How do I get paid WHILE flipping?

[Account Closed]

I'm in the process of looking for an equity investor and I'm trying to figure out how I will be able to make ends meet while I'm rehabbing a house. I plan on doing the work myself to increase my profit margin. I see two possible situations:

Situation 1) I continue working my current construction job and rehab on the weekend and any other time I can. This way I can continue to have money coming in every week, while still flipping a house. The downside to this is obviously how much longer this will take than if I were to be rehabbing full-time.

Situation 2) I stop working my construction job and rehab full-time. I find an investor who will pay me an hourly rate throughout the project. After the property sells, whatever I was paid during the project is deducted from my 50% portion of the profit.

For example:

20,000 Profit (10,000 each)

5000 Salary During Rehab

---------------------------------

Investor will get $10000 and I will get $5000 since I've already been paid $5000

Let me know your thoughts on this or if anyone has been in a similar situation.

[Jon Holdman]

Keep your construction job until you have enough cash built up to live off of while you're working on the next flip. You might find an investor that would let you take living expenses, but that would be very, very unusual. What happens if your share of the profit is less than you've already drawn? You want a regular paycheck, you need a regular job. Fix and flipping is a business, and like most small businesses, you only get paid when the deal closes.