🏠💰Project Manager Compensation 🏠💰

[Danny Carter]

Hi all! 

Looking for advice on how to compensate my project manager going forward.

BACKGROUND: I'm working on my 1st flip, and the project is about 3 weeks beyond the completion date, and went over budget. 

I paid my project manager a flat fee to oversee the rehab.

What should I do going forward? 

Find someone else? Give him another shot? Change his pay to a lower flat fee and base the rest of his pay on profit? 

If we go with a profit based model should it be based off of gross or net profit? 

Any advice would help!! 

Thanks!  

[Anthony Dadlani]

Danny, 

I think the best way to compensate is give someone some incentive. Base compensation on percetage of net profit in my opinion. 

Best of luck in all your endeavors