[HC&K]

:notworthyHello everyone, My new business is HC&K ENTERPRISE,LLC in Atlanta, GA doing Property Preservation and Trash-out service. I've been in this business for about a year with a close friend and decided to branch out on my own. I am licensed and working on the insurance. Looking for work mainly with foreclosed property. I 'm new to this site and have read some really good responses and information to questions. My question is similar to most of the property preservation companies already in this forum, any suggestions or good advice on starting my business welcome:thumbup:

 

[Rich51]

Welcome to the forum, I am sure many will tell you the same thing. Try to develop relationships with local realtors and REO brokers, these will your best bet to make decent money you can live on. I am sure there are nationals in your area, if you decide to go with them make sure you read and understand their agreements and contracts their pay is not so great and they can be a pain.

Understand the regs regarding the loan types Conventional, FHA, HUD Fannie etc. This will really help in your understanding of how much may be available to do the work on houses, it will help with your bids.

Good Luck!!!

 

[locsaint]

I am thinking about starting my own property pres. buisness, what are all the guidelines I need? I have FHA, FANNIE MAE, AND VA. Is there more? Which ones?

 

[FremontREO]

The main guidelines it appears you have except one:

YOURS

Take the price that YOU have to have to make a good living (profit), fund your equipment replacement fund, your Health insurance fund, your chargeback recoup fund, your retirement fund, your insurance fund for E&O, General Liability, Commercial Auto, Work Comp etc and stick to them. The price that you will find "out there" is not enough for YOU or ANYONE else to fund anything but the cashier at the gas station. Once you determine what you will need for profit than double it and you should be fine. Get a lot of savings to pay up front for the HVAC, Plumbers, Electricians, Remediation Companies, Landfills, Locks and the assorted other 100 pay up front things and keep this fund replenished with every check.

 

[mt4closure]

STAY AWAY FROM HOMELAND FIELD SERVICES< UTAH is there home base. Nice in beginning and you are only as good as your last job

So...Are you saying to STAY AWAY FROM HFS FROM UTAH?

Lol

 

[GTX63]

I think his coffee cup is leaning on the keyboard...:drink:

 

[D&R Services]

i would disagree......this has gotta be the worst year since the housing market collapse to start a p&p co........inventory is non existent...so only thing you can do now a days is fill out apps and send in PDF's on your co......

 

[JDRM]

Run the other way!!!!

 

[Splinterpicker]

GTX that made my day right there LOL D&R I have to disagree. They have the inventory it just is NOT getting released. SOME THING is happening behind the scenes. I don't know what but it does stink like being down wind of a sewage treatment plant. Case in point. Anyone herd of a DIL ?? deed In Leau? (spelling is NOT my strong point) Similar to a cash for keys BUT the former owner does NOT have a black mark on their credit score !! What I asked the rep telling me this and they repeated as above no mark on the credit score !! I am sorry but that just isn't right. Yes we have ALL had the hard cases and some are really that hard luck cases. If I were a lender I would want to know if the person walking in the door has had a forclosure in the past. I just don't get it!?? Back to the inventory where is it going to go ?? I went to a property and right across the street was another distressed property. Driving through town after town you see them but whats happening to em ?? we ( P&P) contractors are NOT getting them ???

HC&K best of luck but really look long and hard at what is being said here on the forum and ask your self "DO I want to keep my nice head of hair " You will have good days and bad ones but it has been SLOOOOOOOOOOOOOOOW so again best of luck

 

[SwiftRes]

A DIL(Deed-In-Lieu(of foreclosure)) wouldn't have NO black mark on the homeowner. The bank will not consider a DIL until the homeowner is in foreclosure, so at the very minimum you will see a 90+day late on the mortgage and then suddenly it shows paid off. I wouldn't be surprised if it also shows something like if you were to negotiate a short sale or negotiate the balance down on a delinquent credit card, something like "paid as agreed" rather than "paid in full". DILs have been going on forever.

Cash for Keys is when the homeowner has went completely through the foreclosure process, the bank has taken back the home, but the homeowner(or occupant) hasn't moved out. The bank then offers $ to them to leave, which is just cheaper/quicker/easier than an evicition.

I think it's just very regional, I have had no slowdown in my biz. With the nationals it's hard to tell as well, because if another vendor comes in and takes over part of your territory, you will see volume drop but may not realize it's due to competition.

GTX that made my day right there LOL D&R I have to disagree. They have the inventory it just is NOT getting released. SOME THING is happening behind the scenes. I don't know what but it does stink like being down wind of a sewage treatment plant. Case in point. Anyone herd of a DIL ?? deed In Leau? (spelling is NOT my strong point) Similar to a cash for keys BUT the former owner does NOT have a black mark on their credit score !! What I asked the rep telling me this and they repeated as above no mark on the credit score !! I am sorry but that just isn't right. Yes we have ALL had the hard cases and some are really that hard luck cases. If I were a lender I would want to know if the person walking in the door has had a forclosure in the past. I just don't get it!?? Back to the inventory where is it going to go ?? I went to a property and right across the street was another distressed property. Driving through town after town you see them but whats happening to em ?? we ( P&P) contractors are NOT getting them ???

HC&K best of luck but really look long and hard at what is being said here on the forum and ask your self "DO I want to keep my nice head of hair " You will have good days and bad ones but it has been SLOOOOOOOOOOOOOOOW so again best of luck

 

[thanohano44]

A DIL(Deed-In-Lieu(of foreclosure)) wouldn't have NO black mark on the homeowner. The bank will not consider a DIL until the homeowner is in foreclosure, so at the very minimum you will see a 90+day late on the mortgage and then suddenly it shows paid off. I wouldn't be surprised if it also shows something like if you were to negotiate a short sale or negotiate the balance down on a delinquent credit card, something like "paid as agreed" rather than "paid in full". DILs have been going on forever.

Cash for Keys is when the homeowner has went completely through the foreclosure process, the bank has taken back the home, but the homeowner(or occupant) hasn't moved out. The bank then offers $ to them to leave, which is just cheaper/quicker/easier than an evicition.

I think it's just very regional, I have had no slowdown in my biz. With the nationals it's hard to tell as well, because if another vendor comes in and takes over part of your territory, you will see volume drop but may not realize it's due to competition.

A DIL will show up as a R9 on their CBR. Which means, they still have a mark/penalty on their CBR. It can prevent them from getting financed. Usually, the bank who agrees to settle or do a DIL, will not issue any new loans or service to this customer. Same as if they filed bankruptcy on their debt.

In this day and age in which foreclosures and a majority of suffering Americans everywhere, some of these banks are deciding to loosen up their policies to grasp a bigger part of the existing market as it stands. They're using other risk management idea's/strategies in lending.

 

[Splinterpicker]

Thanks Guys for the info. Hope you ALL have a great memorial day extended weekend