Using Property Manager For Rehab

[Tristan Colborg]

Hey community wanted to see what everyone thoughts were on using your property manager to manage and handle the rehab process? This would include hiring the contractors and over seeing the process. I am an out of state investor and I think it is a nice possible solution for managing the whole process, however I do have concerns.

I think that having the property manager handle the rehab does take away some checks and balances with ensuring the rehab is completed to high standards. I could see some companies to take advantage of this and charge more for the rehab and only complete enough to make it look complete and pocket the rest.

What are your guys thoughts?

[Tyler Gibson]

@Tristan Colborg I did this with a property in Daytona. I think it is one of those questions that people will have a difference of opinion on. I told the PM I hired that this was one of the things I was looking for in a PM when I interviewed them. My PM was a rock star and did a great job. That being said they charged me a fee for this service. Additionally I called every week and asked questions about the timeline. I went out and looked at things once or twice and simply notified the PM that I was on my way. I did this not because I didn't trust the Pm was doing the right thing but because it is my job to make sure that things are happening and the pop in ensured that my PM new I had my finger on the pulse of things. At this point I don't feel like I have to check on my PM but they have proven to be trustworthy. I still call and check-in from time to time even thought it is mostly on autopilot. So I guess to answer your question it is possible but it will depend on if you think the PM can do it. Then you will need to figure out a way to hold them accountable and verify what they tell you is true until you have developed a relationship where you trust them.