Last year, I inherited a 3-unit building from my mom, who had started flipping it before she passed away. She completed the major renovations, but now I need to make the place appealing for tenants. I have some reliable tradespeople on my side: an electrician, a plumber, and a handyman. However, I'm looking for a drywaller, flooring specialist, and cabinet installer, plus I need to source items like cabinets and appliances. I'm only 23 and juggling school, and initially, my grandma—who has 20 years of experience as a real estate agent—was going to help. Unfortunately, she's retired and feels overwhelmed, leaving me to manage this project mostly on my own. Here's my dilemma: Should I coordinate the subcontractors I trust, or should I look for a general contractor or company to handle everything? I worry about the hassles of managing multiple subcontractors, and I have concerns about being a young woman in this industry—especially regarding budgeting and avoiding being taken advantage of. Selling the property isn't a solid option right now, so I'd appreciate any advice on how to streamline this process and honor my mom by being a responsible property owner.
2 Answers
Have you thought about asking your grandma if she can recommend another flipper? Maybe you could team up with someone who can finish the renovations and split the profits, but keep in mind that if you're looking to rent it out, finding a partner might be trickier since they might want a profit from a sale.
You need to weigh two main factors: do you have enough time and do you know how to manage this project? Handling subs can eat up a lot of hours, coordinating between trades can be tricky, and if you’re not familiar with that, costs can add up fast. You might end up having to pay for things more than once if there's miscommunication. Have you considered getting a general contractor? It could save you a lot of hassle in the long run, especially if you're feeling unsure about how to coordinate everything.
That makes sense! It sounds like hiring a GC might make your life easier, especially if you're juggling classes. Balancing between individual contractors and a contractor company is tough though, but looking at reviews could really help.
Partnering is a good idea, but make sure you communicate your intentions clearly. If you're not looking to sell, they might not have the same goals.