What are my options to obtain my first flip/rental property?

[Nhan N.]

I am 22 years old and I have about 30k in cash with no steady income. My mom and my sister do have the steady income and they would be able to qualify for an fha loan. What would my best option be? Is private lending and hard money lending my only option if I want to do everything myself?

[Bob Reinhard]

So,
1. It matters not where your down payment derives from unless you have conventional financing. Private/Hard money does not care.
2. You cannot take a second mortgage for the downpayment if there is a first mortgage to pay the nut. No lender will permit that.
3. A hard money lender will generally not lend on owner occupied property.
4. You would not have done your homework if you are thinking about at hard money loan long term.
5. Look into a 203k loan.

I mention all these things because your post is scattered between an fha loan and then the words "flip" in the same post.

i know it is heresy for me to say this but when you are NEW, join a REIA or other local club to TALK with someone, and not get sidetracked with posts, many of which don't answer your questions (just read a few through out there).

Much success.

Bob