how bad have you been riped off? - REO Property Preservation Forum
 
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post #1 of 8 (permalink) Old 04-24-2012, 11:53 AM Thread Starter
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how bad have you been riped off?

The story's are endless about the BS that happens when its time to get paid...

Maybe this would be the thread to see who has had it worst
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post #2 of 8 (permalink) Old 04-25-2012, 08:33 AM
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My worst payer was an RE agent. He would either deposit the check himself and not pay(he needed $$), or never submit my photos to the bank. Was outstanding around $8k and had to contact the new RE agents on a couple of properties and threaten liens, and then had to track down the asset manager on another.

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The story's are endless about the BS that happens when its time to get paid...

Maybe this would be the thread to see who has had it worst
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post #3 of 8 (permalink) Old 04-26-2012, 07:12 PM Thread Starter
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was the threat of a lien enough?
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post #4 of 8 (permalink) Old 05-08-2012, 09:53 AM
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When I started in this business I was working as a sub for a relative (cousin). He lives in a different state than I do. He had been doing P&P for many years and I had recently become unemployed (on purpose, that's another story). We got together at a family reunion and he talked me into doing work in my state. He was taking a percentage and I was just feeding the monster with what was left. After a year, of making him richer, I started noticing that I wasn't getting paid for all the work I'd done. It really started about 9 months in but it became very evident at 11 months. Well, I confronted him and he said that he was holding money back in case I had chargebacks come through. I went ballistic.

Long story short he still owes me about 10K and I don't go to the family reunion anymore. That year with him I grossed around 60K and had 1 employee and last year I grossed over 300K and have 4 employees, and make enough to feed the monster and take the wife out for dinner on a regular basis.
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post #5 of 8 (permalink) Old 05-21-2012, 01:47 PM
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How to get started

Hey Bama I was wondering if you can give me some advice on how to get started in PP. I'm here in Texas and can use any advice you have.

For that matter any advice from anybody would be great.
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post #6 of 8 (permalink) Old 05-21-2012, 04:24 PM
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Vick, I'm not sure what to tell ya on how to get started. If you have no experience in this field...I'd say you need to find a contractor in you area that is doing this type of work and see if he will hire you. It's a tough business. Without someone to show you the ropes...you're going to make a lot of mistakes.

If you're dead set on making it without a mentor. Then apply to as many nationals, regionals, or local real estate agents as you feel comfortable with, and buckle your chin strap...it's a bumpy ride.

Also, set your own parameters. Do only work you are qualified to complete, at a price level, at which, you feel you can survive.
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post #7 of 8 (permalink) Old 05-22-2012, 07:58 AM
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I have been doing remodeling for 10 years; I just haven't found a way to get into the PP business. I don't know if I should call every bank in my area, or if there is a legit website/group to join that will give me the information I need.
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post #8 of 8 (permalink) Old 05-22-2012, 08:17 AM
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Originally Posted by vickjonat View Post
I have been doing remodeling for 10 years; I just haven't found a way to get into the PP business. I don't know if I should call every bank in my area, or if there is a legit website/group to join that will give me the information I need.
There are a few websites, like this one, that can help you with contacts.
Locally, you can just about write off the national chain banks, they have contracts with the likes of Safeguard. Local credit unions, small banks, real estate agents, anyone dealing with foreclosures is the target audience for your pitch. And of course, the dreaded nationals,
which can be found online.
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