HUD And REO Property Preservation

Team Lawrence

Hell Everyone

My name is Steve Licensed Electricial and small knowledgeable General Contractor, most of the General Contracting I limit to establishe Electrical Customers.................Long story short. I want to Funnel my skills and knowledge into starting a Property Management Company. I'm sure there is alot of u guys who have been around and understand my ambitions. All advice would be greatly appreciated...thanks

Mchelle

Does anyone have any suggestions or recommendations for accounting software for property preservation business? purpose of use: invoicing, budgeting, client/account management, etc.

a1propertyclean

Mchelle ~

Quickbooks Pro does an outrageous job of keeping everything organized the way the properties need to be. You can even run a separate profit and loss by customer, by subcontractor, or by property.

Linda

__________________
Linda @ All REO Preservation
http://allreopreservation.com
allreo.vendor.review@gmail.com [experienced vendors only - please list state and counties if you're looking for work]

Branden0077

We've applied to first am and safeguard, but haven't heard from anyone in a few weeks, how long does it typically take to become a vendor, if anyone knows?

Thanks
Branden

satman77

having trouble uploading multiple photos to contractor web. any ideas

wesmahaffe

I bought,rehabbed, and resold foreclosures for 8 years that I bought off the courthouse steps. I did the appraisals,evictions, and rehabbing to get ready to put back on the market as well. I'm starting a property preservation company and am offering all the services including BPO's. I've been filling out all the online vendor applications for many different asset management companies but haven't heard anything from anyone as of yet....is this to be expected? Also, I'm trying to figure out the pricing structure for the different services? I'm located in Atlanta and am trying to service about a 100 mile radius. Thanks in advance for any comments or suggestions

a1propertyclean

For all of those who are complaining about not being contacted for work, please review what I said before about the major metropolitan areas being saturated with vendors.

It doesn't mean you won't work, it just means it could be a very long time before you see any. The industry is NOT the cash cow it once was and, for those who are willing to hang in there through thick and thin, it could pan out. For those that can't afford the startup costs while waiting for work, I recommend you find employment to get you through until you can.

Here's something else to consider: At the time I'm writing this, there have been 9,274 views at this particular thread. Only 65 posts have been created.

So, out of the 9,274 views, how many of those who DO NOT POST found the information that's been posted here to jump ahead of you in the asset management game?

I'm not trying to be sarcastic or a doom predictor of any sort. I'm being realistic. It's a tough industry to get into anymore and only a few hundred will be successful at it. And only about 50% of those will still be working when the foreclosures are gone. Do you REALLY have what it takes or will you just ride the wave and move on to something new when it's over?

To those of you contacting me, hang in there. I've got something in the works for when my company goes nationwide. But it's a slow process for me, too, although I'm already established and working for several large asset management companies.

I've got new clients coming in but PLEASE be patient. And if I don't respond right away it's because I'm busy working my fanny off in the field, while still holding down the fort in the office.

Just a quick note regarding e-mails to me: if you don't give me contact information or the items I've previously requested, your e-mail has been automatically going into my "rejection" folder.

If I don't know where the heck you are or how to contact you outside of an e-mail, why should I bother? One thing I've learned is that, when people don't read or follow the simplest of directions, they are quite often difficult to train and/or get quality work out of.

So ............ find my list and try to give me what I ask for, okay?

For all I know, you could be my competitors right down the street who keep trying to find out how I run my operation so they can undercut me. And, believe me, it happens all the time and, for that reason, I don't give anyone my pricing anymore. You can get what you need from the guidelines, just like I did.

Everyone has my information so please be considerate enough to give me yours in return.

And to those I'm already working with, THANK YOU all very much. You're doing a wonderful job and I'm happy to be associated with you.

Signed........................... exhausted in Riverside.

Linda

__________________
Linda @ All REO Preservation
http://allreopreservation.com
allreo.vendor.review@gmail.com [experienced vendors only - please list state and counties if you're looking for work]

SunStateHome

Hi.. Can anyone tell me what a good rate for 1 million GL and 500 Error and Omission Insurance is. I am also looking for a company in Florida if you know of any. Hey, while I am at it, if there is any national companies that are looking for a contractor in the tampa / Fort Meyers area in FL, give me a shout .. Thanks.. Have a great day

Davenport

It depends if there is a need in your area. Safeguard has zones that they assign to contractors and they usually have a waiting list. They also have a high turnover rate because of the low pay and strict requirements. I applied with them in July 08 and was told they did not have a need for my services at that time but then they called in August and asked how quick I can start. They do require you to take a 64 question all essay answer test on HUD, VA, FreddieMac, etc regulations and you have to pay for a background check. They do have considerable insurance requirements also. Nobody will get rich working for Safeguard but its not a bad cash flow supplement if you have got an existing business and want to keep your guys working until things pick up.

brm1109

I currently own a licensed and insured trash removal/clean-out company in Northern New Jersey. I am looking to get into cleaning properties for banks and so forth. Anyone know the best way of getting into this?

