$90 for a wire cap??? Are you kidding me!!! - REO Property Preservation Forum
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post #1 of 21 (permalink) Old 11-13-2013, 02:14 PM Thread Starter
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$90 for a wire cap??? Are you kidding me!!!

According to the recent podcast on Foreclosurepedia, Miken Construction used to charge the Bank $90 to cap a wire and paid the vendor 50 cents (not dollars). What a scam!!! That explains all the reopened work orders to go and cap a wire at our expense. The punches just keep on coming.
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post #2 of 21 (permalink) Old 11-13-2013, 03:51 PM
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Greed! everything should be transparent, where the price that is charged to the bank from the nats and the 20% taken off that. That way both sides know the samething about what's going on. But that won't happen.
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post #3 of 21 (permalink) Old 11-14-2013, 10:57 PM Thread Starter
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According to the podcast, in one instance Miken got close to 6k for the capping of wires that the contractor did and the contractor didn't even get $100. That is bull..... I am sure they have backcharged that same vendor for something stupid like leaving leaves in the background pics also.
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post #4 of 21 (permalink) Old 11-15-2013, 09:02 AM
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Greed! everything should be transparent, where the price that is charged to the bank from the nats and the 20% taken off that. That way both sides know the samething about what's going on. But that won't happen.
Just as you let everyone (everyone in this case being your subs and employees) know what you are being paid, pay for materials, etc..., yes?

I will say it once again; it does not matter what the contractor is being paid, what matters is what the sub (you) agreed to be paid. These companies, whether through the good old boy network or otherwise, went out and had the cash flow and got major contracts, while you are subbing for pennies on the dollar...willingly I might add. And now you want to whine and cry.

STOP WHINING! If you want better paying contracts go out and get them! Be prepared to having to wait 90+ days for payment in the 10's of thousands of dollars which you have fronted out.

Typical socialistic, Obama loving mindset that thinks everyone deserves the same rates under the guise of "transparency". Feeling entitled because they feel because they answered a CL ad, they should get the same fee as someone that worked (one way or the other) to get where they are, is what is collapsing this nation.

May God help this country...
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post #5 of 21 (permalink) Old 11-15-2013, 05:28 PM
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Just as you let everyone (everyone in this case being your subs and employees) know what you are being paid, pay for materials, etc..., yes?

I will say it once again; it does not matter what the contractor is being paid, what matters is what the sub (you) agreed to be paid. These companies, whether through the good old boy network or otherwise, went out and had the cash flow and got major contracts, while you are subbing for pennies on the dollar...willingly I might add. And now you want to whine and cry.

STOP WHINING! If you want better paying contracts go out and get them! Be prepared to having to wait 90+ days for payment in the 10's of thousands of dollars which you have fronted out.

Typical socialistic, Obama loving mindset that thinks everyone deserves the same rates under the guise of "transparency". Feeling entitled because they feel because they answered a CL ad, they should get the same fee as someone that worked (one way or the other) to get where they are, is what is collapsing this nation.

May God help this country...
Wait where's the "Like" button. Bravo
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post #6 of 21 (permalink) Old 11-15-2013, 05:51 PM
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I will say it once again; it does not matter what the contractor is being paid, what matters is what the sub (you) agreed to be paid. These companies, whether through the good old boy network or otherwise, went out and had the cash flow and got major contracts, while you are subbing for pennies on the dollar...willingly I might add. And now you want to whine and cry.

STOP WHINING! If you want better paying contracts go out and get them! Be prepared to having to wait 90+ days for payment in the 10's of thousands of dollars which you have fronted out.
While I agree with most of your sentiment. I do have a little difference of opinion. I am not a liberal by a long shot. I DID NOT vote for Obama. That said, what I want is the order mills to just do as they say they'll do. Honor the contract we have. Act with fairness in dealing with errors and mistakes. Instead of trying to take advantage of the contractor to line their pockets.

I have read all the guidelines set forth by FHA, VA, FNM, and FMC. I know what the rules are. If I make a mistake, I'm big enough to shoulder the consequences. What we don't need is someone finding loop holes to take our money. For instance, not too long ago we were paid $60 for a knob lock and $60 for a deadbolt per FHA guidelines. Now, someone read the guidelines and saw that they could be interpreted as it being $60 for the set. So, we get screwed. When the wording in the guidelines say "Up to" a certain amount for a particular project, watch out. They order mill can set whatever price they want to pay you and pocket the rest.

