Looking for advise in Illinois - REO Property Preservation Forum
 
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post #1 of 6 (permalink) Old 03-19-2013, 06:27 PM Thread Starter
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Looking for advise in Illinois

Hi Everyone,

We are new to property preservation. We have all the proper insurance, and license. We got approved with 5 bros. the first week of Feb. and have only had 2 occupancy verification. Since then we have been approved with another company and waiting on work from them also. We have all the supplies that we were asked to get (locks,tarps, zip ties, etc).

We are located in the Chicago suburbs. We service all the areas around Chicago except the city of Chicago itself. I'm not sure if it is cause we are a new company or if it is the area we are in as to why we have not had a bid yet. Just the 2 occupancy verification from 5 bros.

Is it a hurry up and wait process with national companies? Should I focus on local real estate agents? Is this normal for new companies in this line of work?Any help would be appreciated

Last edited by mattbv; 03-19-2013 at 06:30 PM. Reason: spelling
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post #2 of 6 (permalink) Old 03-19-2013, 07:52 PM
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Work drops off and speeds up randomly. I have almost no supplies and don't have enough cash to buy a ton of plywood for board-ups and even cleaning supplies after we run out so just have to do the non-investment type work until we're back to normal.

Overhead doesn't drop off when the work does. Try to get in with a bunch of companies. You most likely won't be overwhelmed. If you want a lot of work, Safeguard will have a lot but they are the most frustrating to work with and don't always pay very well.

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post #3 of 6 (permalink) Old 03-19-2013, 10:26 PM
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I keep reading posts that 5Brothers pay good? Man when I worked with them several years ago I couldn't make a dime!

As far as work in the greater Chicago area there are perhaps 1000 so called P&P contractors on the books. You just have to wait for the other 999 to go broke and then you will get the "call" to step up to the plate to spend your hard earned $$$. Its a disappointing business to be in---- kinda like my Cubs!
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post #4 of 6 (permalink) Old 03-20-2013, 05:52 AM
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In a previous life as a moron, I would send crews to the Chicago area and put them in hotels for weeks at a time. The brokers up there told me that there were plenty of crews inside Chicago, but they couldn't get them into the burbs. I could send crews 5 hours one way and they couldn't drive 45 minutes? Then I found out why....
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post #5 of 6 (permalink) Old 03-20-2013, 05:55 AM
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We have done high six figures for a company one year and low five figures the next. Your only good until the next guy comes along. You may not understand at the time, but it is a great wake up call to avoid staying with one teet.
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post #6 of 6 (permalink) Old 03-20-2013, 08:28 AM
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Quote:
Originally Posted by Wannabe View Post
. . .You just have to wait for the other 999 to go broke and then you will get the "call" to step up to the plate to spend your hard earned $$$. . .
That could take days!!!

Iíve already told you more than I know.
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