I just closed on a flip project in the PNW/Seattle area and am looking to close on another within the next 6-8 weeks. The holidays are coming up and I will be out of town and also have family visiting me; therefore, I think a project manager would be helpful and beneficial. How do you go about finding your rehab project managers? How do you pay them? Flat rate, % of construction budget, etc? Thanks, BP :)
@Lyn N. have you considered using a GC turn key? This would be a much better approach especially since you will be traveling.
@Greg Dickerson What is the difference between a GC and a PM exactly other than that the GC can pull permits? This flip project is a “cosmetic plus” flip (new roof and everything else is all cosmetic, $25k budget). The next one will most likely be a “cosmetic plus” flip too (just under $50k budget). I already have a list of specific sub contractors that I’d like to get bids from. I assumed a PM would be appropriate for me because I’d just like someone to be there for the day to day, on site operations.
@Lyn N. I can not speak specifically for Washington, since each state can vary in how they control contractor licenses. But here in Virginia, a GC "performs or manages construction, removal, repair, or improvements". Basically a contractor is required when you enter into a 'contract' to perform these services, hence the name. Could you hire somebody as a PM to perform these activities? Sure, but you wouldn't have any of the protections afforded to you from having a licensed GC. If anything goes wrong, you wouldn't have the insurance/bonding/legal protections offered to you by a GC. As @Greg Dickerson mentioned, a reputable GC should have in-house project managers.
Good luck on your flip!