Hello from Maryland - REO Property Preservation Forum
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post #1 of 14 (permalink) Old 11-22-2013, 12:28 PM Thread Starter
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Hello from Maryland

So here's my background. I did the Army thing right after high school, got out, went to college, and now find myself in an environment where the field I got into is no longer paying anywhere near what it was 2-4 years ago if anyone's hiring at all.

I've always wanted to start my own business anyway and I've always wanted to work with my hands. I have some experience in this, but not anything I can give a reference for. I should've made work a priority over going to school (as bassackwards as that is these days).

The only thing is, from everything I've read on here, it just sounds horrible. There's a lot of foreclosed properties around here, and a lot of need (I think) to work on cleaning them up. Most of the towns in the Western part are especially hurt, and I don't think we need to get started on Baltimore, parts of southern PA (York especially) or rural West Virginia.

So I guess my main question is: should I look at doing something else? My other option is to go to school for welding (expensive but I could easily do it even though I'm cheap) or HVAC or something similar. Even the military isn't hiring (not officers anyway, and if I reenlisted I'd lose rank and I do not want to be an E4 again) so that's surprisingly not an option either.

Also. How viable is it to start working by myself and then worry about hiring people later?

Is it doable working with Realtors and small Landlords or should I start with Regionals and Nationals and then drift away from them at the first sign of them screwing me over?

What do you guys generally pay for insurances every month?

What can I reasonably expect to make (I'm not looking for 100k/year) starting out even if the money isn't what it used to be?
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post #2 of 14 (permalink) Old 11-22-2013, 12:49 PM
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Quote:
Originally Posted by TungstenRebel View Post
So here's my background. I did the Army thing right after high school, got out, went to college, and now find myself in an environment where the field I got into is no longer paying anywhere near what it was 2-4 years ago if anyone's hiring at all.

I've always wanted to start my own business anyway and I've always wanted to work with my hands. I have some experience in this, but not anything I can give a reference for. I should've made work a priority over going to school (as bassackwards as that is these days).

The only thing is, from everything I've read on here, it just sounds horrible. There's a lot of foreclosed properties around here, and a lot of need (I think) to work on cleaning them up. Most of the towns in the Western part are especially hurt, and I don't think we need to get started on Baltimore, parts of southern PA (York especially) or rural West Virginia.

So I guess my main question is: should I look at doing something else? My other option is to go to school for welding (expensive but I could easily do it even though I'm cheap) or HVAC or something similar. Even the military isn't hiring (not officers anyway, and if I reenlisted I'd lose rank and I do not want to be an E4 again) so that's surprisingly not an option either.

Also. How viable is it to start working by myself and then worry about hiring people later?

Is it doable working with Realtors and small Landlords or should I start with Regionals and Nationals and then drift away from them at the first sign of them screwing me over?

What do you guys generally pay for insurances every month?

What can I reasonably expect to make (I'm not looking for 100k/year) starting out even if the money isn't what it used to be?
From my own experience I've been a bottom feeder, the jobs are the ones farthest away and if you try to get your invoice corrected they take days to answer, they don't answer completely any of the questions you ask which means they'll throw in a couple of buck to try to quiet you down and then theres the punishment that follows. This is one particular company another the work is few and they pay late but they do pay for the work you do. It's like Russian roulettle. It's a gamble unless you have another source of income it's difficult to rely on steady income. That's the experience I've had not going to give up at this point I hope things get better.
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post #3 of 14 (permalink) Old 11-22-2013, 06:11 PM
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This industry is not for the faint of heart. Mortgage Field Services exists in it's own bubble of deceit and extortion. Unlike the real world where you are hired to complete a project, the owner of the project accepts your results and you get paid for your services in a timely manner, this industry uses extortion and contract verbiage to extract as much capital out of an asset and it's contractor's as is humanly possible with little regard for the asset itself. As you tread lower in the food chain your risk of failure increases exponentially. It comes down to how much of a gamble are you willing to take. You will find little ethics or integrity in this line of work.
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post #4 of 14 (permalink) Old 11-23-2013, 01:17 PM
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I agree that this isn't for the faint of heart. You will quickly figure out which companies are the right ones to work for. My husband and I started this from basically nothing, we kept our full time office jobs until we made enough to quit them.
We work a national company that treats us very fairly, pays well, and keeps us busy. They recently have made us "the primary vendor" fr our area. I can't say enough good things about them for our area.
The companies that have very little to offer in our area and getting paid was like pulling teeth was A2Z and FAS. We refuse to work them at all.

