Anyony out there still enjoy their work? - REO Property Preservation Forum
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post #1 of 12 (permalink) Old 02-10-2014, 04:51 AM Thread Starter
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Anyony out there still enjoy their work?

I get it, work is work and property preservation is not for the weak. That being said...anyone out there still like what they are doing? I have to search thru so much negativity to find helpful posts.
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post #2 of 12 (permalink) Old 02-10-2014, 07:23 AM
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Hi Molly we have been around for about 4 years now and still enjoy the work although it ain't what it use to be pricing is a lot lower you have to pick and chose what you do to be profitable be careful land check out who you are going to work for there are a lot of small company's most on cl that will work you and when it's time to get paid you can not contact them
The main thing about this business is be honest and do it right the first time
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post #3 of 12 (permalink) Old 02-10-2014, 10:17 AM
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Originally Posted by Molly77 View Post
I get it, work is work and property preservation is not for the weak. That being said...anyone out there still like what they are doing? I have to search thru so much negativity to find helpful posts.

Here's your sign.

Iíve already told you more than I know.
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post #4 of 12 (permalink) Old 02-10-2014, 10:48 AM
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Hi Molly, there is a difference between negativity and reality. The negativity would be if all everyone did was sign on and whine for a little tea and sympathy. The reality is that the preservation industry is a pit full of vipers and the information posted on here thru experience will hopefully help those that come in after the veterans of this madness and learn from it. I very much enjoy what I do, but it matters that I control when and whom I choose to work for.
The threads you read that are opinion based should be taken for what they are. The ones you find that are fact based, whether good or bad can be a great help to those just starting out.
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post #5 of 12 (permalink) Old 02-10-2014, 04:54 PM Thread Starter
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Your lucky you get to choose when and whom you work for. When you are starting out and making your way thru you feel like you have' to take what they give you..when they give it to you. Now that I'm on my own I will make different decisions.... Such as a smaller radius of work. We have driven over 2 hours one way to hopefully break even on a job..that is NOT my idea of a wise business decision, but my bosses philosophy was-- you take the bad with the good. I only agree with that to a certain extent.
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post #6 of 12 (permalink) Old 02-10-2014, 05:15 PM
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Your lucky you get to choose when and whom you work for. When you are starting out and making your way thru you feel like you have' to take what they give you..when they give it to you. Now that I'm on my own I will make different decisions.... Such as a smaller radius of work. We have driven over 2 hours one way to hopefully break even on a job..that is NOT my idea of a wise business decision, but my bosses philosophy was-- you take the bad with the good. I only agree with that to a certain extent.
Years ago, I felt like I had to "take what they gave me". If you are going to survive, that is a bad policy and one you should grow/transition out of as fast as possible. You need to keep in mind that you are no longer the employee. You are the boss now. Just "getting by" isn't good enough. If that's what you are doing, the first chargeback, no pay or equipment breakdown will put you out of business.

Do not confuse negativity and reality. The reality is a lot of these "clients" deserve the negative feedback that is posted. This is one of the craziest businesses out there. Most people who aren't in the business don't understand it. That was a very common theme for those of us who remember when PreservationTalk was part of ContractorTalk.

I dropped my last national client on January 7, 2014. I have no regrets and don't look back. They still send me emails and work orders asking for "this one favor". Forget it. I rehab for FNMA and Freddie Mac and the rest is private party. Occasionally a local broker will ask for something and I'll do it, but its my price sheet.

As BPWY says, the best way to make a $1 million in P&P is to start out with $2 million. Very few people can rely on this business model as their sole source of income. If you haven't already, I'd recommend you start diversifying.



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post #7 of 12 (permalink) Old 02-10-2014, 05:24 PM
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Your lucky you get to choose when and whom you work for. When you are starting out and making your way thru you feel like you have' to take what they give you.
Lol, luck has nothing to do with it. I have the type of personality that makes me unemployable. I knew early on that if I wanted to eat and live under a shingled roof I had better get out there and make my own way. I don't take orders well and I'm not good with directions. I put up with bosses just long enough to get up on my feet. If you truly enjoy what you do, and are good at it, you can succeed as well and make your own path. You just have to believe that there is more out there than the crumbs BO Plenty Inc is handing you.
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post #8 of 12 (permalink) Old 02-10-2014, 07:31 PM
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When you are starting out and making your way thru you feel like you have' to take what they give you..when they give it to you.

This is the worst mentality you can have in this industry and the quickest way to go broke We felt like this at first, too, but very quickly figured out that we were better off staying at home in the recliner and mailing some of these jokers a $50 check than going out and busting our butts all day long at a loss.

These companies will take all that they can get from you, and then some more, if you let them.
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post #9 of 12 (permalink) Old 02-10-2014, 07:56 PM
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You will find a lot of crying in this industry..
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post #10 of 12 (permalink) Old 02-10-2014, 08:26 PM
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Bottom line Molly at one time this was a very lucrative and profitable business to be in and I personally did enjoy it. There was a time you could name your price and usually get the job. Not anymore, take notice of the veterans of this site. They (we) are pros and know when it is time to "get out of Dodge". We will gladly hand over the reins to you and give you as much advice and help as we can.
For your sake I hope things get better but most of us don't see that happening just more requirements for less money.
The IRS gives a business 5 years to turn a profit believe me you will have no problem showing a loss getting into this now.
Prepare to deal with some of the most incompetent people you have ever dealt with, 99% have no idea what you do or what they are doing.
Diversify, diversify, diversify do not make this your core business, at one time you could make it solely on this but starting out in it today I feel that is no longer true.
I suppose what a lot of us post on this site could be construed as negativity (hell at one time I would have thought the same) but in reality it is the reality of this business.
Good Luck
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