Posted by BrendaTx on 6/14/05 1:30pm
Msg #44566

I think I have a real business!

Feeling like I have hit the foothills of climbing into a real business. In Texas, without HELOCs it's not easy to make this into a full-time business. It is very, very slow to start.

Have at least one to two years of living expenses plus business expenses available to start your business or you need to consider it part-time change.

My business is finally looking like it will actually support me and allow me to put some up as I have not focused on getting refi work...I have marketed myself to do other things. Refi's are not going to be here forever. The boom is over.

Got two new clients this week who are both located in Texas and are not "fly by night" types...they do a lot of closings in Home Improvements and Rev Morts. They asked me about MY schedule before they scheduled the bwr! I hardly knew how to respond...and, both called since Saturday.

One asked me if I'd accept $150.00 - $175.00 for overnight docs--and we pay within 17 days, is that okay?

I started researching my business in October of 2003. I began business in January 2004.
This is June 2005.

Roger/OH was correct that it will take 18 months before your business profits enough to call it a business, not a charity.

Anyhow, this has been my experience. New folks should have lots of patience and time to put into marketing...do your time...be frugal...think out of the box...set your goals... stay focused. A business plan is a must, as well as keeping a handle on expenses vs. fees.

Reply by Nicole_NCali on 6/14/05 2:01pm
Msg #44579

Congratulations..are the inspections supplementing?

I am so proud of you. Are the home inspections supplementing the loan signings. I was looking into appraisals. I am actually checking out the AI (appraisal institute) and checking the forums to determine if this is something that I could do that would supplement my income if I decide to just chuck my job and be totally self-employed.

Reply by BrendaTx on 6/14/05 2:23pm
Msg #44589

Re: Congratulations..are the inspections supplementing?

***I am so proud of you. Are the home inspections supplementing the loan signings. I was looking into appraisals. I am actually checking out the AI (appraisal institute) and checking the forums to determine if this is something that I could do that would supplement my income if I decide to just chuck my job and be totally self-employed.***

Thank you!!!!

I only do unlicensed inspections for MortgageRamp.com and I do draw inspections on new construction.

I am doing about $400 in MR inspections this month, so far. Took me a year to get past the $55-$75 mark every other month.

MR inspections are site condition verifications for the lender -- usually done on an annual basis. You verify that the property is standing and not in "crack house" state of disrepair, etc. Mostly I do apartment complexes, industrial sites and motels. Lotsa work for $55 - $90 a pop.

However, if I am not doing anything else but chatting with Hugh on the phone, I might as well be making a little money uploading photos and writing narrative... those little checks dropping into my bank account like clockwork make me feel all warm and fuzzy inside.

The time consuming part comes in when you have to generate this kind of thing - however, not all of it is always used, but this can be cut and pasted by the final reviewer of my inspection reports - also, if this seems disjointed, it is because it's been pulled out of the report and saved to a text file. It makes sense when in the boxes they give me. But, you can see what's involved in this dump of my narrative comments.

------INSPECTOR'S IMPRESSION AND NARRATIVE----

This property is a charming rural motel which
thrives on tourism. Its motel rooms are leased
primarily to the fishing/boating tourist.

Upon entering the property, this inspector waited
while guests were chatting with management.

Management is very responsive. Upon interview
with management, inspector was told that there
were two vacant rooms. During the interview one
of the two was rented. Upon exit interview with management,
the inspector observed that the last vacancy was
taken by tourists.


Based on this inspectors experience and travels
around East Texas, this property now has above
average curb appeal from Highway ___ aka ___
Street in ---, Texas. (Inspector uses "now"
because it is obvious that significant upgrades
and curb appeal projects have occurred recently.

For instance, the landscaping is being brought to
"manicured" status -- the exterior paint is fresh
and in progress.)

The reason this small motel thrives is because of
the fly and bass fishing industry. The Trinity
River is on minutes away. Fly fishing has become
a sport now pursued in Texas. Also, there are
five small lakes for bass fishing within a 20 mile
radius.

Also, there is a network of lakes popular
with fishermen all over the Southwest USA which
are on the dedicated fisherman's "routes" as they
travel cross country for Bass tournament
participation. (This can be seen in the aerial
view attached as a *.jpg.)

Fly fishing has become a sport in Texas and tournaments are now
being hosted on the -- River, just minutes away from the property.

This property is 20 miles from ___ State Park and 34
miles from Lake ___. During Bass and fly
fishing tournaments, or summer recreation periods,
this property has a good deal of promise and
viability.

This is a typical rural town in the region known
as East Texas. It's well-placed for locality to
it's source of business and motel patron
occupants. To the West is a bank. To the East is
undeveloped. To the North the area is undeveloped
and to the South lies a residential area which
faces a grain/industrial processing area.
To one who has well-traveled the roads of East
Texas, the property fits in well with it
neighbors.


No deferred maintenance other than work in
progress which has been noted otherwise is
observed.

Zero health or safety hazards noted.

Within the next month, all cosmetic appearances
not currently in excellent status will be brought
up to a quaintly attractive state.

---------------INTERIOR PLANNED---------------
New Mattresses - Within days.


-----------------AMENITY NOT LISTED ON FORM-----------
Excellent "Texas-style" barb-b-que pavillion for grilling and outdoor cooking. This is available for guest use.


-------INSPECTOR'S PERSONAL OBSERVATIONS------
It's the inspector's personal observation that
this property will get repeat business because of
the homespun East Texas appeal it avails to guests.

The guests who stay there under current responsive
management will find the ancient (and very large) blooming
crepe myrtle trees and plush carpet grass
a setting which is affordable and peaceful for short "getaways."

The lodging is adequate and has tourist budget appeal
for fishermen and their families pursuing lake
activities around the area.

