EP 279: Partnering up with General Contractor on a Deal

biggerpockets entrepreneur generalcontractor investher investing investor partnership realestate womeninconstruction womeninfinances womeninrealestate Jun 21, 2022

 

Hiring a general contractor requires a great deal of consideration, let alone partnering with one. How do we make sure that we’re choosing the right people and getting the best value?

In this minisode, Andresa lists her criteria when partnering with general contractors. She talks about her own experience on how she successfully partnered up with a GC to complete a construction project. Listen in and learn why it’s better to establish a relationship first before setting up a partnership and understand the importance of openness and well-defined roles.

 

Quotes

• “If you have not worked with this particular person before and you're just partnering up the first time, my answer will be don't do it.” (1:31-1:44)

• “To me, it will be super, super high risk. If you're going into a partnership for the first time, trying to build that relationship at the same time that you are partnering up with them, it doesn't work. It doesn't work at all.” (4:33-4:50)

• “It's very important that it's an open book, meaning I know every single cent that goes in and out." (5:42-5:51) 

• “Would I partner up with them again? No, because my goal at the beginning was to learn about new construction. Now, I’d rather not partner up with them. I’d hire them. Why? Because I'm sharing my profit at the end of the day, and I’d rather keep the profit.” (8:11-8:43)

• “I would highly recommend that it needs to be more than just savings with the general contractor cost.” (9:29-9:37)

• “The key is to just move the needle. You could partner in a small way, and then it grows as you get more comfortable. It doesn't have to be all or nothing.” (9:40-9:48)

 

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