First Property Preservation Blog
Hello to everyone!
I am new to blogging, but wanted to set up this area as a forum available for anyone who has questions or who would like to share their experiences with the repair and maintenance of foreclosed (or REO) properties. Foreclosure rates continue to soar, and banks who take possession of these homes need to hire companies to repair and maintain these foreclosed homes. Sometimes the banks will hire property preservation companies directly, other times they will hire asset management companies to coordinate this for them. The list that we provide you with has both bank and asset management company information, over 40 different contacts along with their websites and a brief description of how to contact the right person to offer your company's services! To order, just visit us at www.propertypreservationbusiness.com. We welcome your comments and input!
I am new to blogging, but wanted to set up this area as a forum available for anyone who has questions or who would like to share their experiences with the repair and maintenance of foreclosed (or REO) properties. Foreclosure rates continue to soar, and banks who take possession of these homes need to hire companies to repair and maintain these foreclosed homes. Sometimes the banks will hire property preservation companies directly, other times they will hire asset management companies to coordinate this for them. The list that we provide you with has both bank and asset management company information, over 40 different contacts along with their websites and a brief description of how to contact the right person to offer your company's services! To order, just visit us at www.propertypreservationbusiness.com. We welcome your comments and input!
Hi. I am new to the REO field services industry and was trying to figure out who to contact in starting my business and your site helped me a lot, I signed up with all the banks and companies you listed and it was quick and easy. Thanks for your help. Besides the commpanies listed in your guide to starting the property preservation business, is there any additional way to generate leads and get established. Thanks for any input.
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Besides getting in touch with local realtors another source of funds that might be up and coming in some areas is due to the $3.9 Billion "neighborhood stabilization" program. You'll have to see how this emergency program enacted by Congress earlier this year affects your county, but broadly the idea is to have funds available to allow for salvaging foreclosed properties and then fixing them up for resale or rentals. Contacting your local M&M office might be a good idea to sign up with them as a vendor for this program. There are also links for that in the document from www.propertypreservationbusiness.com, I think on page 7.
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Does this program also list the requirements to have one of these businesses? IE, business insurance etc.
Any help would be appreciated before I purchase this program.
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HI Jim,
It does in general terms. For example, the document explains that many of the banks/asset mgmt companies require evidence of your liability insurance so the document goes into this--for example the general requirement is for $1M coverage in liability insurance, we have found that in Florida we could obtain $1M/$2M coverage for approx $1200 per year. Also if you have employees (instead of independent contractors) you will need workman's comp ins. As far as how to structure your company (i.e. sole proprietorship vs corporation vs limited liability partnership), we don't go into those specifics because those are personal choices based on the size of your company, etc. Hope that helps give you a little more info. The document will help you learn a bit more about these and also give you the contacts you need with the government and also with private companies/banks and help you with pricing and services to offer.
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Although I am fairly new to Property Preservation (and all that it entails!), we are getting work from a couple of national PP companies. We are also getting some work from the banks directly.
Bottom line is, that I like the biz, although some of the work that one of the companies gives us the money they pay is a joke! AND they have short payed us almost every month. I have found out in their case, they get $X dollars per house from HUD. So they farm out the work and do not want to pay very much per job (trash outs are the most profitable for us!). The other company does not give us that many jobs, but they are extremely profitable for us!
The bank work is the holy grail for us! They pay within 7 days after the job is completed while the others we have to sit on our money for up to 60 days! It makes it hard for a smaller company.
BUT, our biz has grown from $500 in billing the first month (July) to over $20K this month (October)! So the work is there. It is just cut throat. You can see what we do-
www.foreverfloridaone.com
Good luck! Joe
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I like your style, the fact that your site is a little bit different makes it so interesting, I get fed up of seeing same-old-same-old all of the time. I've just stumbled this page for you
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