How To Make Money Cleaning Up Foreclosed Homes

The property market is one of the most lucrative industries of the present age and making money in the niche goes beyond merely selling or renting properties. An often overlooked yet a highly profitable child of the real estate family, cleaning after foreclosed homes is a budding cash cow. It’s usually the case that these houses receive no revamping whatsoever as the institution looks to get a house off its hands quickly to recoup defaulted loans. So, for example, an opulent apartment in the Upper East Side of the “Big Apple” might be in a prestigious neighborhood but from the inside, it might look like an abandoned shack. This problem begs the need for a service provided by few in the form of foreclosure cleaners. The foreclosure filing statistics, which amounted to about 700,000 in 2017, substantiates this painting the picture of a promising field that you should be looking to tap into asap. With that out of the way, here’s a lowdown on how to get started:

1) Do your homework beforehand
Is there a considerable client base in the locality that justifies investing your hard-earned money in such a project? If not, then you’re signing up to lose cash. Consequently, carry out a background check first to see if it’s worth your time. You can get all the information you need from your area’s foreclosure listings or by contacting lending institutions in your area to see how many would offer you a contract for your services. Also, plan a visit to the nearest HUD office.

2) Embrace the big-picture school of thought
Don’t focus solely on foreclosure cleaning if there are opportunities to make income on the side staring you right in the face. For instance, it’s often the case that those seeking a clean-up service are also on the hunt for a painter; a task you can easily squeeze into your resume with minimal effort and little extra capital. So don’t limit your services if there’s easily room to provide much more.

3) Rental equipment can come in handy
This way, you get around typical recurring expenditure while still maximizing on profits. The US HUD, i.e. the Housing of Urban Development, department and banks, offer generous earnings to contract cleaners, so be sure to prioritize those two. If you haven’t quite put together enough capital to get your own base of operations or equipment, you can start small by being a mobile or home-based business and by renting tools as and when you need them. You maximize your profits while minimizing costs.

Parting Shot
Cleaning foreclosed homes is not only desirable for its low startup cost but also because it proves an excellent stepping stone to new opportunities previously beyond your reach. Once you’ve built a name for yourself within mortgage holder networks, you can move up a step in the hierarchy and eventually acquire your own properties to lease or sell. You’ll amass strong relationships working with real estate institutions thereby getting a front-row seat to the best deals in town. You are bound to stumble upon an excellent offer even now and again as you go about your work.