Possible to "Rehab" remotely?

[Joshua McGinnis]

I'm looking at several HomePath properties in more amenable markets than my own and many will require some degree of repair before their rent-ready.

My question to you guys is how would you best advise on how to approach assessing the repairs needed, finding a contractor, and then ensuring the work is done ... remotely.

My first hunch is that this shouldn't be done. I'm not keen on buying property that I'll never see, but I know that there are some scenarios where this totally acceptable. Perhaps this falls under the category of it shouldn't be done?

If it can be done, what's your advice? Are there trustworthy contractors who do just this? How would I find them?

Your thoughts would be greatly appreciated.

[Brant Richardson]

You have to find the right connection. I have a great guy in Kansas City. He is a realtor but used to be a property assessor and has overseen a lot of rehab projects so he understands the cost of rehab. He goes to properties, takes 20-30 pictures of everything that needs rehab and gives me a rough estimate on repair cost. If I buy it then he gets 3 contractors to bid on the job and we pick one. He then oversees the contractor and disperses money at the beginning, middle and finish. He earns the regular sellers fee when the house is bought and charges 5% of rehab costs to oversee the job. This set up is working well.