Out of Area Investing Advice

[Catherine Morel]

Hello BP!

I need some advice...

I’m looking into properties out of my area (5 hours away from me) I have a full time job thus preventing me from actually going to see the property.

I’ve contacted some contractors (yelp, and homeadvisors) to give me some quotes on how much the rehab would be. (Still waiting for reply)

Aside from online sites where else do you recommend I look for other contractors? How do I work with and manage these contractors if I won’t be able to actually be there to meet them or pass by to see their progress??

Thanks in advance !

[Jeff Copeland]

Hiring a contractor five hours away via Yelp is a recipe for disaster. 

The primary team member you should consider locking in is your Property Manager. An experienced PM will already have contractors in place for unit turnovers, renovations, and repositioning assets. They will know where to get the most bang for the buck out of renovations, and they will be your boots on the ground managing the local contractors. 

Find a great Property Manager (ideally, one who is also a broker specializing in the asset class you're looking for and can also help you source deals) and the other pieces should fall into place much more easily.