How to pay for renovations....

[Joseph Rios]

Hi, I'm sure this has come up often. I live in NJ and I'm trying to flip the next home I buy. It will be my first flip since I own a rental property. I must admit I'm a bit nervous. I have a few questions I'm hoping someone could answer: 1. Renovation costs: I have the money for the down payment and closing costs however I don't think I have the money for renovation costs. I see people mentioned about taking out a renovation loan from your lender aside from the loan for the house. Is this perfectly fine? Or should I go to my local bank and ask for the loan? 2. When it comes to flipping homes, is it better to buy them at auction, short sale, foreclosure or regular sale? I know that if it through auction it must be cash only so that's def out of the picture for me... 3. Once I get into this more and more is it worth to get my own real estate license without having to go through my realtor? I'm usually the one that finds the houses and I just give her the list to set up the appt. Thanks guys! BP rules!