Equipment You Need to Start a Foreclosure Cleanup Business
So, you want to start a foreclosure cleanup business? Perfect timing, because the market is wide open and the
industry needs you. With the astounding number of foreclosures continuously hitting the market today, the foreclosure cleanup industry is growing by leaps and bounds. One report states that of every five borrowers, one homeowner will lose their home. The same
report revealed that 50% of newly modified loans are now redefaulting.
How to Start a Foreclosure Cleanup Business - Equipment, Supplies and Vehicles: Figuring Out What to Buy at the Startup Phase of Your Foreclosure Cleanup Business
Many people want to know what to buy first when starting their business cleaning foreclosures. The key is to buy a few necessities, but, really, start your foreclosure cleanup business with what you have.
You can start out with a thirty thousand dollar truck, a moving van, and a fancy camper in which to haul all your equipment. You can buy a five thousand dollar pressure washer and four hundred dollar
ladder. You can even purchase a 16K dumpster to toss all the debris in so you're not making all those trips to the dump yard.
Or, you can be sensible and start out with a dependable pickup truck and rent other vehicles and equipment as the
jobs come in. Use your local dump yard to dump debris. Rent roll-off containers as you need them for larger jobs. (See previous post on renting vs. buying equipment for your foreclosure cleanup business.)
You will need a vehicle to haul stuff (pickup truck). You need a trailer attachment so you can transport your lawn equipment (or sturdy ramps so you can get the equipment on and off your pickup
truck). You will need a moving truck from time to time (rent it!) to remove big items from homes (sofas, dressers, refrigerators, etc.). And you will need a place to dump things. (Again, find your local dump yard and find
out what they charge per load to dump.)
Just remember not to get in over your head with vehicles and equipment. (Visit the Small Business Administration for detailed info on business
startup.) If the business is not paying for it, you can't afford it. Rent the needed, more expensive equipment, or outsource the service, until your foreclosure cleanup business
grows. And it will if you do it slowly, sensibly, and don't get in over your head.
Good luck to you in your foreclosure cleanup business.
NOTE TO REMEMBER: Throughout the web/internet and in real estate industry literature, you may see the names mortgage field services, property preservation business, foreclosure cleanup, foreclosure cleaning, foreclosure clean-outs, foreclosure clean, clean foreclosures, cleaning foreclosures, REO trashout, REO trashouts, field asset services, property field services, field service, and field services used interchangeable. The main thing to remember is foreclosure cleaning and foreclosure cleanup generally refer to smaller entities; while property preservation generally refers to larger entities.