How to start a business cleaning out foreclosures
93Start a professional cleaning service, what you need
You will need a business plan and an outline of what your objectives will be for foreclosure cleaning. You must be able to answer the question of why you want to start a cleaning business? You must understand what it will take to get licensed and insured to handle foreclosure cleanup requests from realtors, mortgage companies, REO's.
3 things you should know before you start a cleaning business
First you need to set up a website so you that a professional web presence online can be established right away, I know your probably thinking this will take too much time, but actually it is not that hard and the payoff is well worth the effort.
Foreclosure trash out business opportunity
Next every foreclosure clean out business needs a to have property liability insurance to cover any damages if any that might occur during cleaning a property, also a fidelity bond may be required to cover theft in case it happens among employees. Lastly equipment and supplies need to have a storage place as well as proper safety supplies will ensure that you are able to complete each trash out clean out service effectively for asset management.
Since it is a booming business you have the opportunity to include in your business plan a way to provide your services just like locksmiths and board-up specialists, trash-out firms have benefited from the foreclosure crisis. Some of the fees you can charge is anywhere from $600 to $1,500 for light landscaping, basic hauling and general cleanup, but some jobs cost upward of $7,000. Some homes are left in good condition, but plenty contain waist-high garbage and junk vehicles in yards
Services you can provide for your foreclosure cleaning business
Foreclosures are creating an economic boon for entrepreneurs, who want to start a business as brokers and investors require services to clean or trash-out homes seized by lenders. fix up a vandalized vacant home. You will see windows were broken, doors were missing and holes were punched in the walls, you r company will be contracted out by lenders such as fannie mae to clean and secure them.
Inland Empire in Riverside County has been one of the fastest growing counties in the state home to a major housing boom company that specializes in removing whatever people leave behind in their foreclosed homes. The process is called a trashout a term the company came up with because it perfectly describes what happens. Everything that’s left is dumped in a trailer and taken to the landfill. As you well know that banks use the term "property preservation" for clearing out and cleaning up foreclosed homes.
Here is a list of the types of Foreclosure Cleanup your business can offer, Clear Out, Cleaning, Painting, Repairs, REO Cleanup, Real Estate Cleanup, Lawn Maintenance, Mowing, Atlanta, Debris, Hauling, BPO, Corporation.
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For the next few years a easy business to start is cleaning forclosed homes, this hot business opportunity will allow anyone to start their own foreclosure cleaning company. What should you do if you want to... - Foreclosure Cleaning Business Marketing
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Starting a businesses cleaning foreclosures many have asked questions such as how much should I charge, how long should it take to turn around a house and is it important to charge by the sqft. If you are... - Is foreclosure cleaning business a scam?
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Learn how to clean and maintain foreclosures, start making money now with this business opportunity, real estate agents, brokers, mortgage lenders, banks have too many foreclosed properties and they need your... - Trashed out homes REO property clean up
Home clean out trash out business, many are looking to start a home trash out service. REO foreclosed homes are left vacant with items still inside them. Previous owners who became delinquent and behind in... - Securing Service and Lock Change Requirements
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How to get Vehicle Inspection and Equipment Verification Jobs On career builder there is a job for the Vehicle Inspector with Lockheed Martin Corporation, Job duties include inspects commercial and private... - Reps wanted: Foreclosure Home Inspection Business
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Field Reps Wanted Ads and jobs for Field Inspectors Jobs for field inspectors, you will be able to get work, field rep wanted opportunities, with help wanted ads from legitimate companies hiring field... - Field Service Reps Needed Foreclosure Inspection Property Preservation Contractor
Field Service Information on Foreclosure inspection and property preservation contractor Home inspections are done by lending institutions who offer services in Property Preservation, Home Inspection and...
Cleaning foreclosures for a living what you need to get started
First off cleaning foreclosures is a recession proof business, you do not need any prior experience and there is little competition. You will want to be familiar with cleanups and cleanouts of Homes, Businesses, Foreclosures, Evictions, and Estates.
Cases show that some investors bought homes with no money down, rented them out, and skipped mortgage payments leaving renters surprised to learn that they're getting evicted because of the landlord's irresponsibility.
leaving homes left needing to be cleaned out and ready for resale.
Services Performed: -Meticulous indoor cleaning -Debris Removal - unwanted rubbish inside and out -Lock Changes -Minor Repairs -Mow, trim, and rake premises -Windows cleaning / pressure cleaning
Helping homeowners pay their mortgages, The Treasury will also expand refinancing efforts by government- chartered lenders Fannie Mae and Freddie Mac, which together own or guarantee about half of all US mortgages.
REO Asset Management companies is who you will contact to start your business opportunity cleaning foreclosures.
Foreclosure trashout clean out service
Clean up REO
Junk Removal
Clean foreclosures
How to start a foreclosure trash out service
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Start a Profitable Carpet Cleaning Home Based Business!
