Searching for 3-4 unit multifamily

[Ben Franta]

Hey all,

I am currently searching for a 2-4 unit multifamily in NE Ohio (Summit/Stark County).

Current situation:

-Own SF home in Cuyahoga Falls // FHA 30 Year Term Loan

Goal:

-Eliminate mortgage payment by selling SF and moving into 2-4 unit multifamily.

Why?

Just had our firstborn and trying to see if my wife can stay at home instead of spending 90% of her income on daycare.

We have owned a duplex in the past and have lived in one side but I failed to plan for this scenario when we sold our duplex and moved into SF. Looking back, I learned that I really didn't make that great of a deal on the duplex. Luckily we were able to sell it fast and were able to get out without losing money. I wish we could stay where we are at but I cannot think of another viable option at this point. Our monthly income loss will be around 1,200. Our current mortgage is 850, so if we eliminate that, we are really close to breaking even. I have been in contact with a local realtor and got pre-approved for mid to upper 100's budget. Credit score is around mid 700's. What I lack is capital for down payment so I would have to sell our place to leverage an FHA loan again. What would you do?

Ben