Creative Ideas to Out-of-state BRRRR
Greetings Bigger Pockets Fam,
I currently own a single family rental property (turn-key), fully managed by a property manager in San Antonio, Texas. I will be moving overseas in December, and I am looking for ways to grow my investing journey whilst abroad. I would like to purchase SFH and MFH that I can BRRRR, with small cosmetic (10-20k) issues. Hoping for creative advice of how to best BRRRR a property out-of-state (out-of-country). My biggest concern is having someone manage the day to day rehab operations, to ensure the project is moving along appropriately. What would you advise:
1. Pay a property manager to swing by the property every so often and send me pictures?
2. Create some sort of incentive for the contracting company (give them X of percent of the cash out refinance)?
3. Pay a virtual assistant to call/video chat to check on the rehab daily/every other day? (I will be working a full time job abroad, and will have a 7-9 hour difference in time zone)
4. Something creative that you've done in the past :)
I greatly appreciate your input in advance!
- Shannon
Most Popular Reply
This is not something that I have experienced personally but something that many investors deal with as they scale their portfolio/find markets that are more suitable for a rental property then somewhere in their own state. I'm not sure if the virtual assistant or property manager would be a better call for check ins, but I would definitely recommend finding someone you trust dearly to help you out before you leave. Weekly updates at the minimum sound necessary and would be worth a little bit of extra comp for peace of mind. Best of luck!