This business takes alot of hard work and even more ambition. We aren't perfect by any means, just persistant. We worked 3 and half months straight with no days off to make the money that we have. There are many days that we work all day, then spend all night entering everything we have done, go to bed, then get up and do it all over again.
Also, be prepared to answer questions on everything you do at times. That can be frustrating but it is the 'game'. All in all we think it is worth it for sure, we enjoy what we do.
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post #5 of 14 (permalink) Old 11-23-2013, 06:09 PM
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Tungsten, thank you for your service!


I'd honestly look at all other options first before jumping into this industry.

How ever if you must do every thing you can to find work thru local banks and brokers rather than nationals or regional companies.
Finding broker work or enough broker work is tough!!!!
Most of the time they already have an uncle, cousin, brother, father etc etc etc etc that does their work.

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 #6 of 14 (permalink) Old 12-02-2013, 06:15 PM Thread Starter
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Thanks for the comments all. I hope everyone had a nice weekend. I certainly enjoyed not using the internet for 4 days while in Ohio (and boy is that state a mess).

One thing's for sure is that I'm definitely not as excited about getting into property preservation as I was a couple weeks ago. The problem for me is that I don't want to invest a whole lot of capital into something that seems like a losing bet.

Of course nothing is certain, it's just nice to have decent odds and know that if you put the effort in as your own man you can make it. You know, kinda like what we used to do in this country. Is it any wonder so many are on welfare? People who work sure as hell aren't reaping the rewards.
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post #7 of 14 (permalink) Old 12-02-2013, 06:54 PM
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Welcome aboard tungsten. I don't encourage people to get into this industry in it's present state, but securing and completing initial services on foreclosed properties existed long before the parasitic nationals came along. There can be money still made, but it won't be thru them. Look around at the contractors in your area. Guy advertises plumbing, hvac and electrical work as well as decks and patios. Decks and patios may be 5% of his business but it keeps his part timers busy. Think of preservation work as your decks and patios. If you don't depend on it for your livlihood then you have much more control over whether you want to take the risks or not. If you have skills in the reo field, you can use them in other areas as well.
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post #8 of 14 (permalink) Old 12-03-2013, 02:29 PM
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Welcome aboard tungsten. I don't encourage people to get into this industry in it's present state, but securing and completing initial services on foreclosed properties existed long before the parasitic nationals came along. There can be money still made, but it won't be thru them. Look around at the contractors in your area. Guy advertises plumbing, hvac and electrical work as well as decks and patios. Decks and patios may be 5% of his business but it keeps his part timers busy. Think of preservation work as your decks and patios. If you don't depend on it for your livlihood then you have much more control over whether you want to take the risks or not. If you have skills in the reo field, you can use them in other areas as well.
Great advice.
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post #9 of 14 (permalink) Old 12-03-2013, 10:39 PM
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Truly not for the weak of heart.

Not sure how it is in your part of the world but I can tell you a little about Nebraska. Sweet gal who did inspections and initials for one of the majors quit at the first of the year. Had more than $40K that she was owed. Not smart on her part to let them get in that deep, but that's the prevalent attitude from some banks and most of the nationals. They will give you enough to make you feel like it's gonna work out and then things just stop. I've seen it time and again. And whoever you need to talk to isn't at their desk...EVER...and when somebody does respond to a call or an e-mail, the issues are always being addressed by someone else!

After BATTLING for over 6 months on unpaid work orders, I finally received a check for some of them...dating back to FEBRUARY of 2012. The work has to be done ASAP, with hundreds of photos and checklists and narratives on what was or wasn't done, you send those in...ON TIME...and complete and you wait until your veins are turning purple, never hearing a word. A good welder is hard to find and always in demand. Plus you can be your own boss and go to where the real money is.
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post #10 of 14 (permalink) Old 01-04-2014, 07:39 PM Thread Starter
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Thanks All. I'm thoroughly convinced I need to look into another industry to employ myself. Hell, I might even succumb to working for someone else, maybe even crawl back to my former employer (yikes!).

Anybody have any ideas?

Not necessarily looking for big money, just an honest business, but I am seriously out of ideas at this point.
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