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post #1 of 12 (permalink) Old 07-19-2015, 09:29 PM Thread Starter
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Any thoughts?

Hey everyone. I'm obviously new to this community. I really enjoy this forum and am hoping to glean some wisdom. We'll see how that works out. :-) I own a small GC operation in the Syracuse NY are and wanted to add a little more to the income stream. I'm not a complete stranger to preservation work. I worked for a company by the name of Homestead Field Services for a few years and it was a rewarding experience but, I was an actual employee... Their vehicles, their money, their tools etc. I'm about to start handling w/o for "Extraordinary Properties inc" and just wanted to know if any had any tips (besides don't do it) what I can expect or not expect, tips for the field as it's now my dime... My insurance... My ass on the line. What's the best supply company in your experience. Is MFS basically the best game in town so to speak. Thank you all in advance for any wisdom you may impart on me.
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post #2 of 12 (permalink) Old 07-19-2015, 10:28 PM
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Get a ton of insurance. talk with a lawyer protect your A. Give it a shot just know when to quit. But hell im new also so what do I know
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post #3 of 12 (permalink) Old 07-19-2015, 11:05 PM
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Best bet is to shop around- there are a lot of them around, and depending on the day, the prices vary. They are all pretty much selling the same crap, you just need to invest some time in looking around when you're going to order.

On any given order, it can come from BargainLocks, PPM, MFS, US Hardware, Buy Lockbox, Carrdan...

I'd say the majority of my orders are coming from BL, PPM, and over the last few orders, Carrdan.
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post #4 of 12 (permalink) Old 07-20-2015, 12:30 AM Thread Starter
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Thank you for the info. I'll definitely shop around. MFS was a starting point only cause that was the only place I ever heard my former employer purchase from. As far as insurance is concerned I carry a nice policy currently for my GC company. Otherwise I'm just gonna be as smart as my brain allows. If the w/o calls for something I'm not familiar or comfortable with, I just simply won't do it. If they don't like it.. Well.... To bad. At the end of the day it's my rear, not theirs. I'm familiar with this s$?t show from both the office and field side. Hopefully it will allow me to pick up on any red flags before anything bites me. Hopefully..... Lol
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post #5 of 12 (permalink) Old 07-20-2015, 09:09 AM
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DO NOT USE YOUR EXISTING COMPANY FOR YOUR FORECLOSURE BUSINESS!!!

You sure wouldn't want to get sued and lose both companies. Get a dang good E&O Insurance policy for the errors you didn't commit but are held responsible for. Seperate tax ID# etc etc
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post #6 of 12 (permalink) Old 07-20-2015, 09:59 AM
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Yep. The E&O isnt for the claims you need to file, it's for the claims they coose to file.
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post #7 of 12 (permalink) Old 07-20-2015, 10:31 AM Thread Starter
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I've been shopping around for E&O coverage. Waiting for quotes to be returned. Can't wait to see how much my over head is gonna go up with E&O added to my general liability. Lol
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post #8 of 12 (permalink) Old 07-21-2015, 12:22 AM
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Lots. E&O sucks, but it is necessary.
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post #9 of 12 (permalink) Old 07-21-2015, 02:37 AM
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Bowhunter, just so you know, not all nationals accept all E&O. Some will require you to choose from their own list, which may limit you to 2-3 providers who will write policies specific to that company.
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post #10 of 12 (permalink) Old 07-21-2015, 06:10 PM
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Good info GTX, don't want to buy that policy and throw the $ away when the national won't accept the insurance. Brunswick insurance is one that seems to be on most larger companies preferred list. But, really GTX, get some sleep!
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