I'm about to close on my first deal in real estate on monday. It's a townhouse in Philadelphia that needs some cosmetic work (floors, paint, kitchen) and minor utility upkeep. I'm a college student and want to be hands off, so I want to hire a project/rehab manager to take care of this for me so I don't have to be at the property on a daily basis. My timeframe for the rehab is under 30 days ideally. Anybody know someone who can do this for me?
Also, if anyone knows any good cheap lawyers I can take to closing let me know as well. Thanks a lot everyone! Message me if you can offer some referrals!
Daniel, congrats on your first purchase!
Generally in our market, there aren't many "project managers" who will monitor a renovation for you. I'm sure there are some out there but it's not a very common setup, because you are then hiring someone to manage construction for you and that's what a general contractor does anyway, so you are basically putting two levels of management in place. Your best bet if you're looking for that kind of thing is to find a property manager who offers renovation services and then they can also manage the rental for you, but they will likely charge a 10-20% premium for the renovation compared to just hiring a general contractor yourself.
In terms of lawyers to bring to closing, in PA we use title companies not attorneys for closing. Although the customer service of title companies varies significantly, the actual title premium is set by the state and is the same regardless of which title company you use (although some title companies do tack on 'junk fees' such as settlement fee, doc prep fee, etc.)
If you have specific questions I'm happy to help out where I can if you message me privately.
As someone with a construction company that works on bigger projects, managing small rehabs project is often times more difficult/stressful. Most smaller contractors can do the work --- the problem is trying to accurately estimate the material and labor costs. I would try to get some recommendation from BP to see if you can find someone. Maybe folks like @Joe White may have a lead.
For lawyers, the law doesn't require that you bring a lawyer to a closing. If you feel extra nervous, you can hire one as a safety measure. However, you realistically will struggle to find a lawyer if the Monday is the closing. Good lawyers are busy and good-affordable lawyers are especially so.
Disclaimer: While I’m an attorney licensed to practice in PA, I’m not your attorney. What I wrote above does not create an attorney/client relationship between us. I wrote the above for informational purposes. Do not rely on it for legal advice. Always consult with your attorney before you rely on the above information.
Thanks so much to you both for your valuable input