General Contractor costs

[Justin Todd]

hi, guys. I was curious if anyone knows what the typical "going rate" is for a general contractor on a normal single-family residential flip. this will be in Georgia. i've been communicating with one who wants to be paid a weekly rate nearing $1k and also 5% of the project costs on the back end. I haven't signed anything yet, but plan on buying a property soon and need to know if I'm getting ripped (or rather, if it's even a tad bit high). GC has been in the business for a few years and knows I'm newer to the game. rehab costs are going to be in the range of 70-80k, we've speculated. that makes his rate for a 6-8 week project somewhere around $9,000. that's a ton of money for someone who isn't driving a single nail. I understand the purpose of the GC position isn't manual labor, but that still feels steep for simple supervision, especially considering the budget is tight. if this was a school/hotel/restaurant/etc I could understand. do GCs normally charge both a weekly rate and a flat percentage on the end for single-family jobs? we already have all of the subs lined up, about half of which I brought. any input from you guys? all feedback is appreciated but please try to stay on track w/ the question at hand, which is: is this customary and reasonable? need to get this ironed out relatively soon. thanks in advance! you guys are great.