New Start-up, any advise from the PRO's?

6493 Views 26 Replies 5 Participants Last post by PropertyDiva, Aug 22, 2012

G

Discussion Starter · Aug 8, 2012

I am starting a new P&P business in Columbus, OH., would like any advice that could save me time and money! Advise on what companies would be best to sign up with, what items to focus on that are most profitable, what tools/equipment are necessities from the get-go...

Really appreciate your feedback!

Thanks,

Robin

1 - 20 of 27 Posts

BPWY

· #2 · Aug 8, 2012

The search feature is your friend as is hours and hours of reading.

There is a lot of information in this forum and quite frankly I think we are all tired of giving it over and over and over.
Do some research and see for yourself if this is some thing you can make a go of.

G

Discussion Starter · #3 · Aug 8, 2012

The first and best thing you can do for yourself is READ THESE FORUMS! Spend lots of time reading and learning before you make the final decision to spend lots of money that you MAY NOT GET BACK! This is a very risky an unstable industry, in my oppinion not a good start up business at this point in time but do yourself and everything or everyone you care about and make an educated decision before you get to deep.

G

Discussion Starter · #4 · Aug 8, 2012

1) Do an introduction in the intro section to tell everyone a little about your background.

2) As stated read all the very satisfied stories from the world of P&P.

3) Have the best insurance you can buy for the lawsuits that will follow. Some years after the fact so make sure there is plenty of extta profit to allow you to purchase of tail coverage after you quit the business.

4) Have plenty of working capital ($) to finance your & the banks/service companies operations.

5) pray

Good luck.

G

Discussion Starter · #5 · Aug 8, 2012

I read through many threads on here before I posted, I learned a gread deal of info from everyone here. The experiendces they've had whether good or bad and with whom they were with lol

Welcome from one newbie to another!!

G

Discussion Starter · #6 · Aug 8, 2012

Thank you guys (and gal(s)) for your responses. Yes there is tons of info on this forum about newbies, of which I've spent the past 8 hours reading.

One of the questions I can't seem to find the answer for is, why would someone work for a local company (contractor) as opposed to going direct with a national company?

BPWY

· #7 · Aug 8, 2012

Generally the large companies aka nationals don't want to work with a small company that covers a small area.

Its less work for them to deal with a regional that covers several states and has the headache of finding subs.

G

Discussion Starter · #8 · Aug 8, 2012

So am i wasting my time getting the Insurance, E&O, and filling out all the vendor paperwork for the three regional HUD contractors?

G

Discussion Starter · #9 · Aug 8, 2012

P.S. Can anyone tell me what the different little envelope icons on the left of the thread means?

Yep, I know..... not very computer savy!!!

G

Discussion Starter · #10 · Aug 8, 2012

Munegi said:
So am i wasting my time getting the Insurance, E&O, and filling out all the vendor paperwork for the three regional HUD contractors?

I don't know about wasting time, but from what these guys here have been posting for years is that the p&p business is pretty ugly right now.

I would take their suggestion and really listen to what they have been saying. Read for a long time before making any decisions on starting with the paperwork and insurances.

GTX63

· #11 · Aug 9, 2012

Munegi said:
I am starting a new P&P business in Columbus, OH.

Operate your business as an LLC or entity that protects you, your family and your personal assetts. Once you have purchased their good old boy insurance and listed them as additional insureds, the race is on to the bottom of the wallet.

G

Discussion Starter · #12 · Aug 9, 2012

Not sure if you are adding PP onto an existing business or PP will be your soles profit center. But if you want profitable business I would not place all your eggs in the PP basket. You will do a lot of small and not very profitable jobs and wonder why you are working so hard and not making any money.

Working directly for homeowners is much more rewarding in all respects.

G

Discussion Starter · #13 · Aug 11, 2012

GTX63 said:
Operate your business as an LLC or entity that protects you, your family and your personal assetts. Once you have purchased their good old boy insurance and listed them as additional insureds, the race is on to the bottom of the wallet.

AMEN BROTHER! Got another notice of a lawsuit on ***Service Company this week. Of course Our OLD LLC Company closed the day we quit *** Service Company
but with the 2 year tail insurance coverage every little complaint is being turned into the insurance carrier. We did nothing wrong and are not named in the lawsuit BUT the law firm is demanding payment of the $5,000 deductible. Told them to go after the service company to pay it... Our LLC is closed and out of business..

They are pi**ed and so am I

G

Discussion Starter · #14 · Aug 11, 2012

Only advice I have is don't waste your time. Unless you started three years ago and are on with the nationals you don't stand a chance, except to get screwed by a middle man.

thanohano44

· #15 · Aug 11, 2012

FremontREO said:
AMEN BROTHER! Got another notice of a lawsuit on ***Service Company this week. Of course Our OLD LLC Company closed the day we quit *** Service Company
but with the 2 year tail insurance coverage every little complaint is being turned into the insurance carrier. We did nothing wrong and are not named in the lawsuit BUT the law firm is demanding payment of the $5,000 deductible. Told them to go after the service company to pay it... Our LLC is closed and out of business..

They are pi**ed and so am I

Nice

G

Discussion Starter · #16 · Aug 12, 2012

Thanahano,

P&P is a nightmare as you very well know. Vultures are always circling

thanohano44

· #17 · Aug 12, 2012

FremontREO said:
Thanahano,

P&P is a nightmare as you very well know. Vultures are always circling

I'm going to call you in a few. Do you go clean ups after someone kills them self and their parrot? No joke.

GTX63

· #18 · Aug 12, 2012

We have. Not a parrot though. It is a specialized job. You can't just go in with a jug of Mr. Clean and a newmop but there is good money in suicides.

Splinterpicker

· #19 · Aug 15, 2012

thanohano44 said:
I'm going to call you in a few. Do you go clean ups after someone kills them self and their parrot? No joke.

Perhaps the parrot worked for a national (FAS) and was trying to negotiate a new contract. :laughing:

Best advise carry E&O and plenty of GL. BE AWARE OF YOUR LOCAL LAWS. P&P COULD VERY WELL BE CONSIDERED CRIMINAL TRESPASS where you are. Possession and ownership two different words and two VERY different meanings. The banks MAY have a clause in their contracts but state and local laws trump the contract as in the state where I am. It is the same as a landlord going into a property that is rented unannounced. CRIMINAL TRESPASS !!

Back up HARD DRIVE I have one with over 10 years of photos .:thumbsup:

thanohano44

· #20 · Aug 15, 2012

splinterpicker said:
Perhaps the parrot worked for a national (FAS) and was trying to negotiate a new contract. :laughing:

Best advise carry E&O and plenty of GL. BE AWARE OF YOUR LOCAL LAWS. P&P COULD VERY WELL BE CONSIDERED CRIMINAL TRESPASS where you are. Possession and ownership two different words and two VERY different meanings. The banks MAY have a clause in their contracts but state and local laws trump the contract as in the state where I am. It is the same as a landlord going into a property that is rented unannounced. CRIMINAL TRESPASS !!

Back up HARD DRIVE I have one with over 10 years of photos .:thumbsup:

Did IS on a property in which the owner killed himself and his parrot. The clean up looked less than amazing.

1 - 20 of 27 Posts

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