advice needed from the pros in p&p - REO Property Preservation Forum
 
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post #1 of 6 (permalink) Old 04-28-2012, 10:16 AM Thread Starter
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advice needed from the pros in p&p

I started property presavation work in feb, I was mis-led by a contractor about the work i was to preform and had no idea what i was getting into, finding work in construction was very slow and hard to find, so i agreed to sub contract as a preservation specialist, worker's com, business license and liability insurance plus finance 10,000 in equipment a lap-top computer cel phone ect.ect. I'm in waist deep in papper work biding jobs and damages traveling all over the country side. very little preform for bid (paying work) all bids 45 to 50 houses in 5 days 1,000 miles on my truck in one week at 4$ a gallon.The overhead $$$ is killing me.# 45 initial yard maintenance in one week and only mowed #4 yards at $40 a yard.
the other#36 are all over the allowable and have to bid them.I will bid 1,000 for a job the recovery service emails me back and its over the allowable and they only have $250 to complete the work, will i agree ? they also get 58% of the $250.
Will this work improve or is it down hill from now.??? ( will your bids be accepted or is this the only way for them to get conditions reports by hanging a carrot over your head and giving you a little bite every now and then.
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post #2 of 6 (permalink) Old 04-28-2012, 10:30 AM
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Unfortunately you've received a heck of a crash course in this business.
There are a lot of down sides to P&P and you've run across a whole bunch of them in a short time.


First off if you plan to stay in this industry is to immediately find a company that does not take over 50% discount from the amount paid to the contractor.

Second of all work for several companies.

And third DO NOT put all your income eggs into the basket of P&P work only.

Diversify and have several streams of income, this way when P&P slows down, and it will.
Some times for several months at a time, you'll have other revenue streams that will see you thru.
P&P runs in cycles. Its either feast or famine.

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 #3 of 6 (permalink) Old 04-28-2012, 11:07 AM Thread Starter
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Thank you.!! no feast around here just famine
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post #4 of 6 (permalink) Old 05-25-2012, 07:05 PM
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Contact your local real estate agents and introduce yourself. Get a list of the agents doing Wells Fargo REO and build a relationship with them. It is true ... feast or famine.
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post #5 of 6 (permalink) Old 05-26-2012, 05:24 PM
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Realtors are good though I had one that was into mer for 10 K ! I told her that something had to give. At this point it was almost court time. I got all but 200 and that was acceptable. I had a couple of Realtors that would pay within 24 hrs of getting the approval from the bank or my invoice . GRAVY BABY. I also had a piece of work Realtor that I took to small claims court he shows up with check for 1500 of the 4500 and said he did not have anymore checks. When the judge asked what was going to happen now I said we are proceeding to go to court ! The Realtor went to the car and paid me off right there. It took a process server 14 days to serve him. WOW

Moral : Be diligent if you do work for Realtors and if it starts to go south BAIL or contact their broker, They don't like to be drug through the mud either.
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post #6 of 6 (permalink) Old 05-27-2012, 05:30 PM
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58%!?! Find someone that will give you a less than 30% discount. A discount of 20-25 is out there.
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