4 family acquisition in East New York

[Philip Germain]

Hello,

My name is Philip. I am a new investor in East New York Brooklyn NY. I used the FHA 203k to buy my first mixed use in Brooklyn last year with a small commercial space and three one bedroom units for 575k. Currently cash flowing 2500 monthly.

I recently signed a contract for 800k to buy 4 units a couple blocks away (I like to have my units close together). When I first saw the property I was told that it would be delivered vacant. However, on signing the contracts the sellers attorney told me that only one unit will be vacant. The other rental situations are as follows:

Units 1: Is a one bedroom paying 1150 cash paying tenant. The seller had a voucher but is no longer on a program and now paying cash. Lease expired

Unit 2: Is a two bedroom paying 1349 Section 8 tenant. The seller has a voucher for their security. Lease expired

Unit 3: Is a two bedroom paying 1397 cash paying tenant. The seller has a cash security deposit for them. No lease

Unit 4 delivered vacant.

I would like to raise the rents of to at least 1600 per unit for two bedroom and 1350 for a one bedroom.

I have heard many different things about eviction or raising rents for section 8 tenants or programs with vouchers. I have never done either so I'm hoping the BP community can weigh in on the situation.

Question

1) Can I just raise the rent on the section 8 tenants

2) How does eviction process work

3) Will it be hard for the section 8 to be transferred to my name if I do decide to keep the tenants

4) Does anyone know what the market rent is for East New York

Any assistance with this is highly. I am also looking to do meet ups and network ideas specifically in East New York.

My theory is to focus on one area and try to get the most out of it.

Thanks BP