REO Property Preservation Forum banner
1 - 2 of 2 Posts

·
Registered
Joined
·
1 Posts
Discussion Starter · #1 ·
Hi!
My name is Jack and I am from Tidewater Virginia. I am 64 years old and a Vietnam veteran and a retired federal employee.
I have been been in the property preservation business for a couple of years now. I have 1 son that owns a custom home framing business, I have a general contractor license, I run the siding crew and roofing crew for my son.
I also have 2 other sons that both have their own lawncare business, both cut grass for me as well as working with me in the other areas of property preservation business.
We did fairly good the 1st year in the property preservation business, we were primarily working for one company based in Cal., I did mostly BOA and quite a bit of REOs, a lot of trash outs and repairs.
Seems like everything came to a stand still last September. I signed on with a couple of Va. based companies, but still very little work. Then in Jan. the work started coming in, but the prices were lower and the only wanted to change 1 lock, all of the lock codes had changed, I had to buy several hundreds of dollars worth of locks. The price of winterization had dropped and the were requiring special toilet covers.
I drive 40 miles round trip to do Initial secure (2 Knoblocks and 1 Lock box) which I could not do, on a duplux which ended up being occupied, I ended up getting a $5 trip charge.
I am really starting to rethink this business.
 

·
Premium Member
Joined
·
1,059 Posts
Hi!
My name is Jack and I am from Tidewater Virginia. I am 64 years old and a Vietnam veteran and a retired federal employee.
I have been been in the property preservation business for a couple of years now. I have 1 son that owns a custom home framing business, I have a general contractor license, I run the siding crew and roofing crew for my son.
I also have 2 other sons that both have their own lawncare business, both cut grass for me as well as working with me in the other areas of property preservation business.
We did fairly good the 1st year in the property preservation business, we were primarily working for one company based in Cal., I did mostly BOA and quite a bit of REOs, a lot of trash outs and repairs.
Seems like everything came to a stand still last September. I signed on with a couple of Va. based companies, but still very little work. Then in Jan. the work started coming in, but the prices were lower and the only wanted to change 1 lock, all of the lock codes had changed, I had to buy several hundreds of dollars worth of locks. The price of winterization had dropped and the were requiring special toilet covers.
I drive 40 miles round trip to do Initial secure (2 Knoblocks and 1 Lock box) which I could not do, on a duplux which ended up being occupied, I ended up getting a $5 trip charge.
I am really starting to rethink this business.
Welcome aboard! :thumbsup: This business is rapidly becoming a sideline or filler work type business. If you can get on with Fannie or Freddie doing rehabs and repairs, its not too bad. The P&P side has way too many players with may too low of rates. I've seen $10 lock changes, $10 lock boxes and $25 wintz. There is no money in that.

By the way, if it is SG requiring the toilet covers, I used to use Clingwrap wrap I found in trashouts and it was acceptable, although that was 1.5 years ago when I used to do work for them.
 
1 - 2 of 2 Posts
Top