HUD and REO property preservation - REO Property Preservation Forum
 
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post #1 of 3441 (permalink) Old 04-26-2007, 05:02 PM
King of Crown
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HUD and REO property preservation

Hey guys, I am curious if any of you do work for property preservation companies who work with lenders. I have some questions, but dont want to waste my time if no one does any work for them.

Thanks.
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post #2 of 3441 (permalink) Old 04-26-2007, 05:24 PM
mdshunk
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The property preservation guys (winterizing, boarding up), get the advance inside scoop on what's going to be for sale. I have a very close acquaintance who's managed to build quite a portfolio of rentals because he's on the HUD and USDA property preservation contractor list. If you have a desire to aquire property, doing this type of work here and there might not be a bad idea. You might even be able to sell the "lead" to someone who buys rentals or rehabs property.
post #3 of 3441 (permalink) Old 04-26-2007, 05:33 PM
King of Crown
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That is awesome. Thanks. You just answered all of my questions too in allot less time than I could have asked them. Appreciate the help.
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post #4 of 3441 (permalink) Old 03-25-2008, 04:23 PM
infiniti
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hello, i am seriously thinking about getting into the buesiness of Property preservation, i have no experiance, but wanted to know any suggetion i can get from someone who is in the buesiness already, where do i go to teach my self well as far as, winterization, proper board up, pricing, i d greatly appreaciat any help anyone can give me.

jonathan, thank you, you can emial me at [email protected].
post #5 of 3441 (permalink) Old 03-25-2008, 09:07 PM
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Quote:
Originally Posted by infiniti
hello, i am seriously thinking about getting into the buesiness of Property preservation, i have no experiance, but wanted to know any suggetion i can get from someone who is in the buesiness already, where do i go to teach my self well as far as, winterization, proper board up, pricing, i d greatly appreaciat any help anyone can give me.

jonathan, thank you, you can emial me at [email protected].
Jonathan ~

I own 2 property preservation businesses. There's a lot of up front money involved if you want to do it right. You'll need general liability insurance, decent equipment, fuel, equipment rental, and labor. A website wouldn't hurt either, even a simple one like mine. Plus, you can go weeks without substantial work until everyone knows you're out there.

It was a terrific struggle to get to where we are now but, if you're determined enough, send me an e-mail to [email protected] and I'll see if I can help.

I cover 5 counties in Southern California, the tri-state area of Nevada, Arizona, and California, and will soon have another startup out of Idaho.

I have an awesome crew and the best, most efficient office staff. But it was awhile before I could hire the right labor because the money is slow coming in. Now I offer 30, 60, and 90 day terms and payment plans to lenders and brokers.

I hope all that doesn't scare you off. There's a lot of work out there for the right type of person. If it didn't scare you off, contact me.

Linda



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post #6 of 3441 (permalink) Old 03-25-2008, 09:21 PM
XanadooLTD
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Quote:
Originally Posted by infiniti
hello, i am seriously thinking about getting into the buesiness of Property preservation, i have no experiance, but wanted to know any suggetion i can get from someone who is in the buesiness already, where do i go to teach my self well as far as, winterization, proper board up, pricing, i d greatly appreaciat any help anyone can give me.

jonathan, thank you, you can emial me at [email protected]
If you have no experience good luck. The first time you screw up inspecting a property. BAM huge lawsuit. Study before you jump in. Let's not make the preservation side of lending like they did with making the loans.
post #7 of 3441 (permalink) Old 05-04-2008, 11:30 PM
ravynd
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Quote:
Originally Posted by a1propertyclean
Jonathan ~

I own 2 property preservation businesses. There's a lot of up front money involved if you want to do it right. You'll need general liability insurance, decent equipment, fuel, equipment rental, and labor. A website wouldn't hurt either, even a simple one like mine. Plus, you can go weeks without substantial work until everyone knows you're out there.

It was a terrific struggle to get to where we are now but, if you're determined enough, send me an e-mail to [email protected] and I'll see if I can help.

I cover 5 counties in Southern California, the tri-state area of Nevada, Arizona, and California, and will soon have another startup out of Idaho.

I have an awesome crew and the best, most efficient office staff. But it was awhile before I could hire the right labor because the money is slow coming in. Now I offer 30, 60, and 90 day terms and payment plans to lenders and brokers.

I hope all that doesn't scare you off. There's a lot of work out there for the right type of person. If it didn't scare you off, contact me.

Linda
Linda,

I couldn't help but notice that you were a female too. I too am interested in getting into this business. I'm a little concerned because I've had several people tell me this isn't a business for women. I have no experience in this industry and I've been online researching as much as possible about property preservation. Do you mind telling me how you got started? I'm a MBA graduated w/ a career as a Financial Analyst studying to be a CPA. This is an entire different industry but was informed that this business is "much needed". Is this a realistic industry for me to enter without any experience? What type of credentials are needed?
post #8 of 3441 (permalink) Old 05-04-2008, 11:34 PM
ravynd
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Quote:
Originally Posted by XanadooLTD
If you have no experience good luck. The first time you screw up inspecting a property. BAM huge lawsuit. Study before you jump in. Let's not make the preservation side of lending like they did with making the loans.
I too am interested in getting into the property preservation industry. I don't have any experience and lacking knowledge on the industry. I've been doing research online but can't find the negatives of the industry.

I have a dumb question, but can you tell me what you can do wrong to cause a lender to sue you?
post #9 of 3441 (permalink) Old 05-05-2008, 11:24 AM
boman47k
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I did a quick google and just scanned the subject and this could get interesting. Seems to be a way more to it than just boarding up a few windows, draing pipes, etc..

Speaking of draing pipes, I have come acroos meters that do not completely shut off. So I would think with the possibility of pipes refilling and rupturing, maybe the meter would be capped off?
post #10 of 3441 (permalink) Old 05-06-2008, 07:43 AM
XanadooLTD
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Yes it is much bigger than just boarding up windows and changing locks. There are different insurances along with the ones that you all ready carry. It is more inspection than anything else. You have to know a building, you can't just go at it with a screwdriver and some nails.
As for being sued...THERE ARE MANY! But most likely, you go to a neighborhood and you start putting a board on a window. Next you notice the buidling inspector pulling up behind you. He wants to see your permit. I bet you guys didn't know you need a permit to board windows.
Then you go to the next house and you perform a winterization. Well you miss one key step and find out 3 weeks later that there are 60000 gallons of water in the home and mold has ruined all drywall, etc. Those are just a few lawsuits...Like i said before there are many more. But let's not turn this business into the Bear Stearns, or Enron, Mortgage crisis with a bunch of people jumping in just to get some money.
Also the companies i have seen doing this do an extensive back ground check and you do need to be in the construction business for a certain number of years. Not just any hack can sign up. good luck to all if this is the field you choose.
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