All Forum Posts by: Alyssa NA

Hello, I'm new so I apologize in advance if this is an idiotic question, it's just been difficult to weed through all the information online.

I'm currently renting but I'm qualified for a FHA loan and was thinking of buying my first home sometime this summer. However, I also really want to do a flip. It's been a goal of mine for years and although I'm still not in an ideal financial situation (cash on hand) if I have the opportunity to do something now I want to take it.

I know the terms for investment loans are different and usually require around 20% down, but I'm assuming if I can qualify for a regular (owner occupied) loan, I could also qualify for a conventional investment loan? Or are the requirements different?

My last question is, assuming I was able to pay the entire 20% down payment, would it be possible to get a hard money loan to cover the rehab costs, even if it's not being used to directly buy the property? Maybe this is all wishful thinking but I figure it can't hurt to ask.

The other option of course is to buy a fixer upper I can actually live in while making repairs, but I'd have to do that slowly as I acquired the money on on my own. I appreciate any thoughts or advice.