Real Estate Will Always Be a Reliable Investment Because People Will Always Need Homes
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Here’s a New on How to Make Money on Foreclosed Homes Way to Profit by Working on Foreclosures as a Property Preservation Contractor
Real estate has always been a solid investment because, no matter what happens in the market, people need places to live. But here’s a twist you might not have thought of: making money by becoming a property preservation contractor. In this role, you’ll focus on foreclosed homes, handling repairs and upkeep to keep them market-ready. It’s a different take on how to make money with foreclosed properties in real estate that could turn into a steady and lucrative income stream. I recently stumbled across and interview from Tried and True Moms which completely blew my mind.
If you find this is not the job for you, make sure to check out our most popular article on 30 Best Work from Home Jobs for Parents
Introducing, Danielle Pierce, a $400K+ Property Preservation Contractor
The interviewer says that at a recent conference in D.C., she had the chance to meet Danielle Pierce. They were chatting about our work, and she mentioned she’s in real estate—but she doesn’t actually buy or sell properties. This is the part of the interview that intrigued me and I was eager to learn more. She also mentioned she has a course for those wanting more guidance, providing a detailed, step-by-step breakdown of everything involved. What’s truly inspiring about how to make money with foreclosed properties with preservation is that Danielle, a mother of three who homeschools her kids, still manages to run a business that brings in over $400,000 a year. This shows that with dedication, anyone interested in this field can make it work, even with a busy schedule!
Here is How to Make Money on Foreclosed Homes (Bank Owned)
1. How she got started
Like a lot of people, my initial strategy for a successful life was to go to college, get good grades and get a good-paying job. I had every intention of climbing the corporate ladder and breaking glass ceilings. I have a Master’s in Accountancy from the University of Illinois at Urbana-Champaign. So…the only problem with this strategy is that accounting was awful and I hated every second of it. I tried audit and taxation and hated everything about that as well.
In 2007, my company at the time Equity Office Properties Trust was doing massive layoffs. I prayed for a lay-off and my wish was granted! Good news is that I got what I wanted. Bad news is that I was NOWHERE near ready!
I struggled for the first few years as I had no clue about entrepreneurship. It took me 5.5 years to replace my corporate salary and just over 6 to finally hit six figures.
I had always been interested in real estate and I was fortunate enough to find a mentor early on to help guide my career. While I do hold a managing broker’s license, I don’t generally work with buyers and sellers.
I have always preferred to generate income that I could control and that required limited day to day customer interaction. As such, working and knowing how to make money in foreclosures was a perfect fit.
– Danielle Pierce
2. The Process Is and How It All Works
If you look around just about any neighborhood, you’ll notice abandoned houses that are in need of upkeep and maintenance in order to sell. Many of the houses are foreclosed or somewhere in the foreclosure process. Banks don’t like to manage real estate so they outsource these services to preservation vendors such as my company. As a preservation vendor, you’re responsible for the repair and maintenance of any property included in your service area.
– Danielle Pierce
3. Type Of Work Is Involved?
Preservation work generally includes the following: landscaping, board-ups, debris removal, evictions and securing. It generally does not include major renovation and/or remodeling work.
– Danielle Pierce
4. Can This Be Done While Still Working a Full-Time Job?
Generally, the most successful students are operating their business full time. However, it’s possible to work your 9 to 5 AND operate this business if your job has a certain level of flexibility built-in. You should be able to send and/or respond to a quick text message or email. If your job does not allow you to be on the phone at all, you should not start until you have a more flexible position OR a suitable partner.
– Danielle Pierce
5. How Much Do Property Preservation Contractors Make?
New vendors generally average about $3k-$5k per month for the first 3 to 6 months. From there, it’s up to the vendor to decide if they want to scale the business or continue to cover a smaller territory. It’s very feasible to gross $100k+ or more in revenue within 18 months. My highest-grossing year to date was just over $420k in revenue.
– Danielle Pierce
6. How Much Money Will You Need Upfront to Get Started?
Just like most things, more money is always better. However, it’s feasible to get started with $2k. Of that $2k, you will pay the following expenses: business formation expenses, insurance down payment, background check fee and other miscellaneous start up costs.
– Danielle Pierce
7. What Type of Person Do You Think This Job Is Best Suitable For?
I believe it’s best suited for someone that truly desires to run their own business. I tend to attract a lot of real estate agents and/or investors. But, really, anyone that has a desire to work in the real estate industry without having to sell anything will do well.
– Danielle Pierce
8. How Many Hours a Week Do You Work on Average?
I subcontract out 100% of the work I receive, so I work about 25 hours per week on average doing admin work and overseeing the work orders. However, when I first started that number was closer to 45 to 55 because I had to learn a lot of things in a short amount of time. Also, it took time to find good subcontractors to build a solid team.
– Danielle Pierce
9. Do You Have a Property Preservation Startup Guide or Course to Help Someone Get Started?
I have a course designed to show anyone how to start a property preservation company and help anyone in the US obtain a property preservation contract with a national company as a vendor.
I offer a free introductory Masterclass to give you a better understanding of how this works and to see if this is something you would like to do. The Masterclass will cover:
- Requirements to get started
- How to make money
- How to find subcontractors
- How one client made $40k in one month
- My G.O.A.T method to set you up for success
Student Success Update: Ecstatic to hear that one of Tried and True Mom Jobs readers took her course and is now earning over $6,000/mo. and just had a baby! See screenshot below
10. How Do You Manage Your Time Working While Raising Your Family?
One recent change that I have made is homeschooling. I’m still slightly freaking out about it but so far it’s going well. I just had to shift the way I thought about school.
I had to realize that just about everything is an educational experience. Grocery shopping, buying clothes, going to the bank, going to the ATM, driving for dollars, conducting a webinar etc. I include them as much as possible in my day and explain as much as I can.
I also have developed relationships with other homeschool Moms to learn about other resources. There are so many options available these days that it’s mind-blowing. The children are enrolled in an after school program which I utilize a few days a week. I also have a drop-in childcare facility available and a babysitter.
I love the babies to life but am well aware that I need time to recover and actually conduct business without their background noise. I tend to do a lot of work at night.
Recommended Books for how to make money with foreclosed properties Property Preservation and Real Estate Success
If you’re looking to dive deeper into the world of property preservation, real estate investing, or entrepreneurship, here are some great books that can help you gain valuable insights and strategies:
- “The Book on Managing Rental Properties” by Brandon Turner
This comprehensive guide covers everything you need to know about managing rental properties effectively, including maintenance and preservation strategies. - “Real Estate Investing for Dummies” by Eric Tyson and Robert S. Griswold
A great resource for beginners, this book explains the fundamentals of real estate investing, making it easy to understand the market and identify profitable opportunities. - “The Real Estate Wholesaling Bible” by Than Merrill
This book provides a detailed overview of wholesaling in real estate, offering strategies that can be beneficial for property preservation contractors looking to expand their knowledge. - “Rich Dad Poor Dad” by Robert Kiyosaki
A classic in personal finance literature, this book emphasizes the importance of financial education and investing, making it a must-read for anyone looking to build wealth through real estate. - “Property Management for Dummies” by Robert S. Griswold
This practical guide focuses on the essentials of property management, including maintaining properties and handling tenant relationships effectively. - “The E-Myth Revisited” by Michael E. Gerber
This book discusses common misconceptions about running a small business and provides valuable advice on how to create successful systems for your property preservation business.