---------------EXTERIOR IMPROVEMENTS--------------
Rails have been brought to lender specifications.
(By "lender specifications" this is according to
interview with ___.) Many photos are
attached. The improvements have been made
regarding this on Bldg Two (See Inspector's
sketch.) Also, siding on property / Bldg Two has
been photographed to show repairs.
Owner states that no paint has been applied so
that contrast can be seen.

Bldg One is under current painting construction.
See photos.

Landscaping/yard - new maintenance of landscaping and lawncare is noted.

New Signage (good visibility of the same noted by
inspector).

New security lighting affixed to outside of
buildings (one on each which lights the pool
area/patio door entrances).

Parking lot striping is new.

---------------INTERIOR UPGRADES --------------------
Painting rooms
Added microwaves and new refrigerators to rooms
New bed frames
New Key Locks
Pest control has been engaged and maintained. Two
visits, one more planned.
New Linens
No interior repairs needed or recent ones noted.
Pool was in pristine clarity.
Fencing is a 4' high hurricane fence with gate and
rules posted. (see photos).

---------LACK OF RENT ROLL ATTACHED--------
Inspector queried management regarding a way to
verify occupancy rates. Management states to
re-contact them for their accountant to help them
generate a method of verification since they have
not owned the property more than 30 days.
Inspector was very careful to explain the
inspection might have to be re-done before
accepted without rent roll.

--------LACK OF BUSINESS LICENSES ATTACHED--------

Inspector queried management regarding a way to
verify need to see ANY types of licenses to do
business. Management states to re-contact them
for this type of licensing as they have just
recently applied for appropriate licenses through
the City of ---, Texas. They have not owned
the property more than 30 days. Inspector was
very careful to explain the inspection might have
to be re-done before accepted without the same.

Reply by christi/socal on 6/14/05 2:21pm
Msg #44588

WOW... You should be writing a book to tell

how to do this! Really! You must have great business sense. The only bad thing is you make me feel very lazy. ; - ) But I'm very happy for you anyway.

Reply by BrendaTx on 6/14/05 2:34pm
Msg #44596

Re: WOW... You should be writing a book to tell

Thanks, C/SoCal, but I realize what I really like to do is THIS work. I just like going out and getting clients.

Not a good idea to make a manual to cut myself out of business, IMHO...book deals don't profit people nearly as much as you might think...however, I might do something small like Laura Vestanen did on non-loan work.

( Laura's book: see
http:www.professionalnotary.com
if interested )

I have ONE marketing tidbit to share, but it's certainly not much and you have to "work it." My little technique does generate me a nice little chunk of change every month by doing it--only about $400 / month. Maybe in six months it might be something I can feel okay selling...if I can see it work for a few test drivers who I have told about it.

The main thing is to stay focused and market, market, market.

Reply by christi/socal on 6/14/05 2:50pm
Msg #44603

Re: WOW... You should be writing a book to tell

This work is fun, I really enjoy it too.
Thanks for the info on the book, I'll check it out. And hey 400 bucks is 400 bucks, let me know when you're ready, I'd be interested. Now off to market, market, market!

Reply by AngelinaAZ on 6/15/05 12:46pm
Msg #44841

Re: Brenda, you inspire... and that's a great thing!! n/m

Reply by AD/VA on 6/14/05 2:33pm
Msg #44594

I am happy for you! You've inspired me to keep on truckin! May was a very good month for me and I thought this month would be good as well-wrong..it's been slow this month. So, I was a little discouraged, but I did do some marketing today and have other marketing I must do. So along with your inspirational post, I think I can make it...with more HARD WORK of course!

Thanks!

Reply by Charm_AL on 6/14/05 2:34pm
Msg #44595

That is so awesome Brenda, you deserve it for all the hard work and dedication you've put into the business. Keep going Girl!!!

I'm striving to follow in your footsteps

Reply by Becca/FL on 6/14/05 2:54pm
Msg #44605

Really, REALLY proud of you!!!!!

Good things happen to good people that work hard.

I remember talking with you on the phone a while back and saying that I finally was able to support myself on the work I was doing. Well, I got my feeling that I had "arrived" a couple of weeks ago when a builder had me block a friday to be on call for them. The builder had called every Friday prior (for three weeks) only to find, I was booked. Needles to say, I was paid to stay home, market, collect & clean my house. The builder thanked me, said send your invoice & we'll call you next month.

Now, the other thing you speak of, is that what we discussed? I have to tell you, I have not been able to work it yet. I still think it is a GREAT idea and would go over very well in my area, but regret that I have not had the time to "test drive" the program yet. Maybe when it slows this summer. I'll let you know how it works for me.

Reply by TN Notary on 6/14/05 2:56pm
Msg #44607

Congrats!
You sure have given us all some motivation. I am still trying to decide to do this full time or not. This motnh is going well for me since I do this evenings and weekends only. I too am thinking of doing some other things to supplement signing agent work. Thanks again for your encouragement to all of us.

Reply by Melody on 6/14/05 5:30pm
Msg #44633

Your hard work has earned you high regard on this board.

You have paid careful attention to the needs and procedures of the business community in your area.

You have stayed flexible as you created an excellent mix of services that pay off.

You have worked hard and chatted the ears off many other professionals to give and get helpful insider tips.

I hope you make a mint!

Reply by HisHughness on 6/14/05 7:01pm
Msg #44660

Re: Your hard work has earned you high regard on this board.

I'd just like everyone to know that I taught Brenda all the important stuff: the proper gauge pantyhose, correct shade of lipstick, height of heels, thickness of rouge, correct foundation, how thin to pluck the eyebrows, the best nail polish, skin toner, hair coloring, type of girdle -- everything.

The minor stuff, like how to start and run a business, I let her get on her own. Figured it would keep her mind occupied while I drilled the significant stuff into her.