Yesterday the debris removal started at an apartment complex I am dealing with.  We have already found a little of everything.  The usual suspects have all been uncovered including old clothes, smelly sofas, broken shelving units and porn.

In addition to stuff we do not want, we also find things we want like money.  Nobody leaves stacks of cash laying around for us, but accumulating a big bag of change is fairly common.

I have been doing these debris removals in distressed projects for a few years.  Sometimes the project is an apartment complex with issues and once was a 10,000sf commercial building full of "stuff".  Something to be aware of is that the metal being removed has value.  Between bed frames, old hot water tanks, refrigerators and misc. junk it is also not uncommon to end up with a few hundred dollars worth of scrap.

When dealing with a large project with thousands of dollars needing to be spent on clean up, a few hundred is important.  If this situation comes in front of you, don't just let the trash guys take the scrap for themselves.  Make sure to cut a deal for an offset on their bill if you allow them to sort the scrap.

Richard F. Kruse is the President of Columbus, Ohio based Gryphon USA, Ltd. (www.gryphonusa.com).  The Gryphon Organization includes Gryphon Asset Management providing receivership and consulting services in the distressed marketplace, United Country Ohio Realty & Auction Group (www.ucohiorealty.com & www.ucohioauctions.com) providing real estate brokerage and auction services throughout Ohio and OnlineAuctionUSA.com (www.onlineauctionusa.com) providing commercial asset liquidations from the Midwest to East Coast. 

United Country Ohio Realty & Auction Career Opportunities Available.  Call 614-885-0020 x 17

 
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21 Comments on Cash in the Trash

JUN
08
2008
832,272 Points 213 Featured Posts Localism Sponsor Outside Blog Hit Router

The funniest one I ever heard of was a condo that was foreclosed in Greenbelt, MD.  The Marchall's service that supervised evictions in those days, found over $35,000 hidden in paper bags in a closet. 

You'd think with that kind of cash around they'd pay the mortgage. 

Of course, it was drug money. 

8:18am • #1

Looks like the saying is true. One mans trash is another mans treasure.

8:21am • #2
151,298 Points 19 Featured Posts Localism Sponsor Outside Blog Hit Router

One man's trash is another's treasure.  I save my change and am always amazed at the end of the year how much "money" I have in the change bucket!!

8:22am • #3
Outside Blog

Interesting what people leave behind.  Glad to know there's a way to offset some of the cost of hauling it all off.

8:23am • #4
116,594 Points 9 Featured Posts Outside Blog

Lenn - I have never had problems with the drug dealers.  It is always the drug users.

Shaun - It is not necessarily treasure, but more like paying the bill to get to the gold.

Audrey - I have been putting the change in a piggy bank for my daughter every day since she was born.  Sometimes a dollar.  If I find $10 or $20 somewhere that it is not supposed to be then that goes in the pot as well.  She is only six and has over $6000 in the bank. It adds up!!

8:26am • #5
116,594 Points 9 Featured Posts Outside Blog

Hope - It doesn't always happen.  Sometimes the effort is not worth the return, but on a bigger project you can make an offset.

 

8:28am • #6
Outside Blog

I had an eviction in Santa Rosa, Ca 20+ years ago and when the sheriff and I walked in, the tenant had left a line of "coke" on his TV.  The sheriff knew what it was; I did not.  Sheriff swept it off the TV and then told me what it was.

Over 40 years, averaging an eviction every two years, I have scored a beautiful golf umbrella, