Posted by Dee on January 24, 2005 at 19:18:15:
People rehab from other cities all of the time. I’m sure there are some challenges, but none that cannot be overcome. Search the board, long-distance REI is a common topic.
Rehabbing From 100 Miles Away? - Posted by Scott-CA
Posted by Scott-CA on January 24, 2005 at 17:09:17:
Greetings, I’m looking for any input or comments about doing rehabs that are up to 100 miles away. Would this be overly troublesome or are others already doing this? I’m in coastal southern CA and the deals appear to be better inland and in central ca. I work full time and I’m wondering if it would be workable (and profitable) to buy houses out of my immediate area and manage the repairs (handyman, general contractor, etc.) remotely? All information and advice appreciated! Scott
Re: Rehabbing From 100 Miles Away? - Posted by Dwight
Posted by Dwight on January 25, 2005 at 10:08:26:
I don’t go to my rehab’s daily but I do call the main contractor (who I make responsible for everything) daily to make sure things are going according to plan/schedule.
It takes some trust to do it this way but it take a minimum about of my time.
Re: Rehabbing From 100 Miles Away? - Posted by Jack
Posted by Jack on January 24, 2005 at 20:19:35:
Depends on the numbers. Right now I have a rehab I bought at foreclosure auction 6 months ago that is 200 miles away. I paid $24,000. I’ll have $18,000 in repairs into it when I finish. And I will sell it for $85,000 when I am done. I work on it in my spare time. 3 days here, 3 days there. I’ll end up putting a total of 15 days into it, and make $30,000+ when I sell.
Re: Rehabbing From 100 Miles Away? - Posted by Ken
Posted by Ken on January 24, 2005 at 18:21:22:
In my experience, even if you have a crew that you work with on a regular basis, you have to be at the property every day to make sure things are going the way you envisioned them going.
If you are attempting to put together a crew from a distance, you are just asking for trouble.
I suppose you might consider getting a motel for the duration, but that is a mighty expensive way to do business.