Foreclosure and REO Property Preservation Firms - REO Property Preservation Forum
 
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post #1 of 9 (permalink) Old 08-09-2009, 03:49 PM
Msteele
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Lightbulb Foreclosure and REO Property Preservation Firms

Hey all,

I am curious I have a Foreclosure property preservation company and it is tough to

1. Find these asset managers and guys who control these massive numbers of foreclosures and REO's

2. Get contact info for a live body to talk to.

Does anyone know of a good way to get at these.

I have made some great money in Foreclosure Property Preservation with some fairly big jobs but I am having a hard time being consistent as it has been mostly local realtors that I am in with already that happend to pick up listings from PAS (the co that is in charge of Wells Fargo Foreclosures which by the way does not accept new vendors!!)

I have seen a list of REO Property preservation companies at reocontractorsource.com but of course it is $ 49 does anyone know of a better way?
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post #2 of 9 (permalink) Old 08-10-2009, 06:38 PM
D&R Services
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I've been doing this for some time. When I started I was doing it out of a honda civic and crap equipment. Two years later i have 4 crews and i own all the work trucks and trailers and equipment. So in my opinion, hit the small regular local realtors and reo branches in your town/area. It's way better then wasting your time with national companies like safeguard,cyprox,resnet, and so on. They pay low wages, and usually you get your work orders from a second hand asset company and if that happens your already missing close to 50% of the amount paid for the duty. So again my suggestion and opinion is work the local realtors, find out their nte for the duties you offer and work them. As of right now in las vegas i work directly for 38 realtor customers and only 1 national company and my opinion is they pay better and are easier to work for. Now i know that the national companies are slammed with inventory and you'll be busy as heck, BUT wouldn't you rather get paid 250.00 - 300.00 per lock change /lock out then 20.00 - 30.00 like the national companies pay? Again, just my opinion....hope it helps
post #3 of 9 (permalink) Old 08-11-2009, 03:28 PM
Msteele
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Pricing

Mike,

Thanks for the great information.

Just curious do you have a price list or other info that you could share as I find myself either over or underbidding and not getting jobs.

I am in Colorado so I am not a competitor.

resorttown at gmail.com
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post #4 of 9 (permalink) Old 11-20-2009, 12:05 PM
highlands
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They can take 3 to 6 months to pay. I have done many of these but prepare to be out of working capital.
post #5 of 9 (permalink) Old 01-15-2011, 01:21 PM
pennyb
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Iam a women trying to start up a Property Preservation Business in Illinois , I have the business lic. and compensation insurance, where do I go from here. Is it best to go with an LLC rather than not and just how do I get going. I am willing to take small jobs or anything I could get just to get going. I have experience in all aspects of this business but want to run my own company with my family and will be expanding to New Jersey also with family. Any help here would be greatly appreciated. Thank You
post #6 of 9 (permalink) Old 01-27-2011, 02:48 PM
willabshear6974
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I can send you a lis

Quote:
Originally Posted by Msteele
Hey all,

I am curious I have a Foreclosure property preservation company and it is tough to

1. Find these asset managers and guys who control these massive numbers of foreclosures and REO's

2. Get contact info for a live body to talk to.

Does anyone know of a good way to get at these.

I have made some great money in Foreclosure Property Preservation with some fairly big jobs but I am having a hard time being consistent as it has been mostly local realtors that I am in with already that happend to pick up listings from PAS (the co that is in charge of Wells Fargo Foreclosures which by the way does not accept new vendors!!)

I have seen a list of REO Property preservation companies at reocontractorsource.com but of course it is $ 49 does anyone know of a better way?
Email me at [email protected] and I will send you a list of all the majors.
post #7 of 9 (permalink) Old 01-27-2011, 03:07 PM
willabshear6974
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Geat advice

Quote:
Originally Posted by D&R Services
I've been doing this for some time. When I started I was doing it out of a honda civic and crap equipment. Two years later i have 4 crews and i own all the work trucks and trailers and equipment. So in my opinion, hit the small regular local realtors and reo branches in your town/area. It's way better then wasting your time with national companies like safeguard,cyprox,resnet, and so on. They pay low wages, and usually you get your work orders from a second hand asset company and if that happens your already missing close to 50% of the amount paid for the duty. So again my suggestion and opinion is work the local realtors, find out their nte for the duties you offer and work them. As of right now in las vegas i work directly for 38 realtor customers and only 1 national company and my opinion is they pay better and are easier to work for. Now i know that the national companies are slammed with inventory and you'll be busy as heck, BUT wouldn't you rather get paid 250.00 - 300.00 per lock change /lock out then 20.00 - 30.00 like the national companies pay? Again, just my opinion....hope it helps

That is Great advice and I run my buisness the same way. Local realtors have on average only about 20% of the work that is out there, Nationals have the rest. However you will be much better off to put 80% of your effort into landing the 20% of work the realtors hold. It is more than enough to keep you busy and growing. Realtors pay well and on time. With even the largest Nationals you will have times where they pay very slow.
post #8 of 9 (permalink) Old 03-02-2011, 04:38 PM
Josh.08
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Agreed

Quote:
Originally Posted by willabshear6974
That is Great advice and I run my buisness the same way. Local realtors have on average only about 20% of the work that is out there, Nationals have the rest. However you will be much better off to put 80% of your effort into landing the 20% of work the realtors hold. It is more than enough to keep you busy and growing. Realtors pay well and on time. With even the largest Nationals you will have times where they pay very slow.

I have a few Realtors that I work with as well. I only do business with one National Company and it is only for Remodeling of REO's. As long as you take care of the Realtors, they will be more inclined to give you all of the work they have. Its tough to hold your invoices for 30-60 days so the Realtors don't really like the hassles of finding people who are willing to work in this field.
post #9 of 9 (permalink) Old 03-10-2011, 06:38 PM
locsaint
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I am researching to find out EVERYTHING i need to start my own Property Preservation buisness. Does anyone have any input as far as what I need to do besides getting insured?

I have guidelines for FHA, FANNIE MAE, AND VA printed off...Is there anymore guidelines I will need? Im in washington state
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