Join Date: May 2014
Thanked 67 Times in 50 Posts
For anyone who is looking to get into this business
I wanted to create a post for anyone who is looking to get into P&P business for any unknown reason. We started in this industry many years ago when depression hit the real estate market and private sector dried up. Regionals were not screwed up to the point they are screwed up now, prices and volume was still there and then law suits hit. If you ask why did this happen? Many of them got too comfortable and felt that they are too big to fall. After few nice lawsuits, especially the one in IL, there was a wake up call and then everything became contractor's fault. Good contractors started to flee industry with newbies coming on board every day and leaving even faster after few charge backs and no pays. And there was created never ending cycle of dissatisfied banks, pissed vendors and regionals in between, kicked by both banks and vendors. All I can say, we safely got out of this crappy business, I said few words to Safeguard just another day where I hope never hear from them again and never felt better. For anyone who still thinks it's good idea to get in, just don't do it. Market is in the better place now, there is work out there. With the low volume in foreclosures, all the regionals like a pack of the dog that goes after one bone and only seeing their profit as a driver, this is not the safe place for any contractor. So, I think it's a day when we say good buy to this industry officially, even though we still have one client for rehabs left.