How to Remotely Manage a Home Renovation When Investing Out-of-State

Investing out-of-state may require a home renovation every so often. Unfortunately, not every home you buy long-distance will be a perfect turnkey rental upon acquisition, so it’s almost necessary to know how to plan a renovation remotely. Remote renovations may send shivers up your spine at first (how will you know if the grouting looks good!?), and Soli Cayetano felt the same way on her first out-of-state investment renovation.
Soli was so keen on learning a bit about the renovation herself, that she flew to Cincinnati to do some painting, grouting, and remodeling with her own two hands. It took a long time to do even the most basic work, prompting her to start building her home renovation dream team that could take care of basic rehabs when she was 2,500 miles away. Now, she’s completed numerous rehabs, some with very few hiccups, thanks to proper planning!
Soli has three big tips for any aspiring out-of-state real estate investor who wants to buy BRRRR, flip, or remodel-and-rent properties. These three tips can not only save you tens of thousands during your remodel, but they may also help speed up your timeline so you can start collecting rent faster!
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1:52 1. Build a Clear Scope of Work (SOW)
2:30 2. Perfect Your Timeline and Payment Schedule
3:26 3. Have a Third-Party Walkthrough
4:42 Where to Find Contractors
6:03 You're Ready to Renovate!

[@MadhuriGuptawhousesthisanyway]

Thanks for making this timely video Soli . I just went on contract for a property and this advise is just what I needed.

[@lattes.and.leases]

of course! So glad it came at the right time!

[@samli5594]

how to find contractors: investor referral, property manager referral, local real estate association

[@christianhanus8531]

Do you bid the job prior purchasing or once you’re under contract?

[@unicornglamor7407]

Girl, this video is EVERYTHING! I *love* that you are both a woman AND doing it remotely, two factors that unfortunately work against you in the real estate construction world run by men who love to take advantage of people they think are easy targets. This gives me *SO* much confidence that I can do this. Now I am only limited by the amount of capital I can raise for my projects, AND I can worry a LITTLE less about being taken advantage of by straight white male contractors as a black gay man.