Rehab for Rental - Be own contractor or hire one?

[Ricky Stafford]

I'm curious how most investors handle their rehabs/remodels.

I have a space that needs completely gutted and it is going to be a big job. It will require everyone - electrician, contractor, plumber, sheet rock, flooring, etc...

I am wondering (and beginning to think not) if it's worth trying to manage the project and purchase materials and pay people hourly. So far, it's been a bust. I called a carpenter that does a lot of work in the area but he has so far been flaky and dodgy. He only came to look at the place a few weeks ago and said he would call me early this week, but haven't heard anything. An electrician I talked to last week told me he would get to me by yesterday or today. Again, nothing.

Are most investors simply hiring a contractor to sub out the work and then presumably eat the 50% markup? I can't hardly stomach the markup involved in letting someone else manage everything. Then again, I'm an investor and not a contractor/builder so I can't hardly stomach managing people that don't want to work either.