Buying My First Fourplex

[Chris Woods]

I have been lurking for quite sometime but decided to make my first post now that I am in escrow with my first property. I live in Fresno,CA and am purchasing a REO fourplex that currently has 3 units occupied with 1 vacant unit. I am using an FHA loan and will be living in one of the units. I will also be using a property management company. I am purchasing the property for 200k and the current rents are $650 per unit and the tenants are Section 8 but all older/disabled people that have been there for 6+ years. The property management company says that I can put in a request to raise the rents since they are below market average and should be around $750 to $800. I did a walk through on all the units today and there doesn't appear to be any major issues. I'm having all my inspections done this Friday so I will see what those uncover. I know from looking at the forums that this property may not fit all the "rules" but I think this property is a good fit for a owner occupied fourplex. If anyone has any tips or advice I would appreciate it. Also if anyone is investing in the Fresno area I would really like to chat. Thanks!