Now's a great time to be getting into the "found money" business - collecting fees or a percentage for reconnecting missing owners with their government-held funds.
But not all unclaimed funds are created equal.
Some will never be worth your time, and others could create an easy six-figure income for you this year.
Here's the nutshell "Insider's Guide to Unclaimed Funds.
" In almost all cases, you will want to avoid state unclaimed funds.
This is for a few important reasons.
1.
They're very public, usually advertised on the state's website.
This makes them far too easy for owners and other money finders to locate.
When collecting unclaimed funds, you want the source of your funds to remain as secret as possible.
2.
They're generally not for very much money.
You will find a lot of amounts in the hundreds of dollars here - not enough to bother with.
3.
The state caps finder's fees on these funds.
Most states have a limit on finder's fees of 5-15%.
Even if you do find a big amount, you won't be able to make very much money on it.
The best funds to work, luckily, are not held by the state - they are real estate created unclaimed funds.
Here's why you do want to work them.
1.
They aren't advertised, and can be difficult to find records of.
This ensures that if you put in the effort to find them, you'll have little to no competition.
2.
These funds regularly run into the tens of thousands of dollars.
The bigger amount, the better.
3.
These funds aren't governed by state law.
This means you can charge 30-50%...
and on big dollar amounts, those fees will add up fast.
Get these records, locate their owners, and you could be making a five-figure monthly income from real estate created unclaimed funds alone.