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Updated almost 4 years ago on . Most recent reply
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How much should I pay a project manager?
I started my real estate career in 2017, and flipped 5 houses from 2017 to February 2020. After selling my last house in February 2020, I took a break from flipping due to the pandemic and wanting to work from home. Now that the pandemic is getting better, I am starting to think about getting back into flipping, and I do expect to get back into it in the next 2 to 3 months (as more people get vaccinated and I feel safer to go out into the real world and interact with people).
My first 5 houses that I flipped were a learning experience for me. Without a doubt, I was making mistakes, but I've learned from my mistakes, and I do feel that I am ready to run a very efficient flipping business right now. For my 5th house, I was only flipping one house at a time, so I did not need a project manager, but now, when I go back into flipping in the coming months, I will certainly want to hire a full time project manager as I am expecting to be flipping 5-10 houses at once now, and I expect that number to grow.
My question is - how much should I be paying a full time project manager to manage 5-10 houses (in California, LA County)? I also do not yet have a general contracting license for my company, so I want to hire a salaried project manager that will be able to pass the GC test for my company.
Any information that anybody would like to share would be greatly appreciated. TIA.