New Start-up, any advise from the PRO's? - REO Property Preservation Forum
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post #1 of 27 (permalink) Old 08-08-2012, 01:12 AM
Munegi
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New Start-up, any advise from the PRO's?

I am starting a new P&P business in Columbus, OH., would like any advice that could save me time and money! Advise on what companies would be best to sign up with, what items to focus on that are most profitable, what tools/equipment are necessities from the get-go...

Really appreciate your feedback!

Thanks,

Robin
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post #2 of 27 (permalink) Old 08-08-2012, 06:57 AM
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The search feature is your friend as is hours and hours of reading.


There is a lot of information in this forum and quite frankly I think we are all tired of giving it over and over and over.
Do some research and see for yourself if this is some thing you can make a go of.
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post #3 of 27 (permalink) Old 08-08-2012, 06:59 AM
tenec
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The first and best thing you can do for yourself is READ THESE FORUMS! Spend lots of time reading and learning before you make the final decision to spend lots of money that you MAY NOT GET BACK! This is a very risky an unstable industry, in my oppinion not a good start up business at this point in time but do yourself and everything or everyone you care about and make an educated decision before you get to deep.
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post #4 of 27 (permalink) Old 08-08-2012, 07:58 AM
FremontREO
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1) Do an introduction in the intro section to tell everyone a little about your background.

2) As stated read all the very satisfied stories from the world of P&P.

3) Have the best insurance you can buy for the lawsuits that will follow. Some years after the fact so make sure there is plenty of extta profit to allow you to purchase of tail coverage after you quit the business.

4) Have plenty of working capital ($) to finance your & the banks/service companies operations.

5) pray

Good luck.
post #5 of 27 (permalink) Old 08-08-2012, 08:07 AM
kninegirl
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I read through many threads on here before I posted, I learned a gread deal of info from everyone here. The experiendces they've had whether good or bad and with whom they were with lol

Welcome from one newbie to another!!
post #6 of 27 (permalink) Old 08-08-2012, 09:09 AM
Munegi
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Thank you guys (and gal(s)) for your responses. Yes there is tons of info on this forum about newbies, of which I've spent the past 8 hours reading.

One of the questions I can't seem to find the answer for is, why would someone work for a local company (contractor) as opposed to going direct with a national company?
post #7 of 27 (permalink) Old 08-08-2012, 09:29 AM
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Generally the large companies aka nationals don't want to work with a small company that covers a small area.

Its less work for them to deal with a regional that covers several states and has the headache of finding subs.
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post #8 of 27 (permalink) Old 08-08-2012, 09:36 AM
Munegi
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So am i wasting my time getting the Insurance, E&O, and filling out all the vendor paperwork for the three regional HUD contractors?
post #9 of 27 (permalink) Old 08-08-2012, 09:42 AM
Munegi
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P.S. Can anyone tell me what the different little envelope icons on the left of the thread means?

Yep, I know..... not very computer savy!!!
post #10 of 27 (permalink) Old 08-08-2012, 10:59 AM
Kent Whitten
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Quote:
Originally Posted by Munegi
So am i wasting my time getting the Insurance, E&O, and filling out all the vendor paperwork for the three regional HUD contractors?
I don't know about wasting time, but from what these guys here have been posting for years is that the p&p business is pretty ugly right now.

I would take their suggestion and really listen to what they have been saying. Read for a long time before making any decisions on starting with the paperwork and insurances.
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