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Is Becoming an Unclaimed Property Recovery Specialist Profitable?
The answer to this question is: it depends on the unclaimed property you recover. Some funds are great to work with; others can be difficult for a number of reasons and offer little benefit to the money seeker.
The hardest funds to tap into are pretty much all funds held by the state (in the unclaimed funds division/department). These funds are usually things like a forgotten bank account, uncashed refund checks, unpaid stock dividends, etc. They are usually for small amounts (less than $1,000). They’re regulated by state law, which limits finder’s fee caps to 5-15%, and worst of all, they’re very Public. Most states have a website where anyone can type in their name and see if the state has funds for them.
While this makes it easy for you to find funds, it also makes it easy for your competitors to find them. Worse still, when you alert the owner that he’s running out of money, all he has to do is go to that website and find out for himself where it is – and pay you nothing. Obviously, to be profitable, you have to find a way to be able to keep your sources secret.
Forget those funds. The best funds for an unclaimed property recovery specialist at work are real estate surpluses created. These are funds from the tax sale and the sheriff’s sale, as well as some probate cases. They are not owned at the state level, and so through this legal loophole, you can charge 30-50%. And these are big funds. $10,000, $50,000 – even more, sometimes. You do the math.
These funds need to be tapped urgently, because unlike most public funds, real estate surpluses disappear – that is, if no one claims them, after a short period, the government can keep them. So not only are you getting a good income for yourself, but you’re saving those landlords – most of whom are in dire need of money – losing money they didn’t even know they had. in the first place.
With more and more foreclosures occurring each month, there has never been a more profitable time to become an unclaimed property recovery specialist. The government literally holds billions of dollars in funds that will be permanently lost without the intervention of a money finder.
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