Why Bank Failures Can Mean Subvending Contracts For Foreclosure Cleanup Businesses

Did you know that just 60 days or so into 2010, over 20 banks had already failed? In 2009, hundreds of banks across the United States failed. While no one likes to hear of banks failing in communities across the country, it can be good news for foreclosure cleanup business owners and others who operate real estate service businesses (eg, plumbers, general contractors, electricians, etc.). Why?

Because these failed banks are often acquired by larger and/or more solvent financial institutions, which means they need the services your company can offer.

To explain, when a bank fails, it falls in the hands of the Federal Deposit Insurance Corporation (aka the FDIC). This is the initial step. Failed banks go on to be acquired by other banks, as mentioned above, because they have customers that still need to be serviced. This is, in part, why you see the FDIC seal in every bank. They protect the everyday consumer in case a bank fails.

Understanding What Happens When a Bank Fails & Why It Helps Real Estate Services Businesses

Oftentimes, once a failed bank falls into the hands of the FDIC, they contract with larger property preservation companies to handle the maintenance of the failed bank’s real estate assets (eg, foreclosed homes, foreclosed commercial properties, etc.).

And this is where it gets interesting for you, the little to mid-sized foreclosure cleanup business owner. You see, these large property preservation companies are, in many cases, simply taking too long to handle all the requests for foreclosure cleanup work because they are just overwhelmed with the number of properties on their roster.

These properties can’t sit idle just because the bank that owned them failed. They need inspections, yard maintenance, winterization, boarding up, lock changes, etc. And, these larger companies simply can’t keep up.

Add to this – the more banks that fail, the more properties fall into the big guys’ laps. So what do they do? The contract with small to mid-sized foreclosure cleaning companies (like yours!) to help them at least try to keep up.

If you’re one of the lucky ones to be properly set up as a foreclosure clean up business – ie, licensed and insured — you can target those handling failed banks to get foreclosure cleaning jobs.

Who to Target When a Bank Fails to Get Ongoing Foreclosure Cleanup Jobs

As a foreclosure cleanup business owner, you would contact the REO asset managers within acquiring institutions (ie, the FDIC or whichever institution took over the assets of the failed bank).

While it may take some elbow grease to get through to them, getting an “in” with just one of these companies can provide you with all the foreclosure cleaning jobs you will ever need. So it’s definitely worth it to put in the time it takes.


No Deposit Auto Insurance For Your Car

Did you know that you can get no deposit auto insurance for your car in order to reduce costs on your policy? A lot of people do not ask about ways in which they can save on their insurance and end up paying way too much money. With that said, it is a good idea to always keep in mind what you want out of your insurance policy. You should also know that the type of policy that you are able to get will be reflected upon your past experiences on the road as a driver. If you got a lot of speeding tickets or have had many other traffic violations, then you are probably going to need to pay a depository fee to cover your insurance costs. However, if you have kept a clean record on the road and are a less risky driver, you are probably going to get your deposit waived by your provider.

There are many companies though, that provide no deposit car insurance policies for any customer that wants one. The major upside associated with not having to pay an insurance deposit is that you do not need to worry about your finances in the short term. With that said, some people actually prefer to make a deposit because it reduces the amount of money that they pay in the long run. Does avoiding the act of making a deposit payment save you money? Well, it completely depends on the cost to insure your vehicle.

If you are insuring a vehicle that is considered very expensive, you are going to need to make a larger payment overall, no matter if you get a plan with or without a deposit required. In any matter, it is best to always get in contact with an insurance representative from a company that you are going to buy coverage with or are going to purchase coverage through in order to have your questions answered. A lot of people get confused when they attempt to figure out why they are being charged a high price on their auto insurance coverage. Reviewing why your price is as high as it is will help you understand why you are being charged a certain amount.

It is important to keep in mind that just because you decide to get auto insurance with no deposit required, the price that you pay towards your premiums is probably not going to change. Most insurers give their customers control over how much they would like to pay for both deductibles and premiums. In order to make sure that you are getting an acceptable price on your coverage, it would be a good idea to collect quotes and figure out the companies that are willing to give you the type of policy that you need.


Investment Club Software – Keeping Your Club Organized

All investment clubs must keep proper financial records. The club treasurer is responsible for keeping the books organized and accurate. However, this can be a rather complicated and time consuming task when there are many members in the club. That’s why investment club software is an essential tool that every club should have.

