Financing for REI

[Brittney Lundeen]

Hello all! This is my first post as a BP member! After a long time of dreaming I am finally ready to set up a plan and get going on my REI. I've been researching for about a year now, but I'm still confused about financing for investment properties. I bought my home at the age of 22. I was very fortunate and bought it at $100k. It appraises for around $170k. I don't make a whole lot of money, but I'm smart with the money I make (or atleast I'm learning to be).

I would love to give it a go and find a cheap house to flip. I know there's a lot I need to consider before purchasing a house, but I figured I can't go much further without a plan for financing. I've read that a lot of investors don't even use their own money or credit. I still don't understand how this is possible. Even if I chose use my own money and credit, what type of loan would I get? I don't even think I would be approved for a loan because of my income and the fact that I already have a mortgage payment. 

Any advice would be greatly appreciated!!! Thank you!