Seeking advice on how to buy first multi

[John Mezzoni]

Looking for some advice/opinions

I’ve been preapproved for 450k on a multi. Lender tells me I could easily get preapproved for more but capital is the issue as I need 25 percent down. I have a little over 100k in cash. I do have money in my joint acct with my wife but she doesn’t want to touch it. I have 200k + in equity in my primary but she doesn’t want to touch that either (I’d prefer not to as well). I was preapproved for this amount without my wife being listed on it (I want to get the first rental in my name, then once I show her it works she can get the next in her name. I’m much more into this than she is lol she’s not against it just doesn’t push for it like I do, in addition to the fact we will cut our possible mortgages in half if we both go on the same one)

My realtor is pushing for us/me to look at more expensive multi’s as there’s less competition and potentially bigger returns. I’m not against it, just don’t want to put myself in a stressful spot with a monster mortgage if things go sideways. Plus it’s my first rental, I really don’t want to have more than 4 doors on my first property. Rather learn to swim in the shallow end vs dive in to the deep and drown.

I live in CT so most things within an hour of me are 250 at the bare minimum. Cash flow is what’s most important to me vs appreciation, at this point at least. And I of course am looking to attract quality tenants and get the experience of land lording where I can eventually walk away from my w2 before typical retirement age (I’m 31).

So, should I continue to save and build up more capital to put down on a more expensive property, find something for less than 4-500, or pull some equity out of my primary and look for something with a higher entry price? Realistically i really want something before the year is over, and the sooner the better.

Apologies for the long post, and thanks for any insight