Paying your GC

[Lana Rowan]

I have renovated rental properties but haven't done an actual flip before. I have a GC in mind if the right opportunity arises, but I'm curious how experienced flippers work out payment. Do you pay the GC for the work just like any other house reno? Do you give a %of the profit? Both? Do you provide incentive if the work is done quickly and of quality (both of which should increase your profit)? Any advice is welcome! TIA.