Time to get off the ship - REO Property Preservation Forum
 
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post #1 of 7 (permalink) Old 03-08-2014, 01:16 PM Thread Starter
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Time to get off the ship

How's everybody handling all the new lien waiver stuff and business audits?


Starting to get crazy, not sure how they think signing some of those lien waivers will stand up in court. Half of that crap is not even legal.

Really think its time to stop working in this industry. For some of you that quit working for the nationals how did you tell them to make it stop?

You put yourself on hold for a few weeks, you downsize your area covered? and then just told tell them your done one day, or did you just throw in the towel and leave.

Did you get any legal blow back? Charge backs, harassement, how long did it last?

I'm not worried about the lost of income construction in my area is booming so we are back to building and doing private sector work, but I still have a couple nationals that I do some work for so I starting the phase it out phase starting Monday. Just woidering about some of the experiences people had with the rats.
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post #2 of 7 (permalink) Old 03-08-2014, 01:31 PM
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We don't keep lien waivers because Texas doesn't recognize them. No reason to waste the paper. We didn't get dinged for it
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post #3 of 7 (permalink) Old 03-08-2014, 04:05 PM
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I'm right there with you. I picked up 2 new local banks and I have been slammed with $1,500-$2,500 packages and can't see going back to $30.00 orders. I have been considering just having a couple of the companies put us on hold.
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post #4 of 7 (permalink) Old 03-08-2014, 05:22 PM
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That's a tough call. A lot depends on who the clients are, type of work done (P&P vs. rehab), and accounts receivables.

For me personally, I started be weeding out the regionals by shrinking my coverage area. Once, they were gone, I started the process over again with the 2 nationals. It took me over 10 months to fully implement this, but I walked away without BS chargebacks against my AR. I told my last national January 8, 2014, I was done with them.

I've never been an alcoholic or a smoker. However, like them, I will always remember the day I quit! . As a disclaimer, I should point out that I'm still rehabbing for FNMA and Freddie, but I have that exit strategy in place as well.



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post #5 of 7 (permalink) Old 03-09-2014, 10:06 PM
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Here is what i just did to a National, i pretty much walked away from a very large account in November.

First i put them on hold, basically any excuse will work as long as its a "emergency" after about 2 weeks the calls started to come, asking when i was coming back.

I pushed them all the way to 30 days, most of the money they owed me was paid by then. All but 10 or 13k. So i just kept putting them off as long as i could.

The larger Nationals takes about 2/3 weeks to gear up auditing your past work, By then i was paid in full. After about 2 weeks after i was paid in full the charge backs started coming in about 6 a week and are still coming in.

Most of the charge backs are bull sh#t charges nothing major. I really couldn't pull back my area because i work in 3 states, so that wasn't an option.

After the charge backs started coming in i quit and told it was the charge backs. Funny thing is they still have me listed as a active contractor, i still get call about doing work for them, still get emails, still get updates.

My contractors are really happy that stopped working for them too, even tho they took a hit to their income, but it was small compaired to the other company i work for.

We are doing more out side P&P now. I will say this, 10k worth of old folks are retiring every day and will be for the next 20 yrs. So i have a new customer base ready made. And I'm taking full advantage of it.

10% senior discount for home repairs, yard work, im getting the work for the guys and taking 10% or 5% depending on the job and still get to 1099 them..
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post #6 of 7 (permalink) Old 03-10-2014, 03:19 PM
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WMHLC you'll want to down size slowly so to limit the possibility of charge back bull spit.


I do love my local customers. At the end of Feb I invoiced for my Feb snow removal.
With in 2 days I have $2100 worth of checks in my mail box. Forget 30 to 90 and 120 days out.

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 #7 of 7 (permalink) Old 03-10-2014, 09:37 PM
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time to jump

I been doing this for almost 6yrs now and its getting so bad.. charge backs.. not wanting to pay.. non payment cause you didnt take a photo of a sign in sheet.. flat fees, etc.. its a joke!! 300$ of plumbing repairs and they come back saying it should of been 120$ really parts alone were 100 so i made 3$ an hr fixing the plumbing? just stupid.. they hire new vendors that do **** work, destory homes with there bad wints etc.. steal copper and you are looked as a bad vendor cause your field qc person came in and found a burnt out light bulb in a home

Just tired of bs.. our checks are half what they use to be due to flat fees. you win some you lose some.. i didnt know i was suppose to lose money at any job! its a scam! these low balling idoits are ruining it!
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