New to the game and trying to figure out how to get things rollin

[Alex Smith]

Hi everyone! 

My girlfriend and I (Dawn Curry) are super excited to have stumbled upon such an awesome resource! I can already tell that this community is amazing. 

So, Dawn has grown up in a family that has 30+ years in the construction industry and now is currently working FT with her dad's construction business. I grew up with parents that used to be realtors and have always had a passion for real estate, but never decided to dive in until now. We have been doing extensive research in the marketplace and have been wanting to flip a house. We bought the house we currently live in about two summers ago and did most of the work ourselves, loving every minute of it. We've found a house in our hometown that has a lot of potential. Obviously we've done some calculations to see if it would even be beneficial to us before moving forward. The other day we met with the bank to figure out the loan situation since we don't have the capital just yet and obviously the bank was pushing for a HELOC because it's less risky for them; however we don't have the equity for that and none of our family members are willing to do that for us.

We would be doing most of the work ourselves, with the guidance of Dawn's Dad & some of his construction team. The house is a foreclosure and we want to put in a bid for 20k (if the bank were to counter, we wouldn't go higher than 35k) and we have estimated the rehab costs to be about 38k based on two walk throughs with a contractor and a realtor. Based on current comps in the area, we think we could resell it for 115-120k. What are our options as far as getting started with this first flip with little or no money down?

Any and all advice is greatly appreciated!

Thanks everyone!