Need help with first deal!

[Andy Ronquillo]

Hello bigger pockets friends my name is Andy Ronquillo and I'm currently working on my first deal. So I am in west texas and I was thinking of doing a house hack on a small multifamily property it was a Duplex in San Antonio. I got with a realtor and told him what I was trying to do and he was very helpful. Although in the process of analyzing that property and considering other properties I was approved for only a $100,000 fha loan and these properties were in the $250,000-$300,000 price range. So I decided to go a different route and am now looking for single family homes to flip in my area since I don't have a very good amount of reserves to do long distance brrrr or short term rentals. What I need help with is what advice can you guys offer for my current situation I have an approval for $100,000 mortgage loan but I'm not quite sure what I should do with that with so many options I'm kind of overwhelmed my goal is to have a large portfolio of long term rentals or short term rentals. Thank you guys in advance any advice would help.

[Sherry Patterson]

@Andy Ronquillo Hello! You are on the right track. Even with little money now, you know what you want and are setting goals to get there. That is the first step. There are a lot of creative ways to get financing. You also need to think outside the box. "Houses" are not the only way to make rental income. You can only use an FHA loan if you are going to live there for at least a year. However, this is a great strategy because you can do it every year. You can also buy multifamily with an FHA loan. There are still deals on the MLS you just have to have the right realtor that understand investment real estate and most do not. With $100k approval though you are very limited.
So.... if you have any family/friends that have 401k or IRA they can loan you money for a higher interest rate than they are making with it sitting there.
You can buy with hard money or private but it does cost more and you still have to be able to refi out.
Doing a flip if you do not have the knowledge or experience can quickly turn into losing money instead of making money. Education is expensive! 

Other things to consider to make money, in order to save to build a portfolio:
Get partners! You can grow quicker together than we can by ourselves. You had rather own a percentage of something or a lot of somethings than all of nothing or little to nothing. 
Tiny houses: you can buy them cheap and find a small patch of land for cheap to put it on. The rent is high or great for short term because they are hot right now.
RV's: You can get used RV's for cheap and fix it up for cheap and either rent it out where people take it and pay you to use it or you can park it at an RV park and rent it out long or short term.  
You can also do this with boats. You can get a house boat for a lot cheaper than a house and make it a cool short term rental.
You can buy mobile homes. You would be surprised that these rent just as well as houses in some areas and are much cheaper but pay close attention to the lot rent. 
You can find an acre or so of land out away from things pretty cheap and set up either tiny houses, glamping, tree house, boondocking RV's, you can charge people to store their cars, boats, RV's or what ever on it, you can rent it out for photo shoots or events, or if it is close enough to a populated area you can use it as a dog park. 
Arbitrage: You rent out a house/apartment/whatever and then you short term lease it. The only thing it cost you is to furnish it and the deposit and probably the first months rent. 
Rent out your current house: If you live in a house and have any friends/family you can stay with for a few nights here and there, then stick your house on airbnb and rent it out. Or just rent a room if you have one available. 
Take the money you have now and invest it in a syndication deal that has a high return. 
My friends say buy crypto that it is the best investment right now, I personally don't understand it but they are making more there than in their real estate businesses. 

So many ideas to make money! Don't limit yourself to traditional "real estate"! 

Happy Investing!