What you are talking about is becoming a project manager and I'd say there is a demand for that. Clients would want more than to just give updates on the property such as managing and dealing with all contractors and sub-contractors. @Tyler Campbell
What you are talking about is becoming a project manager and I'd say there is a demand for that. Clients would want more than to just give updates on the property such as managing and dealing with all contractors and sub-contractors. @Tyler Campbell
@Tyler Campbell As an out of state in investor, I would absolutely pay for this sort of service. To piggy back on what @Brandon Goldsmith said, I would want more than just checking up on the property. I want a hired project manager who can deal with the contractors and ensure the rehab job is being completed as outlined on the agreement.
@AJ H. That’s very good to know. I am not too familiar with current demand for property managers. Are they increasing in demand? Why don’t people always use them ... (why haven’t I even heard of this term yet)?
I know from bigger pockets and reading that...
-People hate dealing with contractors.
-There are bad contractors that scam people.
-More and more out of state investors need project check ups
So why haven't I heard of this role in REI? Maybe it's just my inexperience too.
I don't think that's a bad idea! I've done a hard money loan, BRRR here in columbus and I think that you could structure things the same way. You'd have to have to probably be running the GC work yourself though.
The hard money lender would send a 3rd party inspection company to ensure where work currently was and they would be updated on where the current permit process was, roughs and finishes.
Maybe you could follow suite. I think they paid the inspectors $150.00 an inspection.
@Zeke Liston I have no experience in construction. I'm currently only learning about REI but thought of this specific opportunity to fill a need in the market.
@Tyler Campbell Most property managers I've worked with do not really do this service but may walk the property once or twice for you, unless they are a turnkey brokerage that does buy/sell, property management, and construction. I've worked with those companies before.
I think your idea has some real possibility, but it will need to be more involved than just walking in and taking pictures. You could offer different packages for different levels of project management. Low end can just be the pictures and walkthrough. At the highest end will be the full on project management. You can have some middle tiers for less management.
As an OOS overseas having a third party providing photos is invaluable. Just the mere fact of somebody else showing up to take photos may encourage the contractor to be more honest in my opinion. Thanks! @Tyler Campbell for the service and quick turnaround.
I definitely agree that’s there’s a need for the service. I like the idea of three different packages at different price pints. Being your own GC or PM is an entirely different ball game and a lot to take on with no prior experience. I’d recommend teaming up with or working with somebody in the area to learn more on the GC/PM side and to make connections.