If you’re hoping to make a lot of money as a money finder (or asset location and recovery specialist), the first thing you’re going to have to learn is to avoid dealing with any funds held by the unclaimed property division. As of late, almost all states have passed laws capping out finder’s fees at 5%, 10%, 15% or so, leaving very little room for independent money finders to profit.
Almost all the property governed by these laws is held by the unclaimed property division of the state (sometimes called the Unclaimed Property Department). These records and funds are also frequently available to be searched online on the state’s website by anyone who knows how to use a computer. Too much visibility plus too little profit potential has driven a lot of people away from the found money business.
So the first step toward success is to find unclaimed funds that are being held outside the state level. Just because something is a “state law” doesn’t necessarily mean it’s the law for the entire state. In this case, the state laws for the unclaimed property division only apply to funds being held there, in that agency. Funds being held by county agencies, for example, are not governed by these finder’s fee restrictions.
The great thing about these funds is that so few people know they are available, or even exist, that almost no one is working them. This means that if you can find these funds held at the county level, you stand a great chance of being the first to connect with their owners, and get them under contract for a 30-50% finder’s fee.
Some funds held at the state level may be worth pursuing for only a 10% fee. (After all, we could all use 10% of a $200,000 unclaimed fund, right?) But wouldn’t you rather make 40% of $200,000? These funds held at the county level are frequently from a variety of real estate foreclosures, and routinely run into the tens of thousands of dollars. If you are serious about making the big finder’s fees, the only surefire way to do it is to bypass the unclaimed property division and go for funds that are outside those state laws.
It’s key to understand how to approach the owners so they don’t try to avoid your fee. Read the *free* Hooked On Overages “Insider’s Guide” Visit http://hooked-on-overages.com now. Or, take the *free* 5-day Video Training! Visit now: http://hooked-training.com
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