Replies

  • With respect to them "wanting you to flip the house for them" that is not the platform. That is the investor behind the platform, and they are never the same people twice. I was working an asset bought in bulk by a trust that does this out of New York, (I'm in Northern CA). The investor was asking me to get bids to fully renovate the place. I pushed back, and explained that they need a project manager, and a scope of work, as that was not part of what my services included. I found that they respected my educating them that way, and they agreed to take my ballpark guess-timates and make decisions based on that. Eventually, the AM at the platform I was on just put me directly in touch with the lender, and he asked a number of questions that helped him understand more fully what they had and what was feasable. After that, they got much more receptive to my recommendations of price adjustments, and we got the place sold.

    Don't assume they are just trying to use you. Perhaps, in some regards, they are leveraging your locality and your knowledge, but they are going to ask and you need to help frame the expectations. These new platforms aren't "the big guys" like Res.Net and other heavy hitters. They are the new-on-the-block guys, and they are often catering to random investors who are inexperienced but bought a bulk tape or a property at trustees sale sight unseen, and are now just trying to dispose of it. It really helps to be receptive and help them understand.
  • Totally safe. It's getting to be standard practice for many. I am working a transaction with them, and have been doing the same thing for several platforms.
  • Who else uses Pyramid Platform besides Selene?

  • I received a property from Selene last week.  It is $35k and after everything is said and done, my commission would be around $400 (broker split, taxes and transaction fee).  I took the property and then after much thought and reading some of the posts, I have decided to release the property back to them.  There are liens, etc and it is in my best interest to release it.  I know you take the bad with the good (I have been doing this for many years) but my gut just told me not to do it.  I took heed.  Not worth the commission I would be making.  

  • Yes I have used them - the good and the bad

    they are legit

    they want you to fix up their properties hire contractos arrange for all permits pay for all services basically flip the house for them and not pay you for any extra work - and if something goes bad "you are the expert"

    the bad lately they take 45 to reimburse - when you pay $2000 for repairs $300 for permits $200 for electric $300 for lawn x 3 listings that can add up really fast quickly -

  • From the standpoint of being lazy and not wanting to do the search....what is the web site for the Pyramid platform.  tks

  • The platform is crummy at best but it works. I've used it for various company's over the last several years. I don't think the platform affects when they cut check I think the Asset Managers attention or lack thereof has been the biggest issue I see with the company's on Pyramid. My guess is it offers much broader flexibility to the AM's than Equator of Res.Net. Definitely not a favorite but legit and workable. Electronic signature seems beneficial to me. 

  • I began working on Pyramid with Selene a couple of months ago without any problem. Yes, they are reimbursing my company instead of me directly: I am trying to get them to correct that. Communication has been fine. My sole objection has been the usual insistence on finding competing bids when they have some company out of New York, Nationwide Renovations (?) , that gets all of the make-ready work. I hate wasting my vendors' time when I know they won't receive the work.

  • I disagree with most of you.  I have 5 assignments through Pyramid from Selene.  They are all in pre-list and have been there a while, but all of my expenses have been reimbursed quickly.  I am unsure about you guys, but in my case...with all of the assignments, I am in control of the field services.  I like that.  Its old-school REO practices.  No Safeguard, no Cyprexx.  When I received one of my first assignments, I looked into the contacts and recognized one of the managers as being a old asset manager from Green River.  He and I sold several assets together including one that was over 1 mil and needed $130k in refurbs.  He and I worked well together then, and do now.  I don't see any red-flags here.  Unless I am missing something, I think you all are a little spooked.

    • Thanks!  I was feeling spooked about them wanting me to put my signature in the system for them and I don't know what they want to use it for...do you know what it is used for in the pyramid platform?  I am trying to work with Selene on a few short sales right now.  So far, no one is budging!

This reply was deleted.