First Deal! Now how do I raise the rents?

[Donald MacMillan]

Hey there Bigger Pockets community. I am in the final stages of closing on my first deal. It is two duplexes on one lot. The lot can be subdivided, which is my plan to add value to the properties as they could then be sold or refinanced individually (eventually). 

My question to you all is some of the tenants have rents that are almost half of what market rents are for similar properties in similar conditions. Some Tenants have been there for 30+ years. What is the best tact for having the discussion with the tenants about raising the rents?

[Jim K.]

Originally posted by @Mary M.:

and people wonder why LLs are hated...  well here we have a perfect example..  Someone buying a place and doubling rent on 30 year tenants and  during a freaking pandemic.    These obviously are elderly folks....   the very folks all the covid laws are meant to protect. 

First find out if rent increases are even legal right now in your area.....   I would be calling my attorney post haste....

What, Mary, is he supposed to.be running a charity? If these tenants wanted more housing security they should have made wiser housing choices. Nobody fed them Stupid Puffs every morning out of a cereal box.