Do we need/want a General Contractor as a partner?
Hello all you awesome investors! I am ready to do some flip and/or brrrr deals with a partner in Louisiana. I'm trying to understand how the permit situation works.
My partner is a project manager for a custom home construction company in Louisiana and she wants to get into real estate investing. She doesn’t have the money or the credit yet, but she DOES have project management experience, relationships with local materials vendors and subcontractors, and access to a licensed general contractor if we need him. I’m just trying to figure out if we need him. Does a GC pull all the permits for a rehab job, or do individual subcontractors obtain them? If a GC is not necessarily needed, what are the advantages/disadvantages to working with one? Like I said, my partner has plenty of property management experience.
If we are to use the GC, should he be included as a partner (assuming he wants to be involved ongoing), or would he get paid like a regular job? Does anyone have any experience with a three-way partnership deal like this? I'd love to hear your thoughts! Thank you in advance!