I agree. I don't understand it.
The P&P thread is nothing more than some 2000+ posts all complaining and others agreeing about the whole industry.
The people crying and complaining are the ones working for the national and regional companies and working for peanuts. If you can't turn a profit then do something else!
Every time I post that I work only for brokers, banks, and asset managers directly I get the same people who chime in and say "Oh, were in a smaller market and the banks ONLY use nationals" Well, that's a load of BULL!! I know of at LEAST 3 major banks who ONLY use brokers for their REO and PP work.
Even ones like BAC who use their own contractors give me TONS of work! Im talking at least 5-6 jobs per week because their contractor either can't handle it or the bid is too high because everyone is tacking on profit to the original bid.
Bottom line is brokers will give you the most work and most profit, you just need to find the banks that only rely on the brokers and contact them.
There are some banks like Fannie Mae that use nationals but still make the broker do the rekey. I average 4-5 rekeys a week for fannie mae assets.
The work is out there, you just have to go find it. If it was easy to find a company or the company advertised somewhere then I can guarantee you won't be making any money!!! If it was that easy, well you know the rest.. (think Safeguard, FAS, AMS..etc..)
And im not saying the nationals are bad, in fact if you are new I encourage you to sign up and work for as many nationals as you can. I'm just saying don't make a career out of it. I started out working for Safeguard and worked for them and Cyprexx for 2 years. I gained all the experience I needed and I got to know every REO broker in my area, and they got to know me. That's called building relationships!
If people are telling you that they are not making money in PP it's either because they are working for regionals or they are lying!
I was in construction for years and I make more money doing PP then I ever did in construction! But then again I get $275 for wints, not $40
I bid every trashout at $50 per cy, I get $75 to cut lawns in row homes in Philly which average about 15' x 30' plus all the repair work and no one EVER takes a cut from my invoices!
So, you will NEVER hear me crying or complaining!!
Have a Happy Thanksgiving!