How can I manage my general contractor while I am having a full time job for flip?

Question

I was lucky enough to find a GC which can do almost everything, the company is having 20 employees and with workman comp and liability and license.

My question is how can I manage the project with this contractor while I am a full time employee? I was advised that the payment terms can help, such as if they finish one item and then I pay that item, I need a new roof, new furnace, new kitchen , new bath, refinish floor, painting, and new windows, and I need to have a strong contract for every aspect.

Nate Mao · Answer

I see a lot of realtors in my area hire GCs to do the work. I don't think they can be at the property once a day. depending on how good is the GC?

I have a full time job, and is this possible for me to flip the property? It require a lot of work such as roof, landscape, painting, kitchen, bath, and deck.

Justin Silverio · Answer

Contracts are there to protect both parties. Without a contract in place, the contractor can take your money and never spend a day on the job. Also, recourse is very difficult without a contract. I would rather have to write up another contract for additional items than risk the chance of them taking off with my money.

Curt Davis · Answer

I agree that contractor contracts can be a good thing but they can also bite you in the a*@. If you try to change something not listed in the original agreement that could cost you more and if you dont pay you can be in breach of the contract. Make sure you are very thorough. I have never used an agreement like this, I give them a draw up front which is small, a little more in the middle of the project and then the final lump payment when all is completed and I have done a walk thu.

Justin Silverio · Answer

Depending on the level of rehab that your doing, you could have the GC meet you at the property each day or once a week before or after work to go over his progress and to make sure you are on budget with time and $. You can set up your payment schedule so you pay him based on % completion with the final payment paid only after he completes your punch list (there will definitely be things he missed or things you want changed). I would strongly recommend making a point to drive to the property at random times or the day if possible. I know people that have done this and found that the contractor didn't even show that day.

How can I manage my general contractor while I am having a full time job for flip?

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