Delays, delays, delays. Are they common?

[Joe Hughes]

I started scaling up my flipping business earlier this year. Prior to,  I was doing about 1 per month, and was managing the contractors myself.  It all seemed to flow well and projects were always done on time and on budget.

I hired a Project Manager in February to manage 3-5 projects at a time.  I bought 3 properties in early February and my PM started the rehab projects.  In addition to a detailed Job Description, I gave him 2 phrases to adhere to.  As the investor, I want the projects "done on time" and "done on budget".  It's now May and he is struggling to get these initial 3 properties completed enough for me to list them.  We're close, but every day the date(s) gets pushed out another day or so.  I have been going onsite a lot lately as extra motivation.  Nothing seems to be moving.  

In regards to his performance, I am starting to get past the "mentoring stage" and moving into the "corrective action" stage.  

Since the purchases in February, I have bought 3 more and they haven't even been started yet.  Needless to say, I am sitting on 6 properties and see the money flying out, but none coming in.  

My question and advice-seeking is along the lines of me wanting to know if I hired the wrong Project Manager, or are these types of delays common?  I am patient and I know that contractors typically don't meet deadlines.  HOWEVER, my PM keeps making promise after promise that he doesn't uphold.  I'm very committed to doing 3-5 concurrent flips, but it's not possible under these current circumstances.  Any suggestions or advice?