All Forum Posts by: Mark Ferguson

What you are looking for does not exist. The banks do not sell their REO assets without agents.

Welcome to the site! I am in Greeley not too far away

 You are right about the way I look at it as well. When I say the experiment failed, that doesn't mean I failed. It just means that particular idea didn't work and its time to tweek it or try something else. 

I agree about trying someone green. With my other staff they have mostly been green and I trained them exactly how I wanted things to be done. They didn't have any preconceived notions about how to do things. I didn't have to retrain them to think differently. 

 I agree. I thought this person could handle it because his previous job was managing 40 people at a corporate manufacturing job. 

last week I posted about some successes. It can't all be fun and games! In April I hired one of my contractors to be my project manager. My goal was to have him hire subs, mange contractors, bid jobs and basically handle the rehabs for my flips and rentals. I thought he would be awesome since he is a great guy, has contracing and corporate management experience. 

After months and months it is apparent he can't handle the job. As I have less contractors working on jobs, less subs and things are taking even longer then when I did everything. Not too mention things are more expensive! 

I am sure some of this is my fault for not overseeing everything enough, but I have been very hands on lately and nothing is getting better. I have contacted my old contractors who we used when he started and they like the guy, but said he just stopped communicating with them and jobs they thought they were doing were given to other contractors. I have also found he had been blaming delays on things like plumbers and electricians I have used for years being too slow. When I talk to them they say they did the work within a week of being asked but they weren't asked to actually do the work until well after the project manager said he ordered jobs. To top it off ot took over 6 weeks to get two hvac bids on a house and over 4 weeks to get a foundation bid. That was all the hvac and foundation companies fault as well. We have given him a couple contractors names who he said weren't working out. When we talked to those contractors they said they waited and waited for call backs but had to take other jobs because he wouldn't get back to them. 

On the end I am not giving up and sorry for the long rant. Next year I am bringing rehabs back in house for two of my team members to manage. They have more time since reo and hud listings are down so much. I am implementing more systems including inspections after I buy to make sure nothing is missed. And then another home inspection After repairs are done. I called most my contractors I had before and they are still cool with me so that is good! 

Welcome! I am in Greeley. 

I may know someone who has some inventory. Pm sent. 

 I'm still struggling with this. I hired a contractor as a full time employee to n manage my rehabs and it is going worse then when I did it. He had management experience too. I think I am going to have my team manage them and see how they do now. 

great post. I get most of my deals from the mls and I feel the same way as you do  out buying direct from sellers for a huge profit. One thing I do since I have my license is give people two options. When I have an interested party who wants to sell I tell them what I will pay and WHT they could get if they listed it on mls. Sometimes they list it and sometimes they sell to me. But I give them the option and explain why the prices are different. 

On mls I always buy from other agents so the buyers are represented. You can make money in this business without buying direct from sellers.