Skip to content
×
Try PRO Free Today!
BiggerPockets Pro offers you a comprehensive suite of tools and resources
Market and Deal Finder Tools
Deal Analysis Calculators
Property Management Software
Exclusive discounts to Home Depot, RentRedi, and more
$0
7 days free
$828/yr or $69/mo when billed monthly.
$390/yr or $32.5/mo when billed annually.
7 days free. Cancel anytime.
Already a Pro Member? Sign in here

Join Over 3 Million Real Estate Investors

Create a free BiggerPockets account to comment, participate, and connect with over 3 million real estate investors.
Use your real name
By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions.
The community here is like my own little personal real estate army that I can depend upon to help me through ANY problems I come across.
Starting Out
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated almost 5 years ago on . Most recent reply

User Stats

44
Posts
12
Votes
Vincent M.
Pro Member
  • Investor
  • Philadelphia, PA
12
Votes |
44
Posts

Creating a contract for hiring a general contractor

Vincent M.
Pro Member
  • Investor
  • Philadelphia, PA
Posted

Hi PB, I have been flipping houses for about 5yrs now and I am looking to take on more projects. Since I started I have acted as my own GC and hiring and managing the subs. I am about to hire a GC to take over so I can focus on acquiring more properties. I have found the person I want to act as my GC.

My question is: How do you set up your contract with your GC?

It seems like paying 10% on total renovation cost would incentive him to add cost to the projects. How do you come to terms on payment amount and incentive them to get the projects done quicker and cheaper?

Any tips for protecting yourself on the legal side would be great too.

Thanks for all you comments in advance, really appreciate it.

  • Vincent M.
  • Most Popular Reply

    User Stats

    6,847
    Posts
    7,400
    Votes
    Matthew Paul#2 Contractors Contributor
    • Severna Park, MD
    7,400
    Votes |
    6,847
    Posts
    Matthew Paul#2 Contractors Contributor
    • Severna Park, MD
    Replied

    @Lorenzo Wright  I have been a contractor for over 30 years and when a customer hands me THEIR contract , I just leave .   I am the CONTRACTor .

    Loading replies...