Noob with a 4 plex

[Adam Tompkins]

Hey everyone, I just got my feet wet in the income property side of things in Southern California. I owned an SFR for 4 years and built up a little bit of equity. I decided that although I work full time, I wanted to create my own source of income by investing in units, ie 3-4 plex's. So I sold my house in oc, CA and I am currently in escrow on a very nicely revamped 4 plex in Los Angeles. It's an owner occupied FHA loan so I will need to live there for a while. My plan is to allow my friend who runs his own property management co to be the landlord. Even with paying him to manage the property, I still clear the mortgage and make about $300 a month (after I rent the unit that I will be living in). In 1-2 years I want to purchase more units and keep the ball rolling so-to-speak. I would like to own 12-16 units between my wife and I use the passive income to retire earlier then if I was just relying on my 401k/retirement etc. I know the business isn't easy and I know I have a hell of a lot to learn but hopefully with the influence of other investors and maybe some help from this site, I can do alright.