Mchelle

Linda, thank you so much for the info. My husband and I started our property preservation business about two weeks now. I've read a number of your posts and that of some of the other members! We've completed two jobs thus far. From the agent we're currently workind with to the insurance company we've been told that we do great work and our material is thorough and very professional-looking. Thanks to everyone that have unknowingly helped us avoid many of the problems when starting a business. The learning curve is priceless. Hopefully we will have our website up and running within the week.

Michelle
1 Extreme Cleaning LLC

Edin

Hello to everyone !!

I just wanted to get more info on how to do work directly with the bank or through fannie mae,hud... i have been working with several companies now and generate decent income, but would like to eliminate the middle men if anyone has some helpful advice please let me know, i am in the state of missouri.

As for all the beginers i could recomend field asset services they are one of the greatest companies i had worked with so far

billybl35

Hey everybody, This site is awesome, filled with so much great info from so many people. I am licensed General Contractor in Massachusetts. Anybody have any companies they could recommend, I am looking for work in the Ma area. I have done some preservation work and rehab for local credit union and I am familiar with HUD guidelines. Looking for company to start out with be national or local. Any info would be much appreciated. Thanks ahead

Edin

You should try field asset services i started out with them, if they sign you up as a vendor you will get alot of work from them, mostly property preservation and some minor repairs, but make sure you sign up for a rehab vendor as well.

Next company I would recomend would be Cyprexx services, though them you will be able to get alot of rehab work, so far i did 6 rehabs for them in a 4 month period. But make sure you are ready to do these rehabs for them. Example... if they approve two of your rehabs at the same time you will have about a month to get them done and you will have to cover all the cost for that property and once you are done you will have to wait about two weeks before you get paid.. so it may be a bit frustrating but its worth it, they pay good.

billybl35

Hey Edin ,

Thanks for the info. In your experience, how long does Field Asset Services usually take to pay? I am new to this Hud, FHA work but thanks to this site I am learning. With these bigger companies such as Field Asset and the others, how does it work generally, once you are signed on as a vendor do they send you work in which you go look at and submit a bid or do they say this is what has to be done and this is what it pays, you want it or not? Up to now I work on word of mouth, give price and do job but with this economy nobody is spending. I figure with all the forclosures in my area, thereare tons of them, may be time for a change.
I am familiar with the Hud guidelines and cost schedule. What is the normal"discount" you give M&M it appears to be 30% give or take?

Thanks again, and anybody that can offer any info on this venture I really appreciate it.
OH before I forget, anybody use REOTRANS.com? What is your opinion of them? Thanks....Bill

billybl35

Anybody work with five brothers for preservation work??? How are they? Pay on time etc... Thanks

Edin

Hey Billy,

Field Assets pays you a month from the date your invoice is approved and honestly they are the best company i had worked with, they are a bit strict but thats why they are able to get alot of work, they want everything done perfectly.

How it works with them, call them and get the operator to connect you to the vendor manager for your state. Tell them you are interested in becoming a vendor in your state make sure you get a list of all counties and zip codes you will be able to cover. You will also be required to have 1mil general liabilty and E&O insurance, but E&O you can purchase through them for very cheap, plus you dont have to pay for it they can just deduct it from your invoice.

Once they sign you up as a vendor you will be provided with all your login info, everything is done online. It will be or it may be a week or two before you get any work, but when something shows up in your area they will call you, tell you what they have, example; a full trashout.. meaning all the debris in and out, rekey, grass cut, janitorial, winterization, lock box.. they will provide a lock box for you free of charge. If they call you today and give you a trashout they will overnight your lockbox.. sometimes they will forget so just call them let them know and they will ship it.

When you get to the property you have to figure out about how much cyds. of debris is there and then call the coordinator so he can adjust the price for you. You dont realy have to bid anything, you just have to get to the property and not remove any debris before they adjust your price.

Im not sure if this info is helpful, but when you do start with them you can contact me with all the questions that you may have. They are a great company to work with and i am sure you will generate a steady income with them. Good luck to you

billybl35

Thanks Much Eden. I really appreciate the advice. I am contacting them tommorow to get the ball rolling, Dive in. Hopefully they will have good amount of work here in Massachusetts. I appreciate the offer to cotact you after I start with them, I will take you up on it...Anyway thanks again

TCContractor

I have done work with some of the large service companies and have made a little money at it. But if you are not prepared to have days of big loss, and pounding your head against the wall this work is not for you. These properties are after all largely owned by the same banks that cried to the feds for a bailout, and they dont want to have to spend anymore of YOUR money than necessary to keep these properties from falling through (theyre just trying to save up for those executive bonuses). $75 for a full winterization, $32.50 per cubic yard for debris removal, oh yeah were in the money. That cubic yardage fee includes the removal of feces, so say you scrape a five gallon bucket full of dung off the floor... you just made a wopping $2.00!! Sweet!! Good luck and dont let these jokers jerk you around, after all they are playing with money that was taken from taxpayers.

Spartikus

There are lists available for REO service companies. But a good one that we've contracted with is REO allegiance out of New Jersey. They're on the up & up and have a ton of financial contacts.
It's easy to register on their site as an available contractor.

__________________
Spartikus
Inertia LLC