Bank Owned Rentals ? - REO Property Preservation Forum
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post #1 of 15 (permalink) Old 05-15-2013, 02:13 PM Thread Starter
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Bank Owned Rentals ?

what do we know about this trend and how does it affect us seems that it could be good in theory
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post #2 of 15 (permalink) Old 05-15-2013, 02:25 PM
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Long as the nationals don't have their hands in the cookie jar it probably won't be too bad.

Professionals are people who can do their job when they don't feel like it.
Amateurs are people that can't do their job even when they do feel like it.
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post #3 of 15 (permalink) Old 05-15-2013, 07:50 PM
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what do we know about this trend and how does it affect us seems that it could be good in theory
Its called manythings but a FAS cluster fornication it is . Tenant occoupied is what they called it and it is a JOKE. Flat rate repairs like 600 for a hot water heater GAS to boot !. I had one thatEVERY TIME the tenant wanted hot water they had to light it EVERYTIME. The pricing was Terrible and I couild NOT get a professional plumber to even stop laughing when I told them what the national wanted to pay. Sure a contractor can put in a hot water heater but hwere it is AGAINST CODE if you are NOT a plumber. Needless to say it was a great opportunity to piss off FAS and deny work because it did not pay.

The properties are not necessarily tennant only it could be getting rented back to the former owners... Does this HELP ??
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post #4 of 15 (permalink) Old 05-15-2013, 08:08 PM
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I think it was in '10 or '11 that I saw some numbers for such a thing.

You are right, the ONLY person making any money is the nationals.
Kinda like it is today doing P&P.

Professionals are people who can do their job when they don't feel like it.
Amateurs are people that can't do their job even when they do feel like it.
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post #5 of 15 (permalink) Old 05-15-2013, 09:47 PM
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what do we know about this trend and how does it affect us seems that it could be good in theory
I heard Altisource was going to get involved with this and we tried to get on board as a GC, and got a huge run around (submit a power point presentation, "we need more photo's" etc.) afer reading the reply's I'm glad we did'nt try that hard ...
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post #6 of 15 (permalink) Old 05-15-2013, 11:49 PM
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Tenant Lease is the term. A few years ago we submitted a price list for all the services that were required. The pay was absolutely ridiculous and we said NO. The contractor who did get awarded the jobs quit within the first 3 months. Got tired of having to unclog toilet at 2 a.m. when the slob flushed wads of t.p. and it overflowed. You had to guarantee 24/7 availibility within 1 hour of tenant call. The call center would call 1:15 after the call-in to verify you were there and if not the pay was forfeited and NO excuse for bad weather OR you couldnt gain access to condo units etc etc. Another cluster *!
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post #7 of 15 (permalink) Old 05-16-2013, 05:27 AM
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Had a similar offer made to us with all sort of binders and time requirements. I had a large portfolio of rental houses and multi family units so I know the work involved and the ROI. There is no chance in Benghazi I would have someone dictating to me how it should be done for the money they offered.
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post #8 of 15 (permalink) Old 05-16-2013, 07:37 AM Thread Starter
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thank you friends and patriots
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post #9 of 15 (permalink) Old 05-16-2013, 09:12 AM Thread Starter
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CONTRACTOR PRICE LIST

CONTRACT SERVICES PRICE
PRICING EFFECTIVE 3/16/2012
Appliance Removal - (Needs Authorization) Bid Approval
Debris Removal - (All debris including hazards) $15.00 per CYD

Trip Charges - Are applied when you go to the property and there is no work to perform (note: do not charge for a trip when work is complete) $10.00

Locks - $15.00
Locks - Padlock $5.00
Locks- Hasp $5.00

Grass Cuts - (Up to 5,000sqft) $15.00
Grass Cuts - (5,001-10,000sqft) $20.00
Grass Cuts - (10,001-15,000sqft) $25.00
GrassCuts - (15,001-25,000sqft) $30.00
GrassCuts - (25,001-35,000sqft) $35.00
GrassCuts - (35,001-43,000sqft) $40.00
Grass Cuts - (Over 15,000sqft or Over 1' Tall entire grass - require a Bid Approval) Bid Approval

Janitorial (Initial and Monthly) $30.00

Pressure Test (as separate client order) $20.00
Thaw Property - (Bid to replace water heater or boiler damaged from freeze) Call for approval
Winterization - Dry $30.00
Winterization - Wet/Radiant Heat $60.00

Install Dehumidifier $195.00
Install Sump Pump $120.00

Outlet Covers ea $2.50
Switch Plates ea $2.50

Repair Pipe Separation $15.00

Cap Pipe $7.00
Cap Wire $2.00
Cap Toilet Bid Approval

Tarping - (Roof or Pool) Bid Approval

Install - Hand Rail Bid Approval
Install - Security Door $60.00
Pump Basement - (Must provide pictures of yard stick/tape measure to show depth) $55 per ft
Boarding Windows ea - (Small 2'x2') $25.00
Boarding Windows ea - (Medium 3'x3') $35.00
Boarding Windows ea - (Large 4'x4') $45.00

Allow Access - 1st Hour $15.00
Allow Access - Additional Hours (Up to 3 Additional Hrs total) -According to work order $10.00

**Work Order Instructions supersede all other instructions
**Call Office for Approval to Proceed on Unsecure Properties/Active Leaks/Basement Flooding
**Bid Approvals - Anything not on this List requires a Bid Approval
**Your Bid Approval Price - Get in Writing/Email
**Trip Charges - Only paid when work cannot be completed and billed for at a property
Signature_____________________
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post #10 of 15 (permalink) Old 05-16-2013, 09:15 AM
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Its like these guys WANT to hire the lowest hacks available.

I feel insulted just reading that drivel.

Professionals are people who can do their job when they don't feel like it.
Amateurs are people that can't do their job even when they do feel like it.
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