New Investor Goals..

[Victor McGlothurn]

Okay so a part of me feels like I'm overthinking what it takes to succeed as a real estate investor. So any help would be appreciated. Here's my situation: 

I purchased my current primary residence in 2020 (Still residing here so my FHA waiting period as expired) .

I have equity on this property that I haven't cashed out yet (didn't know what it was until recently) 

I would like to purchase a fully occupied multifamily property (preferably a 4plex without FHA) as my first investment to generate immediate cashflow

Someone said that I should purchase another property using FHA and rent out my current one to get started. It's not a bad idea but the thought of paying 2 mortgages until I can get the lease signed scares me to death (I have 2 small children and am the only source of income). House hacking is also out of the question because I spent a lot of time in apartments and can't stand the fact that I would have to do it again with a wife and kids.

I keep seeing that you need to get pre approved for loans but I'm not sure if the loan should be for the listing price or just the down payment. 

I have a couple thousand saved for an emergency but it's just collecting dust so I'm almost willing to use it for an investment if necessary but not using it is definitely preferable 

I can feel in my soul that there's a way to get it done I'm just having a hard time seeing it. I've been doing research on investing for about a month so obviously I'm still wet behind the ears but the sooner I can get the ball rolling the sooner I can take actual steps to secure my freedom. So any and all help is greatly appreciated. Thank you