Rental program - REO Property Preservation Forum
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post #1 of 11 (permalink) Old 02-08-2012, 02:01 PM
SWOH REO
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Rental program

I'm really surprised no one is talking about the new rental program. Rumor has it that a sister company of FAS is buying 500 million dollars of the REO properties and FAS will be doing all of the maintenance and repairs.
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post #2 of 11 (permalink) Old 02-08-2012, 03:35 PM
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FAS has already tons of rental properties already great bid work
post #3 of 11 (permalink) Old 02-08-2012, 03:42 PM
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I dont think they are doing these in the rural areas.
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post #4 of 11 (permalink) Old 02-09-2012, 03:50 AM
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Quote:
Originally Posted by MKM Landscaping
FAS has already tons of rental properties already great bid work
LPS was doing that 2 years ago. Not too fond of it.
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post #5 of 11 (permalink) Old 02-09-2012, 07:06 AM
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This is a new program, I believe a government program. Instead of selling the foreclosures, in investors will buy them in bulk and rent them out, when they do sell them a portion of the sale goes back to the government. This is my understanding.
post #6 of 11 (permalink) Old 02-09-2012, 07:52 AM
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Been doi.g this for a couple years. called lenders lease program.
post #7 of 11 (permalink) Old 02-09-2012, 07:10 PM
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Can anyone provide some details on this? Pretend I have no clue what you are taliking about.
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post #8 of 11 (permalink) Old 02-09-2012, 07:45 PM
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Originally Posted by Gypsos
Can anyone provide some details on this? Pretend I have no clue what you are taliking about.
http://www.eforeclosuremagazine.com/...picks-up-steam
post #9 of 11 (permalink) Old 02-10-2012, 12:06 AM
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Originally Posted by Gypsos
Can anyone provide some details on this? Pretend I have no clue what you are taliking about.
Gypsos,

For us it was not a good program to be involved in. We had to supply how much would we charge for trip calls during business hours and after business hours. Basically act as a landlord and kiss tenants feet at 2am when the toilet overflows.

I can tell you that we charged $189 after hour call fee PLUS cost of labor and materials AND the response was "ARE YOU KIDDING?"

They wanted a $25 call fee for regular hours and $40 after hour call fee from 5pm till 8am and $20 per hour labor for ONLY 1 man. For all our private work we charge $189 emergency call fee for 5pm till 8am plus $54.00 per hour and a 2 man team. NO after hours calls to these properties with only 1 person period.

Also, ALL responses had to be responded to within 1 hour and you had to be onsite within 2 hours AND they call the tenant to see if you showed up within the 2 hours or they cut the invoice.

Our first and ONLY job was at 3:15 am for a backed up sink when the drunk puked in the sink and it wouldn't go down. We fought to get paid for our invoice and they cut it to $60 minus 20% discount for a grand total of $48.00. OUR gas cost us this much not counting the lost sleep

The other contractor who "took over our route" quit 2 days later when he got called out at 1am for the tenant who lost her keys and couldn't get in the unit.

I'm sure you would get hired asap since nobody else will do it
post #10 of 11 (permalink) Old 02-10-2012, 06:44 AM
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Sounds like it is not worth it. I can sit at home and lose money.
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