I'm a NJ-based investor and have been exploring the Indianapolis market for BRRRR opportunities. For our-of-state investors with property in the market, how was your experience working with contractors remotely? What sort of processes did you have in place? How did you get estimates for the work needed without a physical walk-thru?
And finally, does anyone have recommendations on good contractors they’ve worked with as an out-of-state investor?
Any insight would be greatly appreciated! Thanks so much.
I work with a property management company and I am also a realtor. We work with a lot of out of state investors. We have a property services director that works with our owners to coordinate contractors. She will send out bids and coordinate what's needed. All of our vendors must be bonded and insured as well as licensed where appropriate. I would be happy to talk with you more about this.
I would have an unbiased pair of eyes on the ground to verify......checks and balances.....my partners are out of state/country......im eyes on the ground
I work with a property management company and I am also a realtor. We work with a lot of out of state investors. We have a property services director that works with our owners to coordinate contractors. She will send out bids and coordinate what's needed. All of our vendors must be bonded and insured as well as licensed where appropriate. I would be happy to talk with you more about this.
I'd recommend using a property management company and independent insurance agent. They can be your eyes on the property while you're out of state and be able to recommend reputable contractors if any issues arise or any necessary repairs/maintenance needed. For example, a wind storm blows some shingles off your roof and causes a small roof leak. Your tenant can notify your property manager, who can notify you and your insurance agent. You and your insurance agent can coordinate filing a claim. Then your insurance agent, property manager, and yourself can coordinate scheduling a water mitigation crew and any other necessary licensed contractors / tradesmen to come out and provide estimates for the repairs. Your insurance agent can provide the estimates and any other documents to the claims department to help with the process.
A good PM and insurance agent will be able to refer reputable contractors.
Hi Carson- I just sent you a PM. My team offers rehab management services for out of state investors. Feel free to reach out for more info on our process!