New or seasoned real estate investors..Would you find it helpful to hire a project manager to handle everything for your investment property, from creating a scope and budget up to the point of selling or renting out your property? Why or why not? 

I did that w/ my Property Manager and it worked out well. Kind of like the service a TK provides, but I can pick a property that better fits my investment needs.

In what ways was the Property Manager able to help you? Was it a complete renovation or did they just take care of a few "handyman" services?

Minor rehab to get it rent ready/updated. They got the bids, presented them, managed the project, sent pictures at completion. Then they got me tenants and transitioned into a traditional PM role.

Benefit of a OOS investor is that I don't have to deal w/ it.... at all. I also had a single POC that I could relay my concerns/expectations through and know they'd be carried out. I could of done all this myself even being OOS, but the time wasn't worth the costs.

That makes sense, as time is valuable. I'm wondering if it varies for location when using someone like a property manager or project manager. It seems that I am coming across a lot of investors in my area (Maryland) that typically just hire GCs and manage everything themselves verses paying someone to take that load off from start to finish. I generally get a couple "huh, I've never heard of that type of service" when getting replys from investors. 

If I was buying something out of state I absolutely would have a PM oversee the process.

If it's a local property then I would just get a good GC and work directly with them on the rehab.

@Brian Garrett It would make sense if you are out of state. But can I ask why you wouldn't if you were more local? Is it just a matter of already having an established relationship with your GC? I see a lot of investors in my area spend a lot of time GC or Sub-Contractor "hunting" because they really don't have anyone and it would make sense to hire a Project Manager to do that for you especially if they have been in the real estate investing industry themselves and have several contractors with whom they work with. Is it the additional fees that scares them off? 

Originally posted by @Stephanie Barton :

@Brian Garrett It would make sense if you are out of state. But can I ask why you wouldn't if you were more local? Is it just a matter of already having an established relationship with your GC? I see a lot of investors in my area spend a lot of time GC or Sub-Contractor "hunting" because they really don't have anyone and it would make sense to hire a Project Manager to do that for you especially if they have been in the real estate investing industry themselves and have several contractors with whom they work with. Is it the additional fees that scares them off? 

I can only speak for myself but I personally want to be involved with the rehab of my properties. Regardless if you use a PM or not you're going to be answering to and dealing with somebody. I'd rather it be the source than the middle man. Plus after a few deals you'll have established a relationship with your GC and they'll know exactly what you want.

The same amount of time you'll spend hunting for a good PM you can use to hunt for a good GC. That's my two cents!

I agree with Brian Garrett.  I have used project managers in the past but I prefer using a GC.  I have built a great relationship with my GC over the last seven years that I spend most of my time looking for my next deal instead of managing the rehab.  He knows my time is better spent doing that.  Good luck.

@Beth H. You said you have used a project manager before and preferred using your GC. Why is that? What were your pros of using the GC versus the project manager? 

When I used the project manager I was the one pulling the permits etc. then I had to write several checks to the project manager to pay everyone plus his fee. It is less of a hassle for me to deal with one GC now and I am happy.  For over 10 years I tried different ways including being my own GC etc 

I wonder why they had you pulling the permits and writing the checks. It seems that it would make more sense for you to go with your GC at that point. We do project management for investors and we take care of that. Usually, the client pays us 4 draw payments for the entire rehab, and we write several checks for contractors as well as paying for material so that they don't have to. 

I appreciate your feedback as I am trying to understand more from an investors viewpoint of why they would or wouldn't hire a project manager.