Foreclosure Cleanup Business-scam Or Booming Business? We Have All Your Answers
Foreclosure, Foreclosures, and home foreclosures! What are the banks doing to deal
with these foreclosed homes? Many people would like to capitalize on this booming foreclosure industry and are starting Foreclosure Cleanup businesses. But, can you really make money cleaning these foreclosed homes? I would answer this with a resounding "YES! Absolutely!"Banks and REO Asset Management companies literally spend millions of $$$ each and every year on these services for cleaning and maintaining their foreclosed homes. Oprah and 20/20 have even showcased this new booming businesses. These foreclosure cleanup businesses are cleaning up huge profits and making thousands of $$$ doing it. Many of these vendors have crews working 7 days a week to try to keep up with the huge amount of work associated with these jobs. But, many ask is this business going to actually last if they start a foreclosure cleanup business. Definitely, foreclosures are always here in all real estate trends and markets. And currently there is such a shortage of qualified vendors to perform these foreclosure cleanup services to the banks, now is an excellent time to consider starting your own foreclosure cleanup business. With job losses and high unemployment rates, many people are looking for new ways to make money by becoming self-employed. You can actually even start this business part-time while still working your current job and schedule your foreclosure cleaning jobs on your own time.
Realty Trak recently published a report estimating that foreclosures are expected to remain very dominate until at least the 3rd quarter of 2012. With this boom in foreclosures brings an excellent business opportunity-cleaning foreclosed homes. 5 or even 10 years ago, most people would not have even heard of these types of businesses to start. And with the current economy in despair, finding quality vendors is very difficult for the banks. Banks desperately need vendors to cleanup and maintain their bank foreclosed homes.
Many individuals can not afford to hire a moving truck and leave literally house loads of items at these properties. The banks must clean them up before they attempt to market them for sale. Actually, this is a very easy business to start. First, of course you will need a business license and general liability insurance. The banks require all of their vendors to sign up with them directly and you will need both of these to sign up, also you will need to submit a signed w-9 form to them and a copy of your drivers license, as you are paid as an independent contractor. Banks rely on these type of vendors to perform all of their cleaning services in hopes of being able to relist these foreclosure properties for future resale. Once a house has foreclosed, the REO Asset managers send these vendors into the properties to clean, repair, and get these homes polished up to be relisted by an REO Real Estate Agent as soon as possible. Foreclosure Cleanup vendors or Property Preservation vendors are what the banks refer to these type of businesses. In this business you will want to sign up with all the banks and REO Asset management companies and locate REO Real Estate agents in your area.
How much money can Foreclosure Cleanup jobs or Property Preservation jobs make? Banks pay an average of $500 to upwards of $2000 per property to trashout and maintain before they get ready to put it onto the market for resell. Most property preservation vendors service 20-300 homes per month.
With skyrocketing foreclosures and job losses across the nation, this is one business that is thriving in the downturn of the economy!
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