Quote:
Originally Posted by Dien Rice
Thanks teamplayer for sharing your story!
I never really knew that much about unclaimed funds, however, it's something I've always been interested in. I've read a little bit about it here and there, but that's about it. I certainly didn't think about the pitfalls, and the time that can be involved too!
The story of your experiences are certainly illuminating! And fascinating too!
Thanks again for sharing.
You know, this is something that many people would love to learn more about. If you wanted to, this is something you could probably create a report about, or an audio recording, or a video course, and you could make some money from your experiences...
Best wishes,
Dien
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Hi Diem, you are right there are many pitfalls in this field. For example some
states like Texas make it very difficult to get finders fees on State Unclaimed property,
but that's only one type of unclaimed account. It would not affect
items not in the state unclaimed property office. Basically you want to after
money you can get quickly. Money held by a court, for example can usually
be gotten in a week or two, but money held by the state unclaimed property office
can take years. I mentioned the guy who went on Oprah and found unclaimed money
for many people in the audience, (some of it in the thousands!) I got his book
"Assets Unknown" His name is David Folsom.
It is a little outdated but has extremely valuable info on this subject.
I think the biggest problem in the field would be deciding where to start!
Go after the millions in unclaimed stocks? Or bank accounts unclaimed.
Heirs to unclaimed inheritances? Another area which is huge is real estate.
A property is seized by the state for unpaid taxes and sold at auction.
Any money that the state gets beyond the tax owed has to go the original
owner who lost the property. as you can imagine a huge number of these owners
have no idea they have this money coming to them. We are talking many
thousands of people and thousands of dollars.