Second Loan for investing and where to start.

[Francisco Perez]

Realistically, I do not see myself coming up with $50k Plus in the next year or so. I'm not saying it is impossible, just trying to be realistic with myself, so what I am interested in, is possibly pulling another loan for an investment property (Fix and Flip.) I know its a lot easier said than done, but I believe with the right knowledge and contacts it is a pretty simple process. Although I am not in any way shape or form familiar with REI, I imagine it is the same foundation as any other Fix and Flip business.

I bought a personal home in July for $233,000. ( VA Loan %4.175 fixed) 1650 Sqft, 1/2 acre in Southern California. It is a new 2006 home, and it was fairly priced. I bought with the intention of living here for a very long time, and this area in general is priced much lower than any other part in Southern California, but it has been recently developing and I see a nice profit in the near future (If I ever decide to sell.)

Back to my main question, I am curious as to how applying/qualifying for a second loan works? My Payments are already $1400/Month so As far Debt/Income ratio goes, I do not think banks will even consider loaning to me right? Is there a type of loan that can be presented with a game plan as far as investing goes, or how does it work? I know getting the loan for my home was extremely tedious, so I'm curious if there is any possibility of being able to invest in real estate without coming up with all the capital? In other words a loan.

My idea is to find a beat up home, asses it, see if it is profitable, and buy. Fix, than flip.

Thanks!