| By :
Frank Patrick
Foreclosure Trash Outs Continue To Be a Lucrative New Career. In the past few years, as the huge number of foreclosures broke record after record, many of those affected by unemployment and the Great Recession found a new and profitable career by beginning property preservation field services companies that serviced, secured and performed trash outs on foreclosed homes. Those people quickly found out that property preservation is the biggest foreclosure business opportunity. After a minor lull in both foreclosures and REO (bank-owned properties) listings towards the end of 2009, due to both government attempts to help homeowners in default on their mortgages and the banks’ reluctance to foreclose during the holidays, it appears that 2010 is headed to be another record-breaking year for foreclosures. March of this year shattered more records for the number of foreclosures and at least two major banks, JPMorgan Chase and Bank of America, have reportedly projected huge increases in their REO properties by the end of this year. Not only that, but government-sponsored mortgage firms Fannie Mae and Freddie Mac are also preparing for a big surge in foreclosures. Freddie already held 45,000 foreclosed properties at the end of 2009, while Fannie held 86,000 in its portfolio, figures that have doubled in the past two years and look to increase further in the coming weeks. “Although we have expanded our loan workout initiatives to keep borrowers in their homes, we expect our foreclosures to increase in 2010 as a result of the adverse impact that the weak economy and high unemployment have had and are expected to have on the financial condition of borrowers,” said a report from Fannie Mae. It’s clear that now, more than ever, the demand for property preservation specialists and foreclosure trash outs will be greater than ever before. And that means the opportunity is greater than ever. Start-up costs for a property preservation business are minimal, and those who receive the proper expert training can have a property preservation company up and running in a matter of weeks. What’s the potential pay-off? In some cases, up to $10,000 a week and up to $60,000 a month for those willing to learn the ropes and put in the work, especially if you live in or near a high-foreclosure rate area. REO sales (homes that have already gone through foreclosure) now account for almost a third (29%) of all home purchases. In places like Las Vegas, it’s almost 50%. That’s an incredible amount of homes that require property preservation services and foreclosure trash outs – as well as an incredible amount of opportunity for those willing to try the business.
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