First Time Financing

[Zach Shahan]

All,

I have been gathering a plethora of information, and I plan to purchase my first property (either single family or multi-family, whichever deal ends up being better) by the end of the year. I mostly understand the process and realize I will learn so much more when I actually pull the trigger and close on a deal. My questions:

1. Upon getting pre-approved, the only way I can get an FHA loan (w/ 3.5% down) is if I am living in the property? Otherwise, I have to go with the traditional 20% down?

2. Would you recommend further saving and try to buy the property solely in cash? Or try to put as little down on each property, that way you can buy more properties? Really curious for opinions on this.

3. I have budgeted an additional $10k for potential repairs. On average, what have you been spending on repairs for your properties?

4. Lastly, this one should be pretty simple.. If I buy a duplex for ($100,000) following the 1-2% rule, I should be collecting ($1000-2000) in rent each month. Is that total ($500-1000/unit/mo) or is that ($1000-2000/unit/mo)?

Thanks for any and all of your help. I have just graduated college and living/looking to invest in the Indianapolis area. 

Zach