There are three main types of investment club software available – accounting, tax, and investing. Some software packages combine all three functions. Accounting club software makes it easy to manage member contributions and withdrawals, buying and selling of shares, distribution of dividend income and preparing tax returns. Since all club financial information is in one place, members can easily be updated on the club’s investments and their individual shareholdings. Specific reports and graphs can also be generated and printed.

As most investment clubs are formed as partnerships, they must file an annual tax return irrespective of whether they make a profit or not. Keeping financial records with a club accounting software ensures accurate reporting for tax purposes. Investment club tax software enables the treasurer to simply print federal tax forms for the club and for each member. Once the forms have been reviewed and signed, they can be sent off. There’s no need to fill in tax forms by hand, which can be tedious and difficult if the treasurer does not understand tax law. Investment club tax software is updated every year for changes in IRS tax forms so clubs can be assured that they are filing the correct forms.

Investing software is an essential tool for investment clubs and investors. It helps to analyze stocks, markets, company’s fundamentals, graphs and charts so you can make an informed decision about which stocks to invest. If you are a novice investor, investing software takes the mystery out of investing. It teaches how to invest by introducing time-tested methodologies that enable individuals and clubs to assess stocks right away. This type of software can provide interactions through the internet to give current market information as well as trends.

The 3 types of investment club software can be purchased individually or as a package. It may be cheaper to buy as a package. Then again, choose a software or package that is flexible and easy to use.

The benefits of investment club software far outweigh its cost. It saves time, frustrations and reduces human errors arising from making computations and entries by hand. It also eliminates the need to hire an accountant or tax professional, thus saving money for the club. Best of all, it keeps the club’s books organized.


Encountering Different Tax Problems

Tax time is an overwhelming and anxious time for many Americans. Preparing and filing your own personal income taxes can be a frustrating process. You will get confused reading rules and trying to decide which schedule you need from the vast array of IRS forms and references. It gets desperate when your backup documentation goes missing, or important receipts you stored are no longer readable. You deserve to receive the maximum possible refund, and not have to pay any more taxes to the IRS.

Many self-preparers get nervous filing their own returns because they know their skills fall far short of a tax professional; yet, they try to do it themselves, hoping their calculations will yield a large refund.

You might consider hiring the professional services of an accountant. It may cost some money; but, it is usually worth it because they are familiar with tax laws, and have a great potential for saving you money. Hiring them to do your taxes could be a smart move and is definitely worth consideration.

What are some common tax problems that taxpayers run into?

Most people come across inaccurate or incomplete data on a form that needs to accompany their income tax returns. This is why it is so important to fill out your employer’s paperwork completely, including the IRS form W-4, before starting a new job. This way you can let your employer know how much you want withheld from your paycheck for federal income taxes. Make sure you have enough deducted every week for federal withholding, or you might have to pay more tax at year end. Make sure to check the appropriate box on the W-4 that signifies your marital status, so that you can calculate your taxes from the correct table.

You can avoid problems with the IRS by keeping your payroll stubs in a secure place, where they can be easily retrieved so you can refer to them later, if you need to. As your tax situation can change from year to year, it’s important that you have a current W-4 on file in your employer’s payroll department. It’s a smart move to fill out the worksheet any time your pay rate changes to make sure you are having enough tax withheld from your check.

The IRS has true and time-tested ways of collecting delinquent taxes, and one of the more effective is called a lien. Liens can be placed on any item of personal property, like a home or business, to secure an unpaid debt and attach the amount owed onto the property’s title. A levy, on the other hand, is an action by the government to force you to pay your overdue tax. When the IRS slaps you with a levy, they are authorized to take the funds right out of your checking or savings accounts, or even your 401(k) plan.

Besides liens and levies, the IRS has other methods they can use to collect tax from you. They can seize your personal property, garnish your wages, audit your bank accounts or any prior year tax returns. These measures can drastically deplete your bank account and have an adverse effect on the rest of your financial life.

For example, the next time you submit an application for credit, your credit history will reflect the levy or lien’s black mark, and your application will be denied. A similar process will occur when you try to buy a car today and pay tomorrow. Before any auto dealer will agree to sell you a car on credit, he is going to make sure you are in a sound enough financial position to pay him back.

Once you have a poor rating on your credit report because of a government wage garnishment, lien, seizure or levy, you might as well plan on paying for everything you buy with cash until the debt is paid and the encumbrance removed.