Do Hard Money Loans Require a contractor?

[Alex Trinh]

Hey Guys,  Looking to get into my first flip and have a question I can't seem to find the answer for.

Anyways my question is do hard money lenders REQUIRE you to use a contract or am I able to get a hard money loan and do all the work myself.  I am not talking about anything requiring permits but everything cosmetic like floors and cabinets and paint, things like that. I would like to do as much of the work if not all of it without having to hire a contractor. 

Thanks

[Nghi Le]

Depends on the lender, but in my experience, most don't require a licensed contractor.

Another consideration is the draw process. Some lenders ask for receipts/invoices, which can be a pain if you're doing the work and you're visiting Home Depot several times a day.

If you plan to pay yourself for doing your own work, lenders won't reimburse you for your time. As an investor, they expect you to wait till the end when the house sells and collect the profit then.