# Any thoughts?



## Bowhunter (Jul 20, 2015)

Hey everyone. I'm obviously new to this community. I really enjoy this forum and am hoping to glean some wisdom. We'll see how that works out.  I own a small GC operation in the Syracuse NY are and wanted to add a little more to the income stream. I'm not a complete stranger to preservation work. I worked for a company by the name of Homestead Field Services for a few years and it was a rewarding experience but, I was an actual employee... Their vehicles, their money, their tools etc. I'm about to start handling w/o for "Extraordinary Properties inc" and just wanted to know if any had any tips (besides don't do it) what I can expect or not expect, tips for the field as it's now my dime... My insurance... My ass on the line. What's the best supply company in your experience. Is MFS basically the best game in town so to speak. Thank you all in advance for any wisdom you may impart on me.


----------



## Kc7998 (May 16, 2015)

Get a ton of insurance. talk with a lawyer protect your A. Give it a shot just know when to quit. But hell im new also so what do I know


----------



## JoeInPI (Dec 18, 2014)

Best bet is to shop around- there are a lot of them around, and depending on the day, the prices vary. They are all pretty much selling the same crap, you just need to invest some time in looking around when you're going to order.

On any given order, it can come from BargainLocks, PPM, MFS, US Hardware, Buy Lockbox, Carrdan...

I'd say the majority of my orders are coming from BL, PPM, and over the last few orders, Carrdan.


----------



## Bowhunter (Jul 20, 2015)

Thank you for the info. I'll definitely shop around. MFS was a starting point only cause that was the only place I ever heard my former employer purchase from. As far as insurance is concerned I carry a nice policy currently for my GC company. Otherwise I'm just gonna be as smart as my brain allows. If the w/o calls for something I'm not familiar or comfortable with, I just simply won't do it. If they don't like it.. Well.... To bad. At the end of the day it's my rear, not theirs. I'm familiar with this s$?t show from both the office and field side. Hopefully it will allow me to pick up on any red flags before anything bites me. Hopefully..... Lol


----------



## Wannabe (Oct 1, 2012)

DO NOT USE YOUR EXISTING COMPANY FOR YOUR FORECLOSURE BUSINESS!!!

You sure wouldn't want to get sued and lose both companies. Get a dang good E&O Insurance policy for the errors you didn't commit but are held responsible for. Seperate tax ID# etc etc


----------



## GTX63 (Apr 12, 2012)

Yep. The E&O isnt for the claims you need to file, it's for the claims they coose to file.


----------



## Bowhunter (Jul 20, 2015)

I've been shopping around for E&O coverage. Waiting for quotes to be returned. Can't wait to see how much my over head is gonna go up with E&O added to my general liability. Lol


----------



## JoeInPI (Dec 18, 2014)

Lots. E&O sucks, but it is necessary.


----------



## GTX63 (Apr 12, 2012)

Bowhunter, just so you know, not all nationals accept all E&O. Some will require you to choose from their own list, which may limit you to 2-3 providers who will write policies specific to that company.


----------



## safeguard dropout (Apr 21, 2015)

Good info GTX, don't want to buy that policy and throw the $ away when the national won't accept the insurance. Brunswick insurance is one that seems to be on most larger companies preferred list. But, really GTX, get some sleep!


----------



## Irnhrse5 (Apr 18, 2013)

All these gentleman are exactly right. A few other pointers to help out:

-Make sure you have a handle on your supplies. Keep inventories of everything. Keep enough on hand to handle a quick influx of initial secure orders
-Find a good locksmith in your area, and become best friends with him. That locksmith will be able to help you get into properties, rekey locks in a pinch for you, and just makes your life easier when it comes to old locks. 
-P&P is where the money is at. REO is just filler work if you need it. Pay attention to what you are bidding and keep track of it. Property Preservation Wizard is probably the best program for that. 
-Stay current on technology, because like it or not, that is the way preservation work is moving when it comes to pictures
-Don't let people push you into something you are uncomfortable doing, even if they threaten you. Its not advantageous for either party. 
-Learn all of your systems and train an updater to do the work at night. You will be exhausted at the end of the day, and staying up till 2am everyday is not going to put you in a position to make good decisions. 
-Don't work for Safeguard's REO department. Ever. 
-Make sure you ALWAYS get load pictures on debris clean outs. ALWAYS. 
-Always take pictures of every fixture, appliance, and HVAC related item on EVERY PROPERTY. Having too many pictures is always better than having too few. 

I have a ton of other stuff, but thats just a little bit. Everyone will have advice for you. Just take it all in and apply whats best for you.


----------



## Bowhunter (Jul 20, 2015)

Just want to say thanks to everyone for all the helpful tips, insight, and wisdom. I can buy tools. I can't buy what you all have given me. Thanks again!


----------

