It depends on your pain threshold. The short answer to your question, is yes, its possible. I've done it twice, although I did more than GC, I did a significant portion of the work myself, both times. I grew up pounding nails with my father, so I had some relevant experience. However, it can be an incredibly frustrating thing to do.
The potential problems are really two-fold. First, you describe yourself as inexperienced. Without experience, it can sometimes be difficult to know which sub is responsible for what, and to accurately specify exactly what you want done. You then need to have the ability to look at what has been done and accurately assess if it was done right, and to the correct spec. Order of things to be done can also be an issue for some.
Second major issue is your place on the subs' pecking order. You WILL be at the bottom. If a tradesman (plumber, electrician, drywaller, etc) has a relationship with a GC, he will try to keep the GC happy first. That makes you low priority, and he'll show up not when he said he would, but rather when he has time between and around work he does for GC's that steadily feed his business.
What this means is, for example, the plumber says he will be here next week. OK, then I'll get the electrician here the week after so he can wire the house and the boiler, the well pump, etc, at the same time. The week after that, I'll get the drywaller here. So you schedule. Guess what, the plumber didn't show until a week after he said he would. Now you need to push the electrician and the drywaller. Well, the electrician can't do it the following week, already committed. Now I have to push the drywaller back further ("What do you mean you have a big job and if you can't do it in three weeks, then I'll have to wait 6 or 7??"). Oh ya, I better call the painter, because now I won't be ready for him either. I wonder when the plumber is coming back to set the fixtures? Kind of a crude example, but you get the picture.
Don't forget that since you aren't a regular customer, you probably aren't getting the most competitive price either, although bidding will help a little. Now try to get bids when you're not a GC and really don't understand what you are asking for and want. You'll be shocked by the fact that most won't even return your call asking for a bid.
Like I said, you can do it, plenty have. But, show me someone who thinks it's easy to build a house, and I'll show you someone who's either never done it or hired a GC.
Jason
