curious in property preservation - REO Property Preservation Forum
Reply
 
LinkBack Thread Tools Display Modes
post #1 of 16 (permalink) Old 11-20-2008, 11:58 PM
ja-builder
Guest
 
Posts: n/a
Question curious in property preservation

Hello- I have been exposed to some information on property preservation on foreclosures and it sounds too good to be true. Is anybody out there dealing in this type of business that could give me some pros and cons on this type of work? Im thinking about adding another division to my rehabbing business.
Sponsored Links
Advertisement
 
post #2 of 16 (permalink) Old 11-22-2008, 11:27 PM
5_Star
Guest
 
Posts: n/a
I have been working this area for the past two years. I cant say it has been a great deal, but it is keeping us afloat. Dont be alarmed if they want you to sign a Waiver of Lien BEFORE you even start the job! So far, I have always been paid. Expect it to take 30 to 60 days, and they WILL NOT make progress payments.

Many of these properties have been so badly maintained, they can dump $10k into a house, and you don't even think you have done anything.
post #3 of 16 (permalink) Old 11-23-2008, 07:52 PM
ja-builder
Guest
 
Posts: n/a
Thanks for responding 5 star,
Now if I were to get into this type of biz, how exactly or where do I start? I've read of people going to the HUD website or working through Safegaurd. Got any suggestions?? How did you start?? Any money up front??

Jason
Sponsored Links
Advertisement
 
post #4 of 16 (permalink) Old 12-04-2008, 08:24 PM
jacilynt
Guest
 
Posts: n/a
Smile

Our company has been doing P&P about 10 years, we currently work through safeguard. There is great money to be made, but it's very different from re-habbing. No real aesthetic work goign on. Star is right, it pays 30-60 days out and it takes a heft of money and determination to get started. Definitely not gonna get you rich overnight.
post #5 of 16 (permalink) Old 12-04-2008, 08:30 PM
Tscarborough
Guest
 
Posts: n/a
If you sign a wavier of lien before you are paid, much less start the job, you are a fool. May as well take your payroll and bet on college football.
post #6 of 16 (permalink) Old 12-04-2008, 08:38 PM
buildpinnacle
Guest
 
Posts: n/a
Take Oklahoma and the points with your payroll this week in the big 12 championship. Just don't bet with two weeks of your company's payroll monies...that would be irresponsible!
post #7 of 16 (permalink) Old 12-06-2008, 11:18 PM
ja-builder
Guest
 
Posts: n/a
Thanks everybody for the input-
Now, I keep finding out that I need liability ins. and o e ins., are there ways around this? I'm looking to just get my foot in the door in the p&p biz to accumulate some money then get all the ins needed. Is this possible? Or just stupid?
post #8 of 16 (permalink) Old 12-07-2008, 07:30 AM
MBS
Guest
 
Posts: n/a
Quote:
Originally Posted by ja-builder
Thanks everybody for the input-
Now, I keep finding out that I need liability ins. and o e ins., are there ways around this? I'm looking to just get my foot in the door in the p&p biz to accumulate some money then get all the ins needed. Is this possible? Or just stupid?

Let me see if I understand you: You want to accumulate money from doing jobs that pay 30 to 60 days after completion, to buy insurance you need before you can do the work so you can accumulate the money? How are you going to finance these jobs for 30 to 60 days if you don't even have the money for insurance?

Instead of trying to find ways around doing things legitimately, try doing it the way the pros do. Get things lined up properly and be a legitimate businessman. It's so much easier that way.
post #9 of 16 (permalink) Old 12-07-2008, 04:52 PM
Brickie
Guest
 
Posts: n/a
Quote:
Dont be alarmed if they want you to sign a Waiver of Lien BEFORE you even start the job!
Never been asked to sign one, NEVER will sign.


Quote:
Expect it to take 30 to 60 days, and they WILL NOT make progress payments.
30-60 days??? Not here. I get paid upon completion.
post #10 of 16 (permalink) Old 12-07-2008, 08:17 PM
ja-builder
Guest
 
Posts: n/a
hey brickie-
thanks for the reply. do you work on your own then? how is it you get paid earlier then others and have no liens to sign? these might be dumbs questions but Im new to this business (p&p).
thanks-
J
Reply

Quick Reply
Message:
Options

Register Now



In order to be able to post messages on the REO Property Preservation Forum forums, you must first register.
Please enter your desired user name, your email address and other required details in the form below.

User Name:
Password
Please enter a password for your user account. Note that passwords are case-sensitive.

Password:


Confirm Password:
Email Address
Please enter a valid email address for yourself.

Email Address:
OR

Log-in










Thread Tools
Show Printable Version Show Printable Version
Email this Page Email this Page
Display Modes
Linear Mode Linear Mode



Posting Rules  
You may post new threads
You may post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are On
Pingbacks are On
Refbacks are On

 
For the best viewing experience please update your browser to Google Chrome