Craigslist is flooded with Mortgage Order Mill (MOM) ads offering huge volumes of low-fee mortgage inspections. Huge volumes are available because no one wants these low-fee inspections. One Buffalo MOM says in a Craigslist ad that job applications must agree to drive in all weather.
There are signs that the economy is getting better. The supply of mortgage inspectors is decreasing. And, most mortgage inspectors will not venture into the higher paying field inspections … they just won’t reach out for better stuff in life. It’s one of those mysteries that can never be explained.
The economy is getting better. The Philadelphia Fed said its manufacturing index soared in February to a reading of 43.3 from 23.6 in January. That’s the highest level since early 1984. The equivalent New York Fed index jumped to 18.7 in February from 6.5 in the prior month.
There is a huge volume of low-fee mortgage inspections available as no one wants these low fee inspections. The Craigslist advertisement says Quote “… be willing to drive in all weather.” Unquote
Are you replacing the mortgage inspector who has their car in the shop for some engine and body work? You know you will experience a record snow storm or ice storm the day after you accept this assignment. You MUST drive in the snow and on ice-covered roads. Watch out for the snow plows and salt trucks! You may need snowshoes to walk around the property and take your 7 photos.
Did you know that 25 years ago … back in the days of Dan Rather at CBS … the average mortgage inspection fee was higher than a average mortgage inspection today. Twenty-five years ago, mortgage inspectors did not need to take so many photos … today mortgage inspection require 7 photos. Most inspections back then required no photos and the inspector was paid $1.50 for each Polaroid photo. There were no fees for background checks as there were no background checks. There were no insurance requirements.
Today the average mortgage inspection fee is $3. You must pay a background check fee and purchase a $1,250 insurance policy BEFORE you perform your first $3 inspection.
You will not see this small bump up for mortgage delinquency interviews in your pay check. Why do you want more of these $3 mortgage inspections that maybe have a profit of $1.50? These fees are so low that you will make more money by staying home and clipping food store coupons and saving money on your groceries. You will make more money bagging groceries at a grocery store and you won’t wear out your car. Plus the store will give you a grocery discount.
Boarding windows with polycarbonate instead of plywood is a great idea. So where will property preservation mechanics purchase their polycarbonate (PC)? My first guess is Home Depot or Lowes. They have been carrying polycarbonate (PC) for years. They have a huge distribution system. You can order online and pick it up (FREE shipping) at a local store. Home Deport has a pay in 60 days account feature and return unused materials within one year. Buy it at sales. Military retired get 10% off on any day. Veterans get 10% off on Memorial Day, Independence Day and Veterans Day. PC is expensive compared to plywood. You cannot support a large inventory of PC.
You all know how long it takes to get paid for a property preservation task. Sometimes you don’t get paid. Some Mortgage Order Mills (MOMs) are very cashflow dependent. If the bank servicer is late releasing a payment … your payment is delayed. Some of the small MOMs don’t have enough capital to pay cash for an i-Phone 7+.