Current Bid: $89.00
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REO Banked owned property listing
The following is a list of banks and lenders that have REO properties, you can contact them to offer your services:
21st Mortgage Corp
MobileHome REOs
AmSouth Bank
Bank serving South Eastern US, merged with Regions Financial Corp
Bank Of America
Beal Bank
BB&T (Branch Banking & Trust)
Reo Property in 23 states, mostly Eastern & Southern, Midwest, TX, & CO, updated bi-monthly
Bayview Financial REO
Reo Property mostly in SouthEast states, FL, AL, GA
Chase Bank Nationwide REOs
CitiMortgage Nationwide REOs
Compass Bank REO Properties in AL, AZ, CO, FL, NM, TX
Countrywide Home Loans Largest Nationwide Originator, 1000s of REO properties nationwide
Downey Savings and Loan 325 listings in CA, 35 in AZ, a smattering in other states
Fannie Mae Lots of REO property nationwide
Fidelity National Financial
First National Bank of Alaska Bank owned property in AK only, residential, commercial & vacant land
First Preston Not a bank a marketing company which sells REO property for HUD Freddie Mac Government - lots of REO inventory nationwide
Fremont Investment & Loan Out of Business
GMAC (Now CAPMARK) Commercial REO Properties - Nationwide Government Home Sales HUD & VA properties mostly
GRP Financial (Sallie Mae) Government
HMBI Markets & Manages HUD REO homes in 10 states Home Loan Bank about 20 bank owned properties currently throughout CT, GA, IL, ME, MI, MN, NJ, NY, PA, TN, TX.
HSBC Bank (Residential) bank owned homes listed nationwide
HSBC Bank (Commercial) commercial REO properties
HUD Government, also see First Preston
IndyMac Bank
Integrated Asset Services
JP Morgan Chase Bank nationwide REO property,
Kennedy Funding a handful of commercial REO properties
Kentucky Housing Corporation 18 bank owned homes in KY only
Keystone Asset Management
Lenders Asset Management
Lexington Bank (LSB) REO listings in NC (7 listings)
M&T Bank 22 states mostly Eastern, Midwest, TX, Mortgage Lenders Network
National Bank of Arizona a handful of AZ bank owned homes
New South Federal Savings Bank
Ocwen Financial Residential and a few Commercial REOs
Omni Bank A few REOs in a few cities, FL,IL,AL,NC
People's Bank few bank owned properties in CT
Premiere Asset Services Wells Fargo Residential Bank owned properties
Private Financial Services Bank of OK
Regions Bank 16 States in South, Midwest and TX
REO Nationwide
Security National
Small Business Administration (SBA)
Texas State Bank residential & commercial bank owned property T.R.E.O Marketing Company
U.S. Department of Agriculture
Unity Bank NJ only
US Bank Nationwide, bank owned properties in 27 states
Virginia Housing Development
Virtual Bank Reos,
Wells Fargo Commercial Commercial bank owned property
Western Bank Puerto Rico Bank Owned Property
Wilshire Credit Corp. currently about 2400 bank owned listings nationwide
Zions Bank Currently 10 commercial & residential REO properties (CO, IL, ID, UT)
You can find more information at http://en.wikipedia.org/wiki/Real_estate_owned
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Comments
Its true that now is the best time to offer a cleaning service since people are looking to offer cleaning services to the elderly, working parents and vacant properties.
Get a list of REO Asset management companies, banked owned and real estate and broker management firms so you can start your business opportunity cleaning foreclosures. Mortgage news daily has list of REO service providers.
This is a business opportunity that is growing quickly. But those who start these need to have a long term plan which will take into consideration there will not always be this many foreclosures. That means that in the future they will need something else to clean or an all new business plan or even business.
Research Analyst, would you be interested in being my partner in starting a foreclosure cleanout business in the south california/ long beach area. Or offering consultation for a fee. There are many homes in my area that need cleaning. I have the brawl ,but need ths brain.
invest616@yahoo.com
Very interesting concepts. Great hub!
You can go through classifieds as well as realtors to find cleaning foreclosure type jobs.
Great ideas in your hub!!
Thank you.
First, do some basic research about the industry. Tons of free info online. We've put out several FREE articles on startup. Do a rough biz plan ... just for you, so you know "where you're going, and how to get there"... does NOT have to be 50 pages; the point is to sketch a plan for your business. Then, get yourself organized (emotionally, physically) to start your foreclosure cleanup business.
Next, get the proper business license, business insurance and get your TAX ID number so you can pay Uncle Sam his fair share. From there, get your business cards and create your marketing material (fliers, car magnets, postcards -- go to places like Vista Print and other online printers), then start seeking clients.
Here are a few ideas:
a) Contact the acquiring institutions of failed banks. Go to the FDIC's website for the list of failed banks in your area and get the contact info for the acquiring banks and seek contracts directly that way. You need to be properly licensed and insured.
b) Contact listing realtors that specialize in foreclosures (scour your local MLS -- multiple listing service -- and find those realtors with tons of super low-priced listings to start -- these are usually foreclosures). Many of them will have their own similar companies, but they will need overflow help in this market. And, once you establish a positive rapport and they use you a few times -- and you do WHAT you say you're going to do, WHEN you say you're going to do it, they will call you again.
c) Contact larger "property preservation" companies... just GOOGLE them... usually these big companies will not be based in your city, but they will handle properties throughout U.S. Again, you must have your ducks in a row: proper license, insurance and proof of TAX ID.
Good luck!
Cassandra, Foreclosure Cleanup, LLC
Thanks Cassandra, our readers will find the information you provide very useful.
BkCreative says:
9 months ago
Hmmm, cleaning services do well. A friend wanted to start a service and was having little luck - I suggested she advertise as using only 'green products' and she seems to be doing well now.
Thanks for this food for thought. I think we are all looking for extra income and a business of our own.