Hey guys I'm curious about a couple of things. - REO Property Preservation Forum
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post #1 of 1 (permalink) Old 01-09-2013, 09:52 AM Thread Starter
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Hey guys I'm curious about a couple of things.

Hey Everybody,
As most of you who frequent this site know I'm new to this business. I have a few questions ( I tried weeding through the old post and found some good stuff but realistically most of the post we're checking the status of some company someone want's to work for) First where can I go to familiarize myself with the terminology and business processes involved in the passing out of preservation work. It seems and I may be wrong about this but are there multiple companies drawing from the same "pool" of assets? Are the deadlines a way to keep vendors motivated or is there some real reason for a deadline? Are we trying to hurry before someone else does the work? The reason I ask is I have been doing remodel to rents. The deadlines for those are totally unrealistic 3-4 days for a full turn (lock change, trash out, repairs to walls and ceilings, full paint, install carpet throughout, install appliances, sales clean). My field op.mgr. say's its no big deal if we don't make the deadline just keep him posted so he can let the client know. Now several things here. In their contract it says there will be a penalty for late orders. I have learned real fast that you can take nothing as fact unless its in writing but I can't get this guy to respond to my emails about the deadline. I'm concerned about being docked 10% on a >$5000 job. Would the client be docking my pay or the fmg? Also I have recently spoken with someone who has been in this industry since its "glory days" and he say's PK is the way to go since they just got the HUD contract. I'm interested but to listen to you guy's talk their price schedule is crippling the industry. What should I ask for the services or where can I find that information. I saw a post a while ago about HUD allowables. I can't seem to find that now if anyone has that link I would appreciate it. This is the amount HUD is willing to pay correct? Do I bid full allowable and let them adjust it or bid with a 25% discount? I've been bidding my net with the company I'm working for now and they adjust to bill the client. I would also like to formally apologize for doing $75 sales cleans and $55 wints. I thought that was the going price and although it sounded low with the additional work I was doing I always made money (well assuming they pay me what I billed) I do however want to get away from "Hack" prices. I am not a hack. My company provides commercial turnkey services for apartments and property managers in my area. With RR's It seemed like an easy transition into a new stream of revenue. If I can get a grip on how to play this game. Keep it local, turn down jobs that aren't profitable, Don't trust anyone, work for more than one company, I have bid all the jobs I have done at market value for my area. None of them were approved for that but I still made a high enough margin to justify doing the work. Just trying to get a feel for what this market will bear. Which companies are worth working for. The guy's I know personally work for PK and Cityside. Anyway bring on the criticism and please throw in a little guidance.
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