Own a single family, close to investing in a multi-family

[Chad Prigmore]

Hi All, 

A little bit of background here. It's safe to say that I found BiggerPockets a little late, and have made some mistakes (and learned from them), but none of which have been detrimental to my aspirations of building out a real estate portfolio.

-27 Years Old

-Sales manager making good money for my age with little/zero outstanding debt

-Bought a single-family for 190k and put 20% down (this was my first mistake. didnt use FHA)

-Have enough cash to put 20% on a 200-250k multifamily but am interested in a couple multi's that are in the $300k range

So I have a few options that I'm thinking about (although I understand there are other options out there):

-I do have investors who could give "gifts" for a 5-1 adjustable with 25% down as an investment property with rates @ about 4%. this means I can go for a larger property with more cash flow for 300kish

-Take gifts/investments Can do a 30 year fixed for 6% but need to put 30% down if it's a 3 or 4 unit

-Wait 4-6 months to save up money, lease out my single family, make a case for the multi to be my primary residence, lock in a lower rate (4.5%) with 30% down

I've heard of people finding credit unions allowing 10% down on a multifamily investment but haven't found one in the Rhode Island area. Also, if there are other options that you think I'm leaving out, please feel free to chime in. To close this out

1. Have about 40-50k in cash

2. I'm flexible (no wife, dogs, kids) and would move out of my single family home to rent out the whole thing and move to a multi

3. I have investors who are willing to put some money up

Any advice would be greatly appreciated.

Thanks!