Managing a renovation from afar
Hi everyone,
We recently moved from Memphis, TN, to Montreal, Quebec.
Before leaving, we planned to invest in a small house, renovate it, and rent it out (Ultimate goal would be to BRRRR). We'd like to continue with this project remotely, but the idea of managing contractors and overseeing a renovation from afar feels a bit daunting.
Have any of you undertaken a similar project? Do you have any recommendations or advice to share?
Additionally, regarding the legal structure, an LLC seems to be the most suitable option for our situation. What do you think?
Thank you in advance for your insights!
Have a great day!
Most Popular Reply
Hi, @Celine Besson
I work exclusively to help my out of state investor clients find great deals in the Memphis real estate market. And many of my clients are taking on the BRRRR method. So, yes, you can absolutely have a great rental business as an out of state ( and even international ) investor, as long as you have a solid team that are your boots on the ground.
You need a rock solid property management company and a great general contractor that will keep a close eye on everything that's going on with your property, especially being out of country. It is essential to have a great team.
Will this be your first time investing in real estate?