Trying to start business....Questions - REO Property Preservation Forum
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post #1 of 27 (permalink) Old 03-24-2016, 08:25 AM Thread Starter
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Trying to start business....Questions

Good Morning,

I would like to know if:

You had experience in the industry before you started? If so how many years?

Do vendors require contractors to have experience? If so how many years?

If you donít have any experience what is your recommendation to starting off?

Do you have a business license? Or just insurance and DBA or LLC

What is the Best start off equipment in this season?

How must money is needed to get started?

Also do you carry any home inspection license or certificate?

I would like to say thank you for any answers you can extend to me.
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post #2 of 27 (permalink) Old 03-24-2016, 08:55 AM
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Welcome Alexis! Most people on here know that I am a recruiter for a national repair/rehab company. I previously worked for a national (and a regional) preservation company. What I can tell you is this, most nationals and regionals do not care about experience. Most of them just want the job done fast and cheap. Before I started in this industry (on the processing side, eventually moving to field tech support, and now recruiting), I had no experience, nor did I even know what this industry was. Luckily, I am a pretty quick learner, and took in as much information a I could. I used to be able to quote the HUD Mortgagee letter, because I am a huge nerd. The reason I bring this up, is because I want you to know that the reps you are going to be dealing with, most likely will not have any experience in this field either, and that is something to keep in mind. There is a complete lack of experience on the office side (personally, I have done a few trashouts, initial secures, and evictions, but most have not even left the office). Before starting out, do your research, work out your expected overhead, and expect to lose before you start making money, as it is very possible. I'll leave the rest of the answer to the great people in the field here! I hope that helps a little though!
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post #3 of 27 (permalink) Old 03-24-2016, 09:53 AM
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Before you start, read this forum and then read some more than ask yourself question, do you really need it?
Noone in their healthy mind should be getting into this industry specifically now and without experience in this industry. People with experience would not return into this as they know what this is
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post #4 of 27 (permalink) Old 03-24-2016, 11:09 AM
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Both of the above posts are right on. Think about the experience thing for a minute. The national/regional companies will ask/require you to perform multiple tasks that in most states would require licensing and certification. They do not care if you don't know what you're doing. If you happen to get it right, great. If you screw it up they will nail your insurance and move on to the next victim.

Newreo was right on. Read this forum until you want to poke your eyes out....then read some more, because in the end poking your eyes out will be more fun than losing your life savings invested in an industry that's full of thieves.

I would never tell someone they can't do it. You can do it. What I would suggest is don't jump all in. Get your toe wet first. If it doesn't fall off, then get your feet wet.
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post #5 of 27 (permalink) Old 03-24-2016, 03:11 PM
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It just amazes me people still want to get in this business,truly baffeling.
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post #6 of 27 (permalink) Old 03-24-2016, 04:09 PM
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Quote:
Originally Posted by david View Post
It just amazes me people still want to get in this business,truly baffeling.
How would they know any different? Until they get on social media and hopefully retain what is spewed throughout the web on how bad things are getting, they have no clue that it's not a good direction to pursue.
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post #7 of 27 (permalink) Old 03-24-2016, 04:23 PM
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It just amazes me people still want to get in this business,truly baffeling.

Suck starting a revolver would be less of a headache.
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post #8 of 27 (permalink) Old 03-24-2016, 04:33 PM
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read read and read some more. when your done apply at McDonald's you will make more
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post #9 of 27 (permalink) Old 03-24-2016, 04:50 PM
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Quote:
Originally Posted by [email protected] View Post
Good Morning,

I would like to know if:

You had experience in the industry before you started? If so how many years?

Do vendors require contractors to have experience? If so how many years?

If you donít have any experience what is your recommendation to starting off?

Do you have a business license? Or just insurance and DBA or LLC

What is the Best start off equipment in this season?

How must money is needed to get started?

Also do you carry any home inspection license or certificate?

I would like to say thank you for any answers you can extend to me.

Serious question here. Why do you ask any of these questions when we all know you are just going to go ahead and make all of the mistakes we tell you to avoid?

Are you wanting us to map it out for you?

The bottom line is if you want to be a millionaire in this business start with 2 million and work your butt off. After about 18 months you will be a millionaire.
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post #10 of 27 (permalink) Old 03-24-2016, 05:25 PM
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That may be true but I'm still bringing home 5 times as much as I did when I worked "for" someone like you.
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