Hello Tim! As an RE Agent and an investor primarily in Los Angeles and Orange County, I just recently went through this process myself! To be specific, I purchased a mixed-use property (residential and commercial) in the South Central area of Los Angeles last May 2023. I knew exactly what I was buying, it was in horrible condition and it would have to be completely renovated. However, from the get-go it was a home-run deal. The rehab took a lot longer than what I wanted, and there were a few things that we hadn't accounted for, but we officially finished in February this year. I'm now refinancing the property and we expect the appraisal value to come in higher than the original ARV. I plan to keep this property as the rental income is already excellent.
I too experienced the same challenges of balancing responsibilities as a father, husband, realtor, investor, coach, Airbnb host, etc.....Let me tell you, this past year wasn't easy!
It took several tries over the years to develop a team of contractors, plumbers, roofers, electricians, etc but I believe I now have a team that I highly trust. Nonetheless, there are a few guys that do really good work, but I still have be on them to complete their work. What I have done in the past is that we (myself and the contractor) discuss the project with as much detail as possible, what materials will be needed, how many people will work on the project, how long it will take, when they plan to start and finish, work schedule, and what the budget/price will be. I won't go check in on them every day but I will "drop in" unexpectedly, or I will call them on "facetime", or I will have a trusted individual show up just to see what is going on. I have also asked them to let me know of any "surprises" right away so that we can take care of it asap. I try to open all of the channels of communication....phone call, facetime, text, whatsapp, etc.....some of my contractors are great at communicating while others I have to initiate the communication, which is ok with me ( I understand that some people may be more quiet than others). I understand that I am also "local", so I can drop in at any time.
Since you are about 5 hours away from LA, you probably can't stop in at any time. Besides trying the above (i.e. phone calls, facetime, text, whatsapp, pictures, etc) I would suggest you hire someone to be your eyes and ears down in LA. This could be a friend, a relative, an RE Agent, or someone else. Share the details of your project as much as possible and let them know how much involvement and communication you desire from that person. Then you can both agree on compensation for their time and involvement. I hope this helps and good luck!
