few questions for starting - REO Property Preservation Forum
 
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post #1 of 1 (permalink) Old 08-14-2015, 05:41 PM Thread Starter
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few questions for starting

So little about me, I am a 9yr Army Combat Veteran who has been medically retired. I have experience in various aspects of vertical construction i.e: carpentry, electrical, masonry,etc. I also have worked facility maintenance, warehouse, construction procuring, and apartment maintenance.

recently took the course to get my real estate license as i love all aspects of real estate from landscaping to buy, sell, invest. I have decided my heart is more with the hustle of hands on work.

As of now, i am wanting to start my own business. I am wanting to offer various preservation work i.e initials, recuts, blah blah blah. I will be getting my WRT, ASD, HST certs to diversify my services and also a few other real estate solutions that will accommodate the big picture of getting a house on the market fast.

I have a SUV, a few hand tools, and basic lawn care equipment and $10k as of today. This will be a full time job, however money is also not an issue as of right now as i have other sources of income that can hold me over since from what i read companies pay 30-60 days out.

Questions:

1. I see a lot of people using DBA's. From what i gather they are subs for a P&P company? Can you also be a sub for a P&P company as an LLC? just with the added benefits of an LLC? also, why do people not do LLC? is it a cost thing?

2. Based of my intro of what i want to do, would i position my self as a P&P company who gets accounts from Nationals and REO agents directly, then sub them out as needed? or, am i just a full service LLC who would be best positioned to work for a 3rd party?

3. Depending on where you research, people are making 3-10k a month. Is this working as a sub for a 3rd party? if so, seems i also see a trend of the subs getting low balled or late paid from the companies. Am i reading it correctly that this is happening as an IC working for a 3rd party P&P company off a price sheet?

4. If i was a P&P company, how would my subs like to be paid that is fair, and honest to them? I don't just want to create a business opportunity that will make me money, more to help others and stay immersed in the real estate community in my own way. Would a sub get paid when i get paid from that account? or do i pay the sub at completion and then i wait for my monies from the accounts? if i am paying them first, then i risk not getting paid for whatever reason from the accounts, this could pose a problem. As i think and type this out, i also realize i would need a lot of cash on hand to cover expenses related to the P&P work, and pay subs, and eat my self... now i think i see why most go the sub/3rd party route. Bang out work orders, and hope to get paid on time... remember who burns you. got it.

5. I feel i have enough leads within my local real estate community after running around with Keller Williams that i could source REO agents and get accounts. if this is the case, would i just be a sub working off their price sheet? or am i positioned more as a P&P company who bids off HUD, VA, etc matrix to get those jobs, then complete them or sub them out?

thanks...
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