Repairing government foreclosed homes can be financially rewarding.
Government real estate owned (REO) foreclosures include defaulted FHA-insured single family properties. Referred to as Department of Housing and Urban Development (HUD) homes, these REO properties are also controlled by HUD. Property repairs are managed by Management and Marketing Contractors. These contractors oversee several subcontracting companies located regionally throughout the country to subcontract out repair services. Subcontractors seeking to repair HUD Homes must be approved directly through one of these designated contractors.
Instructions
1. Locate a designated Marketing and Management (M&M) Contractor for your regional area. Cityside Management Corporation is one of several HUD-approved management companies which cover the Arkansas and Louisiana region. The complete list of Marketing and Management Contractor's is available on the HUD website.
2. Apply directly to the designated contractor management company to become a property repair subcontractor. Complete a vendor application and provide documentation including liability insurance, state license and proof of worker's compensation insurance. Each management company operates individually and may have different requirements for approving subcontractors to perform these services.
3. Solicit foreclosure repair jobs which may include such tasks as, minor repairs, garbage removal and general maintenance. Compensation varies by assignment and the scope of work to be performed.
4. Establish additional foreclosure repair opportunities in your area by contacting real estate companies that specialize in government REO listings. Visit the HUD Homes website and search by state for registered agents. These real estate agents are approved to list and sell HUD Homes.
Tags: real estate, foreclosure repair, management company, Management Contractor, Marketing Management, Marketing Management Contractor
