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Does anyone have any experience working with REO/Property Preservation Companies?
I have been approached by two property preservation companies. These companies managed forclosed properties for HUD, Fannie Mae, and other banks/investors. I eliminated the one company because of the negative comments other contractors put on Google. I can not find anything negative about the second company (Buczek Enterprises). They have sent me a pay list for different jobs that may need done for their clients. The pay seems fair, but I would be required to take before and after pics, plus make sure everything is submitted online to their specifications.
If you have any experience with these companies (good or bad), please let me know.
I currently work for two companies. One is based in Orange County, CA and the other is in North Carolina. There are a couple of things you should be aware of:
1) It takes time to get paid, 2) You may be asked to do inspections and lock change outs on properties, 4) You may bid for work and never hear back on your bid, 5) Unlike “normal” customers the only way these companies can document what you do is through pictures. It is not uncommon to be asked for 20-30 pictures of a new property, plus before and after of inspections, lock changes, janitorial services, trash outs, and repairs. There are resources on the web that can give you guidelines on what HUD, Fannie Mae and Freddie Mac pay. You may find your company pays less (they need a profit too!). Feel free to call me if you have more questions.
Cory, from Desert Hot Springs, California
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