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Updated over 8 years ago on . Most recent reply

Account Closed
  • Belleville, NJ
33
Votes |
88
Posts

Do I have to wait till I sell a house I am flipping to get paid.

Account Closed
  • Belleville, NJ
Posted

Let's say someone is starting out with no money and they get a hard money or private money loan for 100% of the purchase price and repairs, etc. Would they have to wait until the house sells to get paid? Is there a salary that can be worked out? 

User Stats

269
Posts
186
Votes
Paul Smythe
  • Investor
  • Greenville, SC
186
Votes |
269
Posts
Paul Smythe
  • Investor
  • Greenville, SC
Replied

@Account Closed Correct me if I'm wrong, but it seems like you are asking if you can pay yourself a salary while flipping a property? That sort of practice can be justified in real estate development, but I highly doubt you'll find someone willing to do that sort of thing while lending you money to flip a house.

User Stats

135
Posts
40
Votes
Tyion Bridgeman
  • Real Estate Agent
  • Atlanta, Ga
40
Votes |
135
Posts
Tyion Bridgeman
  • Real Estate Agent
  • Atlanta, Ga
Replied

I can't see a hard money lender giving you 100% of all cost let alone pay you for the honor.

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