Want to increase rent after closing, What can I do?

[Sinil Kim]

Hi Guy I have a question. I need your opinion. I just signed on legal 2 family house in New Jersey 2 bed 2 bath. Listing price was $380k but I signed on $315k. I need to keep the 2 tenants till closing date. That's a part of my deal.  Rent for each unit is $825 but rent in the market is around $1,250-1,350. The rent much lower than the market. Owner didn't increase rent for years. Lease is "Month to Month"
Can I increase the rent as much as market value? Or I should ask them move out ? and have a new tenant I asked my attorney and waiting.
As the same time, What can I do?

[David D'Errico]

If they are on Month to Month leases, i would say you shouldn't have a problem raising rent to market value....i would give them some notice at the beginning of one month the the rent will be going up  the next month and ask if they want to renew their lease for 1 yr and if not to give you notice so you can start that process of looking for a new tenant