Great thread. @Shane Mcc I think it wise to hire a GC to help on your very first project. A good GC is worth the money. It sounds easy, but building a house - with NO EXPERIENCE - is no easy task. Even as a professional, it takes time to really learn the building code and know what is right or wrong.
I'm a licensed GC and I will be honest, when I first started there were learning curves at every turn. I'd hire licensed subs - trusting that they would do work up to code - and then find that they didn't do something right. You'd be surprised how many "contractors" there are that don't do work correctly. Liability is a big thing that a lot of people take lightly, but it is
VERY important (I recently read an article about a deck failure where
people were severely injured when a 2nd story deck collapsed.) If you don't know what to look for to ensure that it is correct, then you are opening up yourself for the possibility of having to: have work redone (i.e. poor layout due to poor planning); winding up with a job done with poor craftsmanship (i.e. uneven floors, rooms that aren't square, etc); or having a job that can prove liable (i.e. foundation issues, poor framing, inadequate electrical service, etc).
Also, as a GC, when I do a job, I guarantee that the work is done RIGHT. I charge a mark-up on my subs because I am guaranteeing their work also, in addition to supervising them to make sure that their work gets done when its supposed to. I know each tradesman is supposed to guarantee their work, but sometimes they don't. I'm that extra level of security for the client.
You could possibly hire a GC to be your project manager and have him help you do things like selecting subs and advising you to ensure that things stay on track. I've worked with clients before and let them hire the subs (that I approved and trusted) directly and wouldn't charge them a mark-up. I would meet with inspectors, help lay out budgets and schedules, and do periodic visits to the site to make sure things were on track. The client would do the leg work - shopping for supplies (I sometimes send clients to my suppliers and even share my discount with them), calling subs, scheduling workers (using the schedule we laid out), and supervising day to day operations (just making sure workers show up and are working when they're supposed to be).
I don't do this with just an average home owner. but with clients that are going to be doing this type of work. It helps them learn and gives them a feel for what we do for the money we make. Some clients decide that it's too much work for them and will have us do the work for future projects, some don't mind and will utilize us for the larger items and will handle the simpler tasks themselves. If this is something you plan on doing long-term, then see if you could find someone that is willing to work with you. That would provide you protection and education. And each time you could take on more responsibility.