Own Home Project - GC’ing for first time

[Lucky Oldham]

I guess there is always a first time for everything. Though remodeling is not new for me but I have always been the person who had companies come into my house, quote the project, the selected one will do the work and then I write checks. My involvement has been in providing design as I felt they were good with designing the standard way which was not always the best.

I have ambition of being a savvy investor down the road – (buy/fix/rent or buy-flip-sell) and feel that I should have gone more hands-on with the past projects (kitchen/bathrooms/family room) to learn more basics. As we are looking to remodel our basement, I feel I should GC this project to gain that exposure. I guess it will be a great learning opportunity to understand deep dive details of remodeling and working with subs. Am I right in thinking that this experience will help me down the road when I will look at potential houses for fixing/flipping? I want to build that sound knowledge base that I can leverage later on and make better decisions. I know certain things that I need to look for. I have made a list of things that needs to be done but this is where I need guidance from BP members on how I should handle this. I will have a team of contractors but who among them (example – Framing/carpenter/ somebody else?) can be the one I can consult with? I am sure it is not easy but unless I jump into it, I don’t think I can learn as much.

Your feedback will be highly appreciated. Btw, if there is already any thread that has such discussion, the pointer to that would be great!

[Marshall Downs]

@Lucky Oldham

Basement remodel is a great place to get your feet wet. Will likely involve most phases of construction (depending on the extent of the rehab). I would definitely recommend GC'ing (if local codes permit this), but have a great team around you. Hire a quality all around carpenter who has good references and has done basement remodels previously then have them guide you through the process. Essentially you will be GC'ing alongside them. 

Make sure you follow all permitting processes since you will need to do this on your own flips and work as closely with the other subs as you can. Ask lot's of questions, hold boards, clean up for them, stay as present as possible. Some people don't feel comfortable doing this, but tell them you want to learn and remember that you are paying for the project. The next one will be a lot easier and in time, you will have confidence in this sometimes unpredictable phase of investing.