How much do you pay boots on the ground
I have an out of state rehab I'm about to start and I wanted to know what other investors are paying someone to be their boots on the ground to overlook the rehab process. I have someone that is interested in doing it but I'm not sure how much I should be paying them for this type of work. Any help would be greatly appreciated.
Hi Myka,
It might come down to finding someone that:
(A) You get along with long term...not get on each others nerves.
(B) Really wants to do this vs just willing to do it for the extra beer money.
(C) is reliable, honest and will see things through to the end.
(D) has the experience to know what they are doing vs winging it or lieing about knowledge.
Someone like that at double the price of someone lessor might be a good deal.
So price is always a concern, be wary of focusing on just that aspect.
Just my 2 cents.
May I ask what's your exit strategy? I typically use the person who will be in charge of executing my exit strategy for oversight. This person has a vested interest in the rehab process going smoothly and finishing with quality. If I'm flipping then I let this be the agent I plan on listing with. If I'm renting then I'll use the PM.
@Scott Mac Thanks for this! I have found the right person or the job because they have done other work regarding my properties in the past but never overlooked a rehab.
@Tsipora Smith I'll be doing a refinance at the end of the rehab. I'll definitely keep this strategy in mind for flips. This is a really good idea.
@Myka Artis You're welcome! Also, if you already have a property manager in mind, you can just use them to manage things for you because it will be up to them to get it rented.