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post #1 of 8 (permalink) Old 09-25-2017, 11:56 AM Thread Starter
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Finding REO

I am pretty new to the REO/property preservation business. at least less than a year experience however i have been doing construction and maintenance for over 8 years. So my question would be, how do you start working for local banks and maintaining the property they own? I've been working for U.S. best repair and quite frankly i'm about ready to stop accepting work from them if at all possible. thanks in advance for any reply!
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post #2 of 8 (permalink) Old 09-26-2017, 06:11 PM
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Welcome to the site,

let us know if you will also like a price sheet, a couple of trucks, our bank accounts etc... . People from the Industry work really hard on keeping up the business, I am sorry but no one is going to provide you with the info you need, what makes you think someone is going to tell you how to run your business successfully for free? you need to go thru the experience like all of us. just a little advise be careful who you work for and how much you allow then to own you, you can be out of business from just one mistake.
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post #3 of 8 (permalink) Old 09-26-2017, 10:34 PM
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. . . how do you start working for local banks and maintaining the property they own? . . .
Legwork. Lots of legwork. Go to the banks and ask for whoever is in charge of their REO's and talk to that person.
I'm guessing that since we've already passed the worst of the foreclosure storm, most any bank you contact at this point will either not need your services at all or have 2 or 3 different companies already servicing their inventory.

Good luck - It's definitely a tough time to be entering this industry.

Iíve already told you more than I know.
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post #4 of 8 (permalink) Old 09-27-2017, 08:08 AM Thread Starter
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Thanks for the candid reply. Seeing as this type of work is not our usual work i figured i would ask for some information. I am not trying to infringe on anyone else's work. just be aware that these companies have been contacting me, not the other way around. I am a carpenter and home builder by trade not REO and preservation. Most people in my trade have no problem sharing information and helping the next guy out. apparently that's not how it works on this side. Because the guy from Wyoming is going to steal all your work in Florida right? I was simply asking because I DO NOT want to work for these companies. I would prefer to go straight to the source and work there but i am unsure as to how that works.
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post #5 of 8 (permalink) Old 09-27-2017, 09:29 AM
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... Because the guy from Wyoming is going to steal all your work in Florida right?...
...because there are gators in Florida and they know how to read....

REO/P&P is just like any other business. Sell you service, sell yourself, and make good on your promises.

PropPresPro is right though, bad time to get in. Foreclosures are down 80% or more from recent years. The industry in general went the way of low margins/high volume, however the volume disappeared and the margins remain low. There's still a bit of money here and there, but this business has a notoriously painful learning curve.

If you're building houses, you know the real estate market is hot right now. It's a good place to be.
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post #6 of 8 (permalink) Old 09-27-2017, 07:31 PM
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I've been working for U.S. best repair and quite frankly i'm about ready to stop accepting work from them if at all possible. thanks in advance for any reply!
why would it not be possible to stop accepting work from them?

Stay away from fools, for you won't find knowledge on their lips.
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post #7 of 8 (permalink) Old 09-27-2017, 11:25 PM Thread Starter
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It is possible to stop accepting work, however, I have already dedicated the resources time and materials strictly for this business and incorporated it into my original. We essentially have an REO team and an everything else team. The only issue I?m having with U.S best, cyprexx ect is the third party working for a third party and so on. It?s much simpler to go straight to the boss for answers than climbing up the chain. Unfortunately these companies hinder that ability.
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post #8 of 8 (permalink) Old 09-28-2017, 08:12 AM
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. . .The only issue I?m having with U.S best, cyprexx ect is the third party working for a third party and so on. It?s much simpler to go straight to the boss for answers than climbing up the chain. Unfortunately these companies hinder that ability.
Over my years in this industry I've headed down the road you're searching for a couple of times, and ran into road blocks both times.
Just having the right contacts at these large banks/mortgage co.'s is not all it takes - What I found out is the premiums on the insurance policies that they will require you to carry dictate that you cover the entire country to turn a profit. Not something I'm willing to do, thank you anyway.

BTW, what part of WY are you in?

Iíve already told you more than I know.
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