To Raise or Not To Raise Rent

[Mario Morales]

I just closed on a 3 unit, commercial unit on 1st floor locked into a lease. 2nd and 3rd floor units are grossly under market price. $600 and $700 accordingly 2 bedroom units. At these prices, I will barely break even. Market rent is $1200 for 2 brs. I want to explain to both tenants, with the binder method, that I need to raise the rent to $1000 and $1200, accordingly. As one unit is in better shape than the other. Any advise would be appreciated.