Seller put tenants Under new lease with lower rents.
Closed today on forth duplex. Super excited but the seller kind of frustrated me. The tenants where paying month to month. One side was rented for $650 the other side $700 with a pet. When COVID started the former owner lowered the rent to $550 each side. I had planned on taking rents back to original price before Covid. After closing the seller informs me he signed a one year lease with tenants at the first of the month for $550.00 on each side. This was after I had it under contract to buy. I thought this was not cool. They are located in Kentucky. I was excited to get this property as good deal are hard to find in my area. Question is can I raise the rent or do I have to wait till end of lease agreement one year from now? Thanks for your help.