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Updated over 3 years ago, 08/23/2021
How to manage a rehab from 2000 miles away? Newport News, VA
I own a single family rental in Newport News that I need to rehab while I am in Colorado. The current tenant has been there for 12 years and it needs upgrades such as appliances, new screen on a porch, paint all around, refinish the hardwood floors, and possibly electrical and HVAC upgrades.
How is this best done without flying out there to manage the renovations myself? Should I look for a local general contractor and they can tell me what repairs need to be done? Get the property inspected by a home inspector? Consider hiring a property management company to do the upgrades and then find a tenant? I am wanting someone to inspect the property, tell me what upgrades they recommend for best ROI, what they will cost, and then manage the repair process and contractors. Once upgraded, I will either find tenants myself, or consider a property manager to handle everything for me. I have done both in the past, but felt the previous property manager wasn't worth the 10% I was paying.
Thanks for the advice all!
-Tommy