All we need is fairness in our dealings. Take whatever percentage was agreed to in the contract and pay the contractor for the work performed.
And for the love of God - stop cutting my bids prior to sending them to the client. And never place a bid for me and expect me to honor it.

One other thing, why is it that the last contractor at the property inherits all the mistakes of all the contractors that ever performed work at the property? If the contractor that "fixed" the roof didn't do it correctly, and the next guy comes along and can't tell it wasn't done correctly - because it hasn't rained recently - but is still held responsible for damages caused by the roof leak...how is that fair dealings?
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post #7 of 21 (permalink) Old 11-15-2013, 05:56 PM
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According to the recent podcast on Foreclosurepedia, Miken Construction used to charge the Bank $90 to cap a wire and paid the vendor 50 cents (not dollars). What a scam!!! That explains all the reopened work orders to go and cap a wire at our expense. The punches just keep on coming.
$9 maybe. $90?? Not so sure.
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post #8 of 21 (permalink) Old 11-15-2013, 06:27 PM
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Just as you let everyone (everyone in this case being your subs and employees) know what you are being paid, pay for materials, etc..., yes?

I will say it once again; it does not matter what the contractor is being paid, what matters is what the sub (you) agreed to be paid. These companies, whether through the good old boy network or otherwise, went out and had the cash flow and got major contracts, while you are subbing for pennies on the dollar...willingly I might add. And now you want to whine and cry.

STOP WHINING! If you want better paying contracts go out and get them! Be prepared to having to wait 90+ days for payment in the 10's of thousands of dollars which you have fronted out.

Typical socialistic, Obama loving mindset that thinks everyone deserves the same rates under the guise of "transparency". Feeling entitled because they feel because they answered a CL ad, they should get the same fee as someone that worked (one way or the other) to get where they are, is what is collapsing this nation.

May God help this country...
Hold on there. I and a long shot from a Obama supporter. I'm neither republican or democrat
What I am talking about is the drop from 5o to the low $2os per cube.. the criminal chargebacks. They take way more then 20%. And that is the bs I'm talking about. The crackhead or drunks that WILL do the work so cheap just to get their next high while I have a office multiple trucks.. I work what what I have made, nothing was handed to me, and as far as the transparency part. Will if I'm chargedback I would like to see something feome the client stating so. Not just their word. Be careful who you go calling Obama supporters. And if you weren't calling me one and I took it out of context I am sorry.
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post #9 of 21 (permalink) Old 11-16-2013, 04:59 AM
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Originally Posted by Field Audit Services LLC View Post
Just as you let everyone (everyone in this case being your subs and employees) know what you are being paid, pay for materials, etc..., yes?

I will say it once again; it does not matter what the contractor is being paid, what matters is what the sub (you) agreed to be paid. These companies, whether through the good old boy network or otherwise, went out and had the cash flow and got major contracts, while you are subbing for pennies on the dollar...willingly I might add. And now you want to whine and cry.

STOP WHINING! If you want better paying contracts go out and get them! Be prepared to having to wait 90+ days for payment in the 10's of thousands of dollars which you have fronted out.

Typical socialistic, Obama loving mindset that thinks everyone deserves the same rates under the guise of "transparency". Feeling entitled because they feel because they answered a CL ad, they should get the same fee as someone that worked (one way or the other) to get where they are, is what is collapsing this nation.

May God help this country...


Coming on a little strong, tone it down.
Not all of that was deserved. Thanks.


That said there is clearly some thing wrong with the national business model that charges the gov and banks what they
charge and then pays pennies for the work. No one is against capitalism but immoral profiteering is exactly what it is.
Immoral.

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 #10 of 21 (permalink) Old 11-16-2013, 06:14 AM
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Yes, everything was "deserved" to be said. You aren't one of those that likes to give every kid on the team a trophy just for signing up, are you?

And since when have morals meant anything in business? Business is all about legalities, not morals.
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