Do I Really wanna Do This??? - REO Property Preservation Forum
 
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post #1 of 7 (permalink) Old 08-13-2012, 09:42 PM Thread Starter
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Do I Really wanna Do This???

OK, here it is. I am a small remodeling contractor from the east end of Long Island. Business has been OK for the most part, but has slowed down in the last few weeks. I was thinking about getting involved with pp. But after reading a few (many) posts about not getting paid, charge backs... I'm starting to rethink this. I have reached out to quite a few banks and got the ball rolling. I filled out an application with SG, but I'm not quite so sure. I know some of you would say RUN (you probably don't want more competition, or you really think this type of business sucks and I should really run!) I just want a few honest opionions. I have done a lot of work for facility service companies. I already know 45 days = 90. 90 days means "the check went out last week, Oh it's still on my desk, sorry" = 120 days. What do you think. Thanks. Bob
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post #2 of 7 (permalink) Old 08-13-2012, 10:32 PM
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Originally Posted by greatreno View Post
OK, here it is. I am a small remodeling contractor from the east end of Long Island. Business has been OK for the most part, but has slowed down in the last few weeks. I was thinking about getting involved with pp. But after reading a few (many) posts about not getting paid, charge backs... I'm starting to rethink this. I have reached out to quite a few banks and got the ball rolling. I filled out an application with SG, but I'm not quite so sure. I know some of you would say RUN (you probably don't want more competition, or you really think this type of business sucks and I should really run!) I just want a few honest opionions. I have done a lot of work for facility service companies. I already know 45 days = 90. 90 days means "the check went out last week, Oh it's still on my desk, sorry" = 120 days. What do you think. Thanks. Bob
Hi Bob

You have asked a very dangerous question. I assume You are wearing the proper personal protective equipment in anticipation of the answers you'll receive?

Here's what I have to start things out:

Point 1 -- This profession IS a viable option as a means of income. I make a good living at this and I personally know others in this business that do very well financially, too. Probably because we know what our "bottom dollar" to accept for a job is in order to make a profit and we stick to it. Since you are succeeding at being self employed right now, I assume you know how to figure out your "bottom dollar" as well, and trust that you are fully aware of the consequences of going below that number.

Point 2 -- There is ALOT more to this game than what it may appear to be on the surface. In the amount of work, scope of work, amount of time spent in completing work & in submitting results (can be a huge PITA), and then there are the obvious others - billing, accounting, scheduling, andonandonandon. . . But the biggest thing has got to be the amount of liability that comes with EVERYTHING you do in this business. Very few people who have no P&P experience of some sort, who jump in at this point, are succeeding at it because of the chargebacks, return to property requests, lawsuits, etc.

Just like any other business venture, do your due diligence in researching things before you take the plunge. And posting questions here is probably one of the best ways to start, so, so far you're on the right track.
Good luck!

Now, put your helmet on. . .
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post #3 of 7 (permalink) Old 08-14-2012, 06:31 AM
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For the most part I can't with good conscience recommend the industry as it is today to any one.

Professionals are people who can do their job when they don't feel like it.
Amateurs are people that can't do their job even when they do feel like it.
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post #4 of 7 (permalink) Old 08-14-2012, 06:37 AM
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There are industry veterans here who can help you. Most, not all, but most are diversifying out of this business and into others. Why? For the same reasons a builder does when he made 30k on a new home 10 years ago and today he makes 5k. The opportunity to make a good living is very slim these days, and it is based on who your clients are and where your coverage area lies.
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post #5 of 7 (permalink) Old 08-14-2012, 08:55 PM Thread Starter
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Thanks for the replies fellas. Yea, I got much to think about. But I'm glad you're here. I have a place to learn. (never too old) Thanks again. Best wishes
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post #6 of 7 (permalink) Old 08-14-2012, 09:51 PM
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different ballgame

I work in the five boros and long island as a general contractor the pay is much different. In pp you need volumne to make money. In general contracting you stay at 1 house and make a nice piece of change. In the preservation work you will be traveling,long nights at the computer, stupid calls from the companies asking where is the toilet pictures where is the handrail pics etc... just be prepared to stay up late
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post #7 of 7 (permalink) Old 08-14-2012, 11:39 PM
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I work in the five boros and long island as a general contractor the pay is much different. In pp you need volumne to make money. In general contracting you stay at 1 house and make a nice piece of change. In the preservation work you will be traveling,long nights at the computer, stupid calls from the companies asking where is the toilet pictures where is the handrail pics etc... just be prepared to stay up late
Buster speaks the truth.
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