Buy and Hold Questions from a New Investor

[Dominic D.]

Hello everyone,

   I’m a 22 year old Floridian, stationed in the Midwest and I have just over $26,000 saved with a 731 FICO. 

    My strategy is to buy and hold affordable properties while I am still living in the Midwest over the next couple of years. The property is very affordable in comparison to back home and I want to use this to my advantage.

     I have recently analyzed a fourplex in a nearby city priced at $125,000 (I believe I can negotiate it down to the $95,000-$100,000 range). This is a B- property with a new roof and has a combined market rent of $2,680.   I would like input as to what others would do in my situation.

     My questions:

Is it more advantageous to utilize a smaller more local lender as a way to build a reputation as a new investor?

Would it behoove me to put down a larger down payment for more cash flow, or, should I use some of my cash to invest another 5% into another property?

Thank you for your input,

    Dominic