My first post here in the BP forums and VERY VERY new to this entire world, so please bear with me if this has been answered a million times. I've been doing a lot of reading, listening and watching of all things real estate investing here in the BP universe. I'm curious how investors work the BRRRR strategy, more specifically the REHAB aspect of the BRRRR strategy from another state? Managing a rehab on a local property is difficult as it as, how do you all manage your rehabs when you can't be in the area 24/7? Also, let me preface this by saying that I work full-time in a completely different industry and taking any sort of time off to be at the location in a different state would be impossible. Any tips for the newbie investor?
I would suggest you to read 2 books by BIggerPockets publish called:
1. Long-Distance Real Estate Investing Hot to Buy, Rehab, and Manage Out-Of-State Rental Properties
2. Buy, Rehab, Rent, Refinance, Repeat: The BRRRR Rental Property Investment Strategy Made Simple
These 2 books will give you all the answers you want.
But basically you need to find a good contractor and rely on a property manager to oversee the progress
@Paul Peltekian find a good contract that is LOCAL to you is sometimes really hard, so yes, finding one far away can certainly be a challenge. Generally speaking it's important to have references or referrals. Bigger Pockets has some great state forums that you can post in to ask other investors local to those states on who they use. Always try to have a referral when you can.
@Paul Peltekian to tag along with what others said, finding a local expert with connections Is key. You need to trust someone and be able to delegate them handling the rehab. Certain PM managers will have in house contractors which makes BRRR cheaper and easier. The books recommended are phenomenal too. I'd be happy to chat and give you tips. I work with many OOS BRRR investors, first deal is the learning curve.
Thanks everyone for your input!
@Caleb Brown would definitely like to chat with you whenever you have time.