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How To Start Your Foreclosure Self-Cleaning Property Preservation Company

A new article in the June 3, 2009, MSN Money writer Michael Brush indicates that a third wave of foreclosures to come from high quality borrowers (ie those that were previously "safe borrowers" with sound credit and fixed rate mortgages) as a result of job losses due to the difficult economic situation ("Coming: A Wave 3 of foreclosures. ")

The article states that "In the first quarter, the percentage of these borrowers were behind on their mortgages or in foreclosure have doubled over the previous year, to about 6% "and goes on to say that" credit Suisseanalyst predicted Rod Dubitsky last week that 8.1 million mortgages, 16% of all mortgages go into foreclosure over the next four years. A weak economy, continued decline in home prices and rising delinquencies among all borrowers of first category, but to ensure that foreclosures will march consistently higher, "he says." Not this kind of news for the economy, but good news for entrepreneurs interested in starting a cleaning business foreclosure to clean and repair foreclosed homes for banks.

To put this in perspective, this means more than 2 million executions mortgage a year and more than $ 2,025,000,000 in play money to be spent in cleaning up these foreclosed properties (since the average bill is $ 1000 + to clean one of these properties).

Let's look at Thow can take advantage of the foreclosure cleaning / industrial property presrevation starting his own company trashout:

Establish your business successfully

If you want to be hired for cleaning or maintenance work, should operate your business as a professional. The good news is that you can start a business quickly and inexpensively, and generally on their own. Many people decide the formation of an LLC (Limited Liability Company) due to the speed and ease can be done, but you'll want to check with your accountant or other professional business to select the type of business that suits your personal situation.

If you decide to start a LLC, you can usually find all the documents that need online the website of your state government. In general, the branch you are looking for is called "Industrial Commission" or "the Corporation Commission" or similar. Try typing in "start a business + ______ (your state). Anything ending in". gov "is usually a good place to start because indicates a government site.

Once your business is set up, you need an employer identification number (EIN), which is like a number of Social Security for your business. You can sign up for a line: the type of "IRS" and "EIN" in a search engine to find the online registration link.

As soon as you have your EIN (which normally is available immediately online), you can open a business bank account for your business. This step is very, very important. In the emotion of things, many people are trapped in the relationship from day to day running of a company and use their personal accounts to pay business expenses. This not only present a nightmare accounts at the end of the year, but could present problems for you with the IRS, if you do not keep their finances separate business and personal.

Once you set up your business legally, you may be required to register your business with your county or city in order to obtain a business license to operate. You can start by calling City Hall or the County Clerk's Office to ask whether or not you need a city or county or license state business and, if so, how to get one.

So to recap:

1. Set up your business legally
2. Get your EIN # and set up a business bank account
3. Apply for a business license
4. If you want to do conservation work, to determine whether or not you need a license contractors

Get Insurance

You absolutely must have an Insurance Policy Liability and Commercial Workers Compensation Insurance to manage their business. Not only is it essential insurance to protect themselves from liability and protection of those working for you in case an accident at work, but many asset management companies do business with you if you do not meet minimum insurance requirements.

Insurance will probably be one of the largest start-up costs, however, most insurance companies allow you to pay the premium on a monthly basis (instead of annual) which undoubtedly makes this more affordable cost.

The general liability insurance policies may cover the following: personal injury, property damage, contractual liability, liability and advertising injury, professionals (also known as Errors and Omissions (E & O) insurance, this coverage protects you and your business from litigation resulting from charges of professional negligence or breach of their professional duties), self employed and self-responsibility and liability tort umbrella.

You want to talk directly with your insurance agent to get a better idea of the extent of the coverage of their particular policy and that is the suited to your individual needs

Workers' Compensation Insurance is mandatory in most states, when you have W2 employees, and some states also require insurance to cover their contractors also 1099. Workers' Compensation ("work accident") covers the costs of their medical staff and disability associated with work-related illness and workplace injuries.

In states that do not require contractors to meet their 1099 need to prove that lead to its own workers compensation insurance. Despite the temptation to shift the financial burden of maintaining a policy in 1099 the contractors, in all reality, you are probably in a better position to bear the cost of all workers compensation staff (W2 all employees and contractors, 1099). The reason is that only hard to find independent companies who have their own policy. In addition, this industry has such high turnover that if you put that restriction on their independent contractors, you will not lose valuable time and the loss of revenue trying to find substitutes in a hurry.

Here's a Hint: Sometimes you can get "pay-as-you-go insurance premiums for their employees' compensation insurance are based on your actual payroll rather than an estimated amount. This is great for companies just starting out or have a fluctuating workload. Write "Pay As You Go Workers' Compensation "in a search engine results in your area.

