Should I hire a project manager?
Hello friends!
I have a Duplex I paid 30k for, cash, a couple years ago. One side was move in ready, the other needed to be ripped down to the studs. Ive been chipping at it myself for 2 years now but it’s taking me forever. I’ve lost the motivation to work on it myself, part of that being because I work 2 hours from it and work 12-16 hours a day at my day job.
I just had the duplex appraised a few weeks ago and it appraised for 130k! But because of the condition I can't refinance it. I have another home I am BRRRRing right now as well that I bought for 35k and just appraised for 96k with little repairs needed. I could use some of the equity from that to fix my duplex so I can BRRRR the duplex.
So the big questions are, how valuable is a project manager? What responsibilities do you put on your project manager? how do you pay them? Hourly? Equity? Salary? I have a close friend of mine I feel would be perfect for the job, he is a home inspector, and a real estate agent, and built his own home.
Any advice would be super helpful, I’ve only done about 3 deals total, so I’m a noob!