New owner raising rent

[Chris Mandle]

Just acquired my first REI. 3 plex in a C neighborhood and I would like to raise rent. Each unit is occupied and they are all on month to month. I was thinking of sending them a notice that in 3 months rent will be increasing by $50. Each unit Would still be under value by about $300..along with raising rent I would like to get them on a 1 year lease. My concern is if I raise rent but give them 3 months notice they may not pay at all. But if I don't give them notice they may be very upset. Thoughts on how to execute this?