With auto repossessions at an all-time high, getting into the repo business has never looked better for your financial future. And while you can make up to $450 per repo’d car, investing in a tow truck isn’t cheap.
The good news is, you probably don’t need a tow truck to start your own repo business. Here’s 3 ways you can get started in the repo industry on a shoestring budget:
Tip #1 – Work From Your Home and Help Banks Find Repo Cars
You don’t have to be a repo man to earn a living in the repossession industry. For you, a good way to start out may be helping banks or dealerships track down hard-to-find debtors. This valuable service is called skip-tracing. And banks and financing companies are willing to pay big money for it, since their cars are worth thousands of dollars.
You can charge $30-$100+/hour to provide these skip tracing services to banks, finance companies – or even other repossession companies. Of course, you’ll need to invest some time and money in good training and education resources, but it’s well worth it considering. You could make 40,000 starting out – without a degree!
Tip #2 – Partner With A Locksmith and Literally Drive The Repo Cars Away!
Nowadays, finance companies keep key codes on file for every car they own. The key codes are a “blueprint” that tells locksmiths exactly how to create a key the same as the original.
If the bank doesn’t have the key codes, you can find companies online that will supply key codes for any domestic or foreign vehicle in less than an hour. All you need to give them is the make, model and VIN number.
With your original key in hand, you can have someone follow you to the repo site and you can drive the car away!
Tip #3 – Become A Repo Job Broker
I’m pretty sure many of you don’t feel comfortable working nights and dealing with confrontational situations. Even for those of you out there there like this there could be a job opportunity still.
One viable option is to setup a web site to get repossession job leads in your town, and sell those leads to other repo businesses.
Then you won’t have to deal with any situations of confrontation, but still be able to profit. For motivated and hard working people looking for a lucrative career, this could be a smart and cheap way into the repossession industry. Then, as you gain more experience in the repo industry, you could take on more and more jobs yourself.
While these money-making tips are no substitute for having the right repossession tools, they’ll help you make money to pay for the equipment you’ll need later on!
Want to learn how to become a well-paid repo man?
Click here to learn how to get my complete repo business course for less than 11 cents a day…