Investing out of town with a PM

[Tim Mcbee]

Investing out of town is risky. So is washing dishes blindfolded. Take the blindfold off and develop your team. Having boots on the ground is vital to your success. I recommend having a CM/PM who is separate from your contractor oversee your investment process. A great example of putting this into place is for out of state renovations. You can remove the risk by hiring an hourly service to do any and all of the following: assess the pre-purchase condition, develop the budget, check the contractors credentials, check their progress, run materials, etc. I would rather pay $45-$85 an hour versus finding out after a long flight or drive into town that you've paid for a contractor to run your investment into the ground. Charleston, Atlanta, Greensboro, Titusville, Tampa are all overloaded with subs and GCs that promise big and perform small. I can only speak of the places I have been in the southeast. Please make sure you protect yourself no matter where you plan to invest.