How to manage Out of State work being done

4 Replies

I've a tenant moving out within the next few days and have a General Inspector lined up and also need to have contractors come in and give us bids for rehab, my question is for out of state investors: How do you stay on top of/manage projects being done without your supervision?  I'm getting a little queasy thinking of it and was just wondering how the professionals deal with it.

Dice that work up into manageable sections or find a project manager to do it (even a GC could do that).

Just remeber this, money is the motivator for all things. You pay to much upfront you're going on the back burner and job likely won't get done. Pay to little and they won't want to work for you and just place a lien.....

Come up w/ a set of milestones or draws, make it clear what needs to be done and when. Pay out portions based on the % of work that milestone is per the entire job.

So say the job is 100k, and its a kitchen/living room (50%), bathroom (15%), master bedroom (25%), and 2 spare rooms (5%x2). 
A draw schedule could look like 
Spare rooms 1wk (week 1) 100%= 10k

Master bedroom 2wks (50% week1, 50%week2) = 15k

Bathroom 1 wk (week 1) 100%=15k

Kitchen/Living Room 4 Weeks (25% ea week)= 12.5, 12.5, 12.5, 12.5

This should allow you enough oversight to catch stuff as it comes up and correct it before it's too late... and again it was a generic example ignore the costs.

Originally posted by @Eric Adobo :

Truth is it can't be done. You need somewhere there watching out for you.

 That someone doesn't have to be him though, so in a sense it can be done. But you are correct, he needs a way to verify work/milestones have been met.

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