Property Preservation Service.

[mkiss1]

Over the last couple of years, I have been inspecting plenty of foreclosed/abandoned homes (probably like everyone else on this forum). Some of the homes are "winterized" and taken care of and some are in ruins. I'm thinking of offering some property preservation services for banks, companies and individuals. Is anyone familiar with this service? Does it involve any licensing? How much can I charge for it? Any advise is appreciated. Thanks!

[relliott]

Lots of competition and much of it is sewn up by outfits that have been working with them already.
Lots of liability to.

There are many past threads.

[ldapkus]

Originally Posted by mkiss1

Over the last couple of years, I have been inspecting plenty of foreclosed/abandoned homes (probably like everyone else on this forum). Some of the homes are "winterized" and taken care of and some are in ruins. I'm thinking of offering some property preservation services for banks, companies and individuals. Is anyone familiar with this service? Does it involve any licensing? How much can I charge for it? Any advise is appreciated. Thanks!

Maxim,
There is a lot of info here regarding preservation work. I do some but it's for draw inspection companies preserving homes that have not been completely built. Give me a call if you have any questions.

[Frank Magdefrau]

Originally Posted by relliott

Lots of competition and much of it is sewn up by outfits that have been working with them already.
Lots of liability to.

There are many past threads.

In my opinion now is the very best time to start a new Property Preservation Service.

Why?

There are more foreclosures now than ever and many more coming up.

Bidday (who most laughed at around here) is a growing company starting to manage these homes more and more and are looking for people who can do this service. I did 5 Bidday "Break in" inspections (see below) this weekend and made $500.00 for about 6 hours of work. They wanted the property's cleaned but had know one in my area who had the time to do them so they needed to know what they looked liked. These homes will be placed on auction later this month.

HUD M&M contracts (see below) are being renewed as we speak and the new M&M contractor will need this service.

Local Banks are holding there foreclosures longer because the first time home buyer tax credit is just now starting to take off.

Now is a great time to start new services for the Real-Estate market.

A "Break in inspection" is where you are authorized to enter the home using any means possible. The property is generally boarded up or already opened. No keys or access codes are available.

An M&M contractor is the contractor who maintains all HUD homes in the awarded territory. The contractor may live in Alaska but was awarded Florida so he hires a Property Preservation Service to handle his new territory has a sub contractor. Plus he hires Home Inspectors to make sure everyone is doing there job.

[mkiss1]

Thanks guys,
I'm still studying the subject and getting info on local laws, which I don't find too strict My attorney and insurance guy are helping me with legal and liability questions.
I'm thinking about starting offering the service this fall.

[Bobby Hamilton]

Originally Posted by fmagdefrau

I did 5 Bidday "Break in" inspections (see below) this weekend and made $500.00 for about 6 hours of work.

Maybe I looked in the wrong place/site but I could only find this:
Payment for Inspections

• Each inspection will have a due date or 5 day period to inspect. You may cancel the inspection within 24 hours, or else inspectors will be committed to completing that inspection.
  
• Each home inspection will have a set payment of $240 plus a required 3 minute video tour (muted audio)
  with a set payment of $50, (Totalling $290 for each home inspection report and video).
  
• Each termite inspector will have a set payment of $70, ($140 in California due to extensive reporting requirements).

While this sounded all good, I read that you have to pay a minimum fee of $495 a year and use their approved software (which can cost you 1 to 2k if you are not already using it) I found this info here.

[Frank Magdefrau]

Originally Posted by bhamilton

Maybe I looked in the wrong place/site but I could only find this:
Payment for Inspections

• Each inspection will have a due date or 5 day period to inspect. You may cancel the inspection within 24 hours, or else inspectors will be committed to completing that inspection.
  
• Each home inspection will have a set payment of $240 plus a required 3 minute video tour (muted audio)
  with a set payment of $50, (Totalling $290 for each home inspection report and video).
  
• Each termite inspector will have a set payment of $70, ($140 in California due to extensive reporting requirements).

While this sounded all good, I read that you have to pay a minimum fee of $495 a year and use their approved software (which can cost you 1 to 2k if you are not already using it) I found this info here.

I know, but that did not fly so they changed up.