Is P&P Work Really Worth The Risk? - REO Property Preservation Forum
 
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post #1 of 10 (permalink) Old 08-21-2012, 03:06 PM
Pip
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Is P&P Work Really Worth The Risk?

After reading countless posts on here about people having issues with getting paid, frivolous chargebacks, non payment, filing liens, fly-by-night outfits, special insurance with back door openings to be filed against without even being able to dispute the claims. From reading the posts sounds like the standard is "when" you will get burned, not "IF" you will get burned

It just seems like a lot of people are walking into or continue to operate in a doomed part of the business. With what I read posted on here, frankly it just doesn't seem like what you guys are dealing with is worth the risk. Am I wrong on that assumption? Obviously most of you have seasoned skills and have been in the residential business for a while. There is definitely work in other parts of the home contruction/remodeling business with much less risk involved, but yet just seems like some are content dealing with the P&P russian roulette part of it.

I guess the main question I'm asking is this type of work really worth the risk?

Side note, I'm not looking to get into this part of the business as I'm content with what I'm doing. I'm just curious being on the outside looking in.
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post #2 of 10 (permalink) Old 08-21-2012, 04:22 PM
PCI
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I am entertained and amused by p&p people. It seems from the posts that there are a lot of complaints, but a few seem to have a handle on it and make money somehow. I'm still trying to figure it out.
post #3 of 10 (permalink) Old 08-21-2012, 06:03 PM
wmhlc
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It was a couple years ago, now its really not worth it. About 5 years ago we ran a between 30-40 marign on work now we are lucky to get 10. Back in the day when we got paid for tires, paint and $20 for gas cap we did good, our record was 5750 for a 2 man crew in an 8 hr day. That was 6 orders all work per bid. Some orders pay really well others you loss money on it all balances out in the end. I do more than p&p so I'm very lucky and make a good living. I will do p&p work for a couple more years after that I'm done.
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post #4 of 10 (permalink) Old 08-21-2012, 07:35 PM
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Hey Pip. Mind if I ask how you came to use the handle "Pip"? The reason I ask is that is the first 3 letters of my last name (has been my nickname for over 40 years)...as well as the first 3 of my business name. So my curiousness is peaked.
post #5 of 10 (permalink) Old 08-21-2012, 07:39 PM
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Or as my alter-ego (see above) would post under this name. However, I have learned of certain company "moles/plants" that infiltrate these boards to gain information/leverage over particular contractors hence my necessity to remove this name for privacy/protection purposes.
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post #6 of 10 (permalink) Old 08-21-2012, 07:41 PM
J F
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Quote:
Originally Posted by P3+
Hey Pip. Mind if I ask how you came to use the handle "Pip"? The reason I ask is that is the first 3 letters of my last name (has been my nickname for over 40 years)...as well as the first 3 of my business name. So my curiousness is peaked.
He's a Dickens fan.
post #7 of 10 (permalink) Old 08-21-2012, 08:35 PM
Pip
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Quote:
Originally Posted by P3+
Hey Pip. Mind if I ask how you came to use the handle "Pip"? The reason I ask is that is the first 3 letters of my last name (has been my nickname for over 40 years)...as well as the first 3 of my business name. So my curiousness is peaked.
Pretty much the same reason as you. Have had that nickname ever since school days. 1st 3 letters of my last name also. Most people know me by Pip, but don't know me by my full name. My grandfather even had the same nickname.
post #8 of 10 (permalink) Old 08-21-2012, 08:37 PM
Jaws
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Quote:
Originally Posted by Pip
After reading countless posts on here about people having issues with getting paid, frivolous chargebacks, non payment, filing liens, fly-by-night outfits, special insurance with back door openings to be filed against without even being able to dispute the claims. From reading the posts sounds like the standard is "when" you will get burned, not "IF" you will get burned

It just seems like a lot of people are walking into or continue to operate in a doomed part of the business. With what I read posted on here, frankly it just doesn't seem like what you guys are dealing with is worth the risk. Am I wrong on that assumption? Obviously most of you have seasoned skills and have been in the residential business for a while. There is definitely work in other parts of the home contruction/remodeling business with much less risk involved, but yet just seems like some are content dealing with the P&P russian roulette part of it.

I guess the main question I'm asking is this type of work really worth the risk?

Side note, I'm not looking to get into this part of the business as I'm content with what I'm doing. I'm just curious being on the outside looking in.


I was just said this to another member less than a half hour ago.

Wth, if it sucks so bad why do it? Do something else.
post #9 of 10 (permalink) Old 08-21-2012, 08:46 PM
P3+
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Guess that makes me unoriginal.
Interesting perspective on the original post btw. My response at this point in the game...NO. The risk does not outweigh the benefit.


Quote:
Originally Posted by Pip
Pretty much the same reason as you. Have had that nickname ever since school days. 1st 3 letters of my last name also. Most people know me by Pip, but don't know me by my full name. My grandfather even had the same nickname.
post #10 of 10 (permalink) Old 08-21-2012, 11:33 PM
foothillsco
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It depends.

If you have a good national client and can run a decent sized company, then yes.

If your a mom & pop company working the scraps of others, then no.

People are frustrated here because this industry used to be awesome and quickly changed. Myself included, those changes were very painful. But some of us adapted and still thrive.

The changes include going away from personal attention and care to corporate assimilation. ie Instead of realtors, we work for faceless companies. Instead of being able to speak to someone, you have an email from someone in a foreign country. Another painful move was grow or be cut. They were going to let me go if I didn't grow past Denver and now have to cover most of Colorado. They work with only me vs working with my 17 subs.

Taking a loss, charge back or something similar for no good reason was also a new concept for me and others. You do 50k per month over 800 jobs, your going to loss 1k in bull**** deductions. I could get mad or I could rationalize this as the price of doing business. My dad owned a store and he had theft from customers and employees. Same deal.

Most of the complainers here need to move on but probably don't have anything else to do. They are still waiting for everything to change back to what it was and think it will just because it used to better for them. I think of the movie title, "An Inconvenient Truth", if I were to describe most of the whiners here.

For me, yes, it's worth it. I make a good living because I have good clients, staff, subs and a good bank account.

To start this business now? The business is shrinking. There will be more buyouts, and p&p related bankruptcy's and more teeth gnashing before it's over. It would be tough to break in and make it a primary line of business. It would be a good to decent secondary source of income.
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