Long Distance BRRRR Questions

[Steve Triano]

I am looking to do some long distance BRRRR's but have a couple questions.

1.  How do you determine what to rehab from just the pictures?

2.  I have done rehab's before but I have always been there to create a punch list for the contractor to fix... and also to sign off when something is complete.  Who does this if I am remote?  The PM that I choose? 

3. Who defines the detail to the rehab?  Color/Materials, etc.  If I'm not there... does the PM take are of this?

I'm assuming that the PM is probably the answer....and if so... I'm worried...as my PM's on my other properties are good with renting the property but wouldn't say they are good at interior design.

Thank you for any advice.

Steve.

[Brad Jacobson]

Hey Steve,

You should definitely read David Greene's book, Long Distance Real Estate Investing.  He goes into great detail on all of this.  Here's a quick summary of what I can remember from the book:

1. Get a professional inspection done and FaceTime the inspector in the "walkthrough"

2. The punch list comes from the inspector's report and findings

3. You can order the materials direct from a local Lowes or Home Depot and have them delivered to the worksite.  That way, you're only paying for the labor.  The PM won't be active until after the rehab is complete so these finishing details are done between you and the GC

I'd recommend contacting a few high producing agents in the area you're looking at for inspector and GC recommendations and get to work!

Good luck!