Water Damage! Pros and Cons

Kenny Hayes

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Apr 17, 2009
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7,880
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Yukon, Oklahoma
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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?
 
Joined
Oct 10, 2006
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3,739
Location
Ann Arbor
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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

Everyday is Saturday.
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Sep 20, 2008
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10,878
Location
Fort Worth , Texas
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Michael
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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Oct 8, 2006
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Bynum N.C.
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Jim Williams

It would have been so much more entertaining if you would have put all that in a video.
 
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Askal

RIP
Joined
Oct 7, 2006
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1,097
Location
Paulsen
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Al
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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