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For a while now I have been looking into opening a foreclosure clean out type of business. (Including residential and commercial). I feel like I should just go for it but, I have so many questions about getting started. For example price rates per job and even how exactly to go about getting contracts? Any advice would be absolutely great it doesn't have to just be limited to my questions. I just want to get a feel for what people think about getting into this type of business? Advantages/Disadvantages?
A few years ago dealt with a man who was laid off a county job after 19 years, unsure what to do. We discussed the idea of home cleaning and maintenance of foreclosure homes. He worked hard on a business plan developing his new business. Within six months had people working for him.
This is not a one person job. You would need to network with Real Estate Agents, Attorneys, and Mortgage banks to find the properties. Expect lot of money under the table (referral fees), to pay out for your jobs. Getting paid will be an issue, will need to enter into contracts with property owners (Banks). Expect to put in as many hours invoicing as your actually clean the properties.
My $00.02
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Last edited by Modification Specialist; 07-02-2015 at 11:21 AM..
Location: East of Seattle since 1992, 615' Elevation, Zone 8b - originally from SF Bay Area
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Based on the real estate market here, you would have a hard time finding customers. Since about 2013 there have been very few foreclosures, in fact 2014 there was less than 100 in the entire county, compared to over 1,000 in 2008, 1,200 in 2009.
Hey, Thank you for the advice. I am in Pennsylvania right now and that's where I would start my business. I have lived in Lawrenceville, ga before and would love to move back there in a few years, hopefully expanding my business down there as well. Do you think this would be to that could possibly work? I am willing to put my all into this but am hoping to get as much advice as needed. Thank you again for your help and advice
If this was 2009 I'd say you have a good business idea that has a substantial possibility of success.
But this is late 2015, & I would now say that you are very late in the economic cycle in trying to provide a service for a segment that is rapidly shrinking.
There's plenty of vendors remaining out there that are now scraping the barrel to stay busy in a field that was previously booming.
Working only on foreclosures would be extremely limiting. Perhaps you could broaden your plan to include other clean-out needs, like new-house construction, storage buildings, estates, trailer parks, and so forth. Our Raleigh area has hardly any foreclosed homes, and I think the bank uses people who travel from a couple of hours away.
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