An Investment & Property Manager is a qualified individual, with solid background in both Project & Financial Management.
The responsibilities of an Investment or Property Manager will vary depending on the type of contract he or she is hired for.
- Assist in the search of a profitable investment property
- Produce return on investment scenarios for the different properties chosen by the Investor
- Assist in the acquisition of the property
- Source and screen contractors
- Oversee the day to day operations of remodeling/upgrading of the property (Manage budget, contractors,deliveries, amongst others)
- Prepare the property to put it in the Market for sale
- Oversee the selling of the property until the day of closing
- What is an Investment Property and Why use an Investment Manager?
Most commonly known as flipping a home, an Investment Property, is a home that was purchased in the stages of foreclosure, as a short sale, or simply a home in need of some TLC being sold at a good price in a good location.
An investment home, is a great way to see quick return on investment, and for this reason investment properties have become very popular. There is still plenty of money to be made, especially if you take a look at the deals available through foreclosures. A home in pre-foreclosure is the ideal opportunity for an investor.
The key to making the most out of your Investment opportunity will lie in your ability to predict how much money it will take to get the home ready for the resale market, and thats when the Investment Manager comes in. Through years of experience, they will guide on where the best areas of opportunity are, and moreover assist/guide you in the remodeling process of the home, to ensure you avoid the mistake most inexperienced investor make, unnecessary upgrades that will not add value to your home.
Why use an Investment Manager?
Not Enough Time
Renovating a house is a very time consuming business venture. Once you own the house, you’ll need to invest time to fix it up. Before you can sell it, you’ll need to schedule inspections to make sure the property complies with applicable building codes. If it doesn’t, you need to spend more time and money to bring it up to par. Next, you’ll need to invest time to sell the property. If you show it to prospective buyers yourself, you’ll spend plenty of time commuting to and from the property and meeting with potential buyers.
Reliable, honest and more important, cost effective contractors.
As an Investment manager, we have a group of reliable contractors with whom we have created a business relationship over the years. This type of relationship can be a deal breaker in an Investment property. If you are working with inexperienced contractors they might not be cost effective and will definitely dip into your profits.
To be successful, you need to be able to pick the right property, in the right location, at the right price. Even if you get the deal of a lifetime, you need to know which renovations to make and which to skip. You also need to understand the applicable tax laws and know when to cut your losses and get out before your project becomes a money pit.
Professionals take their time and wait for the right property. Novices expect to rush through the process, slap on a coat of paint and earn a fortune. Professionals understand that buying and selling houses takes time and that the profit margins are sometimes slim.