Vallejo, CA · Member since 2017 · 35 posts · 15 votes
For the out-of-state flippers, how do you manage and monitor your rehab work from long distance without traveling to the site on a regular basis? I have read about utilizing regular Facetime sessions with contractors and hiring project overseers to periodically visit the site and ensure the work is being done. Contractors... please chime in and leave your preference on the best way for investors to communicate with you.
Contractor · 08234 · Member since 2016 · 253 posts · 178 votes
8y
Hey Julian Pilate-Hutcherson
I am a contractor / Project Manager from New Jersey who works with some out of state investors. I think the key thing is having a good team to start with. A good real estate agent who can find you the deals and take pictures that show you what you’re buying from the beginning, and the contractor that has a very detailed scope of work bid that shows you each line item that needs to get done. This way you can get a really good handle on the job at hand. I start off by asking the investor their style and preferences when it comes to flipping or renting a property. How far do they rent of eight for each swapping out the chemicals or just fixing, granite versus laminate, hardwood versus tile, etc. etc.
After that I schedule a time to go to the property with either the agent or just go myself, and Following the scope of work the investor gave me or going off what we discussed I write up a bid on the work to be done. I get as detailed as I can pricing out each line item, Making sure I check for things that would make an investment go wrong, oil tanks, septic, structural issues, etc. after that I do a call with the investor going over the property and what things need to get done and what the costs are.
After we agree on a number and the job starts I do frequent walkthroughs and take pictures as work is complete. A good thing for the investor to do is to have their agent walkthrough too and take pictures so They have a third-party see it.
The overall thing you need to establish is good communication and to be very clear about what needs to get done. Also have as many checks and balances as you can.
Let me know any other questions you have and I look forward to others answers as well