New business

JoePacheco said:

Some of the best advice I've ever been given about running a business:
1. Don't be afraid to spend money to make money

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I'm afraid I can't agree with #1 in the P&P biz. (aside from private work)

Be afraid. BE VERY AFRAID to spend money to make money. We just had a post a couple days ago of a vendor getting hosed for 30K working for Safeguard. If that guy had been a little more cautious.....now he's attending the proverbial school of hard knocks. He will definitely learn. I hope he survives.

you have to spend money to make money
but you have to spend a lot of money to make a lot of money

Run far away from all national companies!!

Put more time into the local consumers(brokers, agents, small banks) These guys need people that they can trust and you'll get the pay your time is worth not what safeguard, BLM, the siblings, Etc. tell you it's worth. You have to create your own volume.

I spent 2 years trying to make the nationals' game work and came out broke, but I built relationships with a lot of locals and small institutions(even while being foreclosed myself) and now get to run a decently successful REO business.

Good luck

Leads are essential to any business - I would highly recommend that you design a good website and use the power of the internet to gain the leads you need.

Jack,

ullmanonsite said:

Run far away from all national companies!!

Put more time into the local consumers(brokers, agents, small banks) These guys need people that they can trust and you'll get the pay your time is worth not what safeguard, BLM, the siblings, Etc. tell you it's worth. You have to create your own volume.

I spent 2 years trying to make the nationals' game work and came out broke, but I built relationships with a lot of locals and small institutions(even while being foreclosed myself) and now get to run a decently successful REO business.

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I too worked for the Nationals, joke.
Get busy, make contacts and work for yourself!
One national paid$25 per yard up to an acre. Joke.
Another after shopping around pays $125 per acre to mow and trim.
I had enough of the b.s..
I now run my handyman services and make four times the amount I did with the Nationals and it's just my two sons and I .
We only cover a 40 mile radius as well.
I get emails from the Nationals as well as mortgage companies to the tune of six or more daily wanting my services.
Not interested.

How do you go by gaining work from Small Banks, Brokers? 🤔

GLP said:

How do you go by gaining work from Small Banks, Brokers? 🤔

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Once you know that you have what they are looking for, go sell yourself to them.

Congratulations on starting your new business! That's a big step, and pursuing entrepreneurship takes a lot of courage. As a first-time business owner, I recommend seeking advice and resources from experienced professionals. One great resource I came across is https://www.ogscapital.com/about-us/. They offer various services for entrepreneurs, including business plans, financial projections, and market research. They have a great team of professionals who can provide guidance and support as you navigate the challenges of starting a new business. Best of luck on your new venture!