As a second tip, we have used for years Farmers Insurance and have always had excellent customer service and value. Just Google "Farmers Insurance" for an agent in your area.

Foreclosure Cleaning and Maintenance Services Maintenance vs

As the name suggests, as a cleaning company of foreclosure, you will clean all the garbage in house (also called trashout "or out" junk ") and cleaning the inside of the house. It may also be necessary to remove vehicles on the property. Usually, the cleaning companies exclusion also responsible for making a basic cleaning of the landscape that includes carrying out any debris from front / back yards, mowing the lawn and trimming trees / shrubs.

The cleanliness of the property is the scope of services offered by a company cleaning of foreclosure, while a property preservation company is also involved in "securing" property and "preservation" property.

Here are some of the services that a company can offer preservation (keep in mind that a property of the company Preservation generally also offer cleaning services):

Secure Property
Initial inspection or vacant property
or lock changes
Boarding or windows and doors
Temporary or roof repair
Protect or pools

Property Conservation
Exterior or debris removal
or disposal of abandoned vehicles (cars, boats, etc)
Interior or removal of debris (garbage out)
or disposal of hazardous waste
or interior cleaning services including carpet cleaning
Window or washing / graffiti removal
or replacement of windows
Pool or services (Draining, acid washing, maintenance, etc)
or pest control services
or lawn / garden
or Snow
Conditioning for winter or
or gutter cleaning
Or pressure washing
removal or replacement carpet
or tile / floor repairs
or Paint
or drywall, drywall repair
or carpentry repairs
or plumbing repairs and replacements
Fire and remediation or Cast
repairing fences or

Here are some things to consider when determining the scope of the services that we offer:

A contractor license is not usually necessary for the cleaning company foreclosure, but probably requiring companies doing conservation work over a certain dollar value (usually $ 500 – $ 1,000 +). Sometimes, this license can be obtained by attending a course and successfully pass a test, while others states require previous industry experience verifiable.

The insurance premiums tend to be higher in companies that provide maintenance services as it considered to be a "general contractor". However, the income potential is much higher than maintenance services tend to run from a few thousand up U.S. dollars instead of $ 800 – $ 1,500 for each cleaning.

Usually what people do is start initially offering only the clean execution mortgage services and then when things pick up, they will add elements of conservation that the list of services offered. This is going to get your foot in the door without having to spend a lot of money upfront when creating your business.

Source the right equipment and tools

The great thing about starting a foreclosure cleanup company is that the initial costs are quite low both hardware and tools required for cleaning foreclosures likely to be found in your own garage:

or cleaning chemicals (ie, use cleaner, disinfectant, toilet cleaner, cleaner windows)
or cleaning supplies (broom, mop, mop)
or vacuum cleaner
or garbage bags and shovels
or work gloves and disposable gloves plastic
or lawn mowers and lawn tools
Wheelbarrow or

For smaller items that do not have on hand, check your local dollar store. Their prices can not be improved and generally have the same chemicals and cleaning supplies as other retailers. Once you start to do some volume, consider purchasing for supplies at Sam's Club or Costco to keep their costs low.

You can also find the used machines in very good shape (as empty) to go around the office Saturday morning garage / yard sales. If you have a "Re-Use" center or the Salvation Army, you might consider checking empty and also because they have small teams or other yard tools for sale.

For transporting garbage, you will need some type of trailer and a vehicle large enough to pull it. If you do not have a truck and a trailer, where You can borrow a friend's truck and rent a U-Haul trailer or just go ahead and rent a moving truck U-Haul. (Remember, however, that he charged a daily rate plus a rate per mile when you rent a moving truck, while if you use your own truck and just rent the pull-trailer you only incur the daily rental rate for the trailer.)

Sometimes you will be required to clean up a property without electricity or water. Supposing no electricity, you need a generator to operate the vacuum cleaner and other electrical equipment. These can be rented at Lowe's or Home Depot and is much better alternative the purchase of a pure and simple unless you intend to use regularly (a new one will cost about $ 500 +).
To save on expenses, it is best to hire equipment in the beginning.

Once you get up and go, may be worth looking into the purchase of equipment on their own. Check the classified ads online (Craigslist, Kijiji and Backpage) for trailers, generators, etc. should also check with U-Haul, as they have been selling some of its trucks over in recent times.

Stay safe at work

As a business owner, you are responsible for maintaining your personal safety while working in work. Working safely is of utmost importance to the health of its staff and reputation of your business (and also keeps insurance premiums low.) It is imperative that review safety issues before allowing anyone to work at the job – you must provide both classroom training and workplace safety for all employees new.

