Startup help - REO Property Preservation Forum
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post #1 of 17 (permalink) Old 03-14-2016, 05:01 PM Thread Starter
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Startup help

Just want to start off by saying I love this forum. I have done a lot of reading and I do understand 90% of the folks here are going to say do not attempt to start this. That's fine and I will listen to everything everyone has to say. I am currently unemployed after a layoff after 13 years with a company. It was a hard pill to swallow and now I want to do something that I have always wanted to do, start my own business. I understand the work is hard with the regional and nationals want to screw you everywhere they can. But I still 100% want to do this. My wife is a nurse making great money so if it takes 8 years of hard work to make this happen I am all for it just so I can have my own company. So now that you have some info on me, can I get some help on how to get started please? What's needed for me to startup and how do I go about getting work? I guess from what I have read so far I am interested in starting out doing trash outs, grass cuts, and wints. I'm not picky and honestly will do anything needed. I just can't seem to find out exactly what do I do to get started. Any help will be greatly appreciated. And I am in Eastern North Carolina if that helps.
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post #2 of 17 (permalink) Old 03-14-2016, 07:19 PM
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Hi

welcome cp and good luck,because you will need lots of it. Glad your wife is a nurse,you'll need her money to pay for backcharges,just hope you dont go broke before you see whats happening.
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post #3 of 17 (permalink) Old 03-14-2016, 07:22 PM
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Hi

google preservation companies hiring in north carolina and fill apps out on their website safeguard and fas 5 brothers are always looking.
you will digital camera or phone,know how to do paperwork,be smart with a computer truck trailer mowers lots of tools you will learn as you go though
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post #4 of 17 (permalink) Old 03-14-2016, 08:54 PM
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1st thing you need is a business license and insurance. Then you can start filling out all the apps.

They have a good old thread here with good company names if you cant think of one.


You will need supplies
locks, pad locks, lock boxes. slider locks, anti freeze and bolts for window boarding.

Then you need your tools and equipment.
Truck or mid size car with big trunk for your generator, air compressor, camera, computer with online access, cell phone and all your hand tools.

Now you are ready to begin
Be ready to put up ALL funds for labor, gas, insurance and supplies for 60 to 120 days.
Then the checks will start rolling in. Make sure to check invoices you submitted against what they end up paying. You will find they sometimes make mistakes

Good luck
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post #5 of 17 (permalink) Old 03-15-2016, 12:01 AM Thread Starter
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Thank you all so much for the info. From the research ive done i do understand its gonna be tough. But i would much rather put the time and effort into something for myself instead of for someone else and then have them lay me off after several years of busting my ass to make them money. I really thought i was gonna retire with the company i was with and when i got layed off it beat me down really bad. So heres to busting my ass for myself and hoping later down the road one day it will payoff.
Would I have to get a local privilege license or would it just be a state license? And as far as insurance do yall have any recommendations as far as like using a local small insurance company or go with a bigger insurance group?
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post #6 of 17 (permalink) Old 03-15-2016, 12:04 AM
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You forgot to mention the lube, it makes taking those back charges a little easier.

I'm in NC, pm me if you have specific questions. Right now screwguard is getting the majority of the work from what I've seen and heard in NC. Read up on them here and decide if you want to jump on that ship or not.

Forming an LLC is a great place to start. You'll want your business separate from your personal when the nats try using you as a scapegoat.
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post #7 of 17 (permalink) Old 03-15-2016, 12:13 AM
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Quote:
Originally Posted by Cpatton88 View Post
Thank you all so much for the info. From the research ive done i do understand its gonna be tough. But i would much rather put the time and effort into something for myself instead of for someone else and then have them lay me off after several years of busting my ass to make them money. I really thought i was gonna retire with the company i was with and when i got layed off it beat me down really bad. So heres to busting my ass for myself and hoping later down the road one day it will payoff.
Would I have to get a local privilege license or would it just be a state license? And as far as insurance do yall have any recommendations as far as like using a local small insurance company or go with a bigger insurance group?
What I've learned is you're only going to own your own business as far as the risk is all yours in this industry. The nats will set your hours, they do this by giving ridiculous due dates. At least working for someone else they have the courtesy of telling you you're fired. Nats just start giving your work to someone else and don't tell you so you spend weeks wondering what happened to all of your work.

You're going to be busting your ass, but don't think you're not doing it to make someone else rich.

Until I formed LLC all I did was register my business name DBA at the county register of deeds. No license requirement here unless you're a general contractor and you don't need that unless the work is over 30k. Do your own research though, call Raleigh and ask them, I'm no lawyer by any means.

You won't find many local insurance companies that will touch this business and that's probably a sign. As soon as you tell them what you're wanting to do they won't even offer coverage.
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post #8 of 17 (permalink) Old 03-15-2016, 05:23 AM
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Quote:
Originally Posted by Cpatton88 View Post
But i would much rather put the time and effort into something for myself instead of for someone else and then have them lay me off after several years of busting my ass to make them money. I really thought i was gonna retire with the company i was with and when i got layed off it beat me down really bad. So heres to busting my ass for myself and hoping later down the road one day it will payoff.
Welcome to PPTalk.
Been thru the layoff bit several times so I identify with the feeling. My only thought for the moment is to ask you to reread your post and ask yourself how working for a national would be any different than working for an employer? Or even better?

What is your current setup in regards to truck/trailer/tools/knowledge of the trade?
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post #9 of 17 (permalink) Old 03-15-2016, 09:59 AM Thread Starter
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I understand what u r saying about working for a National is same as working for someone. But in all reality no matter what u do, u will always be working for someone. To me there is a difference between owning my own company and working for a national or just out right being hired on by the company that does the work for the national or regionals. I know to some of u it sounds stupid and doesn't make sense but to me it makes perfect sense and is exactly what I want to do.
And again thank u all for the responses good or bad. I appreciate the advice to get away from it just as much as I appreciate the input on how to get started. Is there a way I can get price sheets from all the company's before applying to work for them?
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post #10 of 17 (permalink) Old 03-15-2016, 10:03 AM Thread Starter
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As far as current setup goes, I have a truck and trailer, I have zero turn mower, edger, backpack blower, and all basic tools needed. I have plenty of yard maintenance experience, I did construction for a few years so I'm pretty good with that.
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