Water Damage! Pros and Cons

rider0992

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Kenny Hayes
If you dont like after hours work then dont do it. Put 18% interest on past due if you have a slow payer. We currently have leins and judgements on 10 people. I will outlive them so it's a good retirement vehicle at 18%. Getting paid on one next week for 62k plus interest and they pay all collection costs. Only since last December but that's still a 6k bonus.
Knowing what you know now, would you do it again. More than that, what about a young o/o? Knowing what capital it requires and sacrifices it takes, would you recommend?
 
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Steve Lawrence
If you dont like after hours work then dont do it. Put 18% interest on past due if you have a slow payer. We currently have leins and judgements on 10 people. I will outlive them so it's a good retirement vehicle at 18%. Getting paid on one next week for 62k plus interest and they pay all collection costs. Only since last December but that's still a 6k bonus.
Seems like something is wrong in your system if you've got that many legal issues. What do you think? Is this normal for you? Hope you get your bucks.
S
 

dealtimeman

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In water damage it is” normal” to have open or not paid invoices for many months.

Not abnormal to have 100-150K in invoiced-completed work that has not paid.
 
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Jim Williams

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Me and my family did it quite a few years...

We all dumped it... I think I finally called it quit in 2012.

Money could be good at times...

Have a really full cleaning schedule and need to get to a water loss yet... Ugh!

Insurance company squabbles suck.

Fighting with desk adjusters who haven't been on water losses but are experts... Suck..

Every Holiday people are at home and breaking their house....so you are out working in a lot of crappy situations (and then some insurance companies want to argue not paying after hour rates).... PS... Sucks!

Having homeowners get the insurance check even though you have direct pay authorization or your name is to be included on the check... And they take the family on exotic vacation on the money and not pay you... Sucks!

Some States won't let you put a lein on the building that will really stick (MN) and you could wait for years to get your money.... Sucks!

Finally focusing on dominating carpet cleaning.... It replaced the money for the most part... And life didn't SUCK as bad.

Telling people you don't do water restoration on a Sunday afternoon on the lake with the family.... Priceless! (especially to some client who made your life hell on their last water damage!)

(how was that Marty? @hogjowl)
It would have been so much more entertaining if you would have put all that in a video.
 
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Askal

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Knowing what you know now, would you do it again. More than that, what about a young o/o? Knowing what capital it requires and sacrifices it takes, would you recommend?
Only if you can be unattached emotionally. About 20% of our work is repeat. A not so common occurence. I started slow buying equipment out of profits. Now have about 300 pieces. Plenty for us. Once every 3 years it's all out. Still have 3 xl drieaze 2400 roto moldeddehus from 1990? Dont make them like that anymore. Could have made more money faster but also could have had a failed business too. Been in semi retirement for 14 years.
 
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