As Peter begins his first epistle, he sets forth some basic information regarding the subject of hope (1 Peter 1:3-4).
The Source of Hope - God through Jesus Christ. "Blessed be the God and Father of our Lord Jesus Christ, who according to His abundant mercy..." There is no hope without God showing us mercy through the shed blood of His Son Jesus Christ.
How to Obtain Hope - being born again. "...has begotten us again to a living hope..." As one must be born again to enter the kingdom (John 3:3), he must also be born anew to have a real, living hope.
The Basis of Hope - the resurrection of Jesus from the dead. "...through the resurrection of Jesus Christ from the dead..." Without the Lord's victory over death, we have no hope of anything beyond this physical life (1 Cor. 15:12-19).
The Object of Hope - our inheritance in heaven. "...to an inheritance incorruptible and undefiled and that does not fade away, reserved in heaven for you." Our hope is not in this world, but in that which is to come - being with God in heaven for all of eternity.