What is Fair Project Mgmt Fee on Rehab
What is a fair PM fee to manage project. Includes all coordination with subs, all material purchases, and timely completion of job.
I am the investor but want to know what is reasonable for the PM. This is only project management work. Not any labor on the rehab. But i understand that this is a job in itself so i want to be fair.
Does anyone have this arrangement? If so any ideas on structure?
Most Popular Reply
@Toan Hoang - It sounds like you have great reasoning behind making this decision. I was in the same exact position you were in, with a similar amount of properties. Instead of hiring a GC, I took on a partner whose job was to take over that part of the world entirely. It was a game changer (in a good way) for my business.
Just becareful getting into business with friends. They tell you not to do it for a reason. It's a relationship killer if both of your priorities are aligned exactly. Especially if a project doesn't go right.
Good luck to you! Sounds like it's worth a shot!