New guy starting in NY - REO Property Preservation Forum
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post #1 of 13 (permalink) Old 04-18-2015, 11:41 AM Thread Starter
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New guy starting in NY

Hello,

I have been doing work for a contractor that is doing PP near me. He has encouraged me to take on some of my own territory.

First, I have a retirement check coming in so I do not have to make money at this, plus I have other skills that I can utilize to make money. My area in inundated with foreclosures so there seems to be an abundance of work.

I plan on running a two man shop. I already have most of the equipment and tools I will need.

My first questions are what would be a good company to start with? Good meaning they pay decent or at least on time, and easy to get on with? Where is the cheapest outfit to purchase insurance from? I have some off the chart quotes already.

I plan on covering Dutchess, and Putnam counties in NY.
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post #2 of 13 (permalink) Old 04-18-2015, 04:11 PM
How I wanna be a PP Pro
 
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If you don't have to "make money at this" then I would suggest:

Take up Golf or go fishing
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post #3 of 13 (permalink) Old 04-18-2015, 07:15 PM Thread Starter
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If you don't have to "make money at this" then I would suggest:

Take up Golf or go fishing
Are you guys really that miserable? I do enough fishing, actually my day job is on boats.
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post #4 of 13 (permalink) Old 04-18-2015, 07:29 PM
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Are you guys really that miserable? I do enough fishing, actually my day job is on boats.

Yes!
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post #5 of 13 (permalink) Old 04-18-2015, 07:42 PM
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If you are looking to get paid a decent amount and on time, I would suggest establishing relationships with the realtors in your areas who list REO properties. The work that they can send your way is always going to pay better than any national or regional can. Although your definition and my definition of decent pay may differ.

Current pricing in the property preservation field is nowhere close to where it once was not to mention all of the extra administrative work you have to do after the work has been done. Actually collecting the money after you have done the work can be another story all together.

You can definatley make a go of it, just not a lot of profit in this field these days.

Also to give you a ballpark, I pay $3200/year for my general liability/e&o policies for pp work.
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post #6 of 13 (permalink) Old 04-18-2015, 08:11 PM
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I was just working in dutchess county hyde park Poughkeepsie highland there is hella work out there
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post #7 of 13 (permalink) Old 04-18-2015, 09:00 PM Thread Starter
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I was just working in dutchess county hyde park Poughkeepsie highland there is hella work out there
The house across the street was foreclosed last month. They PP guy drove here from Michigan. So there is definitely a need for people here.
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post #8 of 13 (permalink) Old 04-18-2015, 09:04 PM
How I wanna be a PP Pro
 
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Lol. The real answer is yes if you want to be told by a 20 something year old who couldn't swing a hammer without hurting themselves tell YOU how to run your business then I suggest jump in with both feet.

You, like most of us, will be laughing at the stupidity this business has become. The day of the NEW P&P contractor starting and having any semblance of a successful business is over. Sure you can gross $10,000/month but as all business owners know---it's what you net that counts.

You may be the perfect candidate for this type of contracting if you don't care about making any money. I myself would rather fish but you working a fishing boat may not be appealing

Personally I loved the P&P business before the housing bubble/crash. Afterwards all insanity broke out and hasn't stopped.
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post #9 of 13 (permalink) Old 04-18-2015, 09:23 PM
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To be honest for a guy retired it's a hard transition this business is corrupt and cut throat but what business is not just don't over extend yourself or more then likely you will leave it soon see me I'm 30 yrs old I don't care. About cutting grass I will do Anything but as you Lear n uit gets easier
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post #10 of 13 (permalink) Old 04-18-2015, 11:08 PM
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Are you guys really that miserable? I do enough fishing, actually my day job is on boats.


Yup!! That is why i am mostly out......
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