Now I do not have to be anything fancy, you can spend 20 to 30 minutes to review safety policies, safe work practices and respond any questions and then you have to do! Make sure you have people sign in and out of the meeting and that the document to a security meeting was held.

It is also very important to become familiar with OSHA safety standards, and hazards to health and safety risks associated with this sector, so that can keep your personal safety, avoid accidents and costly fines. You can find the pocket guide OSHA Construction Safety (a short and easy read) in the main web site (OSHA DOT government) to find the name of the report.

Another way to protect your staff and your business is to make sure you check the references before hiring someone. Insist that the list of references not related (ie, no mother, sister or best friend) and instead of the list of references from previous employers or someone they know in their professional practice. We also conduct drug tests and background checks – which may sound paranoid to some, but the safety of our staff, property of our customers and our company's reputation is too important to risk not spending $ 20 on a background check or drug test.

Your Price Law Services

In this industry, the lowest price always wins the bid (unless, of course, supply lower has a terrible record of not completing the work and is totally irresponsible and unprofessional, in which case the company has just committed "the reputation of suicide" and will not be hired again). Lenders do not want to spend more than they have in these properties so you want to make sure that the price of its services comparable to going market rates (but at the same time, with a price of even making a big profit and not leave money on the table).

To clean foreclosures, Most banks expect to spend between $ 500 – $ 1,500 for a cleaning (trashout, clean interior landscape and initial cleaning), but could be a little more or a little less, depending on your area. It is important to know that most lenders have prescribed "maximum prices" of the maximum amount you will pay services.

If in addition the provision of maintenance services, a great site we have used before to determine our prices for repairs is target = "_new" www.CostEstimator.com> for market rates to construction costs – you can get a 30 day free trial (without entering the credit card – it really is free!). There are over 3,000 items of cost set to more than 210 local, geographic regions to create offerings and can add as many others as necessary. To register after the trial is only $ 15/month.

Market Your Services

It's true – "nothing happens until someone sells something" … and you have to go out and sell, sell, sell your business. Once you have done some work, you'll find mouth advertising and referrals provide a large number of new jobs for you, but meanwhile, you have to do everything possible so customers know you exist.

Much of the work will come from the relationships built with Real Estate Agents (Realtors) to list hands of banks, (often referred to as REO lists.) It is often the task of making an offer cleaning and repair of new listings by the management company asset so you want to make sure that the agents in your area about your company deals with this type of work.

A good way to know what estate agents rooted in its list of OER area is to go online to sites on large bank REO and "data mine" the contact details of the listing agents (name, email, phone numbers). It can be painstaking work, but definitely worth it.

Here is an example of a bank REO sites to begin collecting information from real estate

WELLS FARGO (Properties managed by Premier Asset Services): pasreo.com / Pasreo / images / pas_logo.jpg

NOTE: To access the agent's information, select the state and click search. Then select individually each list and click "Print CVS Property Report." Each listing and information relevant (as the agent's name, phone number and email) be created in an Excel spreadsheet. You can access the page

Remember to follow up with a phone call a few days. Do not be embarrassed ask the realtor if he / she has a job to make an offer – most of them are very accommodating and willing to give a new company the opportunity to provide estimates.

The other works on offer way out is through large asset management companies (also known as Marketing and Business Management, REO Field Service Companies and Property Management Companies). In essence, the lender says, "ok – I have thousands property to get rid of him. Here, ABC national asset management company: set clean, and sell these properties for us. "And the National Management Assets of the company then subcontracted the work to clean up local exclusion and property preservation companies. To work for these firms, so general need to register your company as a potential supplier. Many times this can be done online.

There are positives and negatives associated with working for large companies. On the positive side, probably some projects will be given an hour to work so it will remain relatively busy. On the negative side, usually want to offer wholesale prices and pay up to 30 – after 60 days when the invoice for the work. Working for one of these companies, however, will experience you need to go after more work.

Other potential wholesale clients are property investors (groups of investors who buy houses enforced at the auctions and then sell them to retail investors at a wholesale price), investors, owners, property management companies, real roots and so on.

You should also consider attending local networking events, such as the Chamber of Commerce meetings and meetings local investors in order to deliver your card and network with potential customers. The more you get out there, the more chance you have of getting some customers large, long-term!

This is definitely an area of great interest and very profitable for those of you who do not mind getting your hands a little dirty! Good luck!

About the Author

Les Tyler has been happily and profitably cleaning out and fixing up REOs for over a year. She is the author of “Foreclosure Cleanup Cash”, a 200+ page ebook/eprogram on How to Start A Foreclosure Cleanup and Property Preservation Company in 7 days or Less. She also writes a blog on REO cleanups & preservation available at http://www.ForeclosureCleanupCash.com

You can reach Les at info@ForeclosureCleanupCash.com

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