 4plex in Buffalo NY and two units are rented below market value, one unit with a year lease (Will end by Jan 2020) and the second will end by Jan 2022.

They seem like good tenants (Though I did not run any screening yet) but it's rented for 250$ below market value for each unit.

What are my options once i buy the property? Do i have to honor the current lease or can i cancel the lease and increase the rent as the lease is between the tenants and the previous owner?