Hard Money Strategies for Flipping

[Andres Valenzuela]

Hello guys,

I am a new inventor that I would like to get started flipping some house at my local area ( El Paso, TX). I have been educating myself thru books and webinars here at BiggerPockets, and I believe that I am ready to start with my first property.

The problem that I am having is regarding the Hard Money lenders. 

For the ones that I have contacted asking for money, they have replied back saying that they lend 70% of the ARV, and they keep the house as an asset in case something goes wrong during the flipping, plus some of them want a 10% down.

1. Are those normal requirements when asking for hard money?
2. Also, who owns the property when initially buying the house?

Also, those anyone know any strategy on buying houses from actions using hard money? For what I know, as Hard Money lenders require an asset, and takes a few days to get the money, it is imposible to use someone's else money to buy from actions, am I right?

Does anyone know any other strategy when trying to buy properties for flipping on actions? Not asking to mentoring in any way. Maybe just pointing to source data where I can keep reading details about this.

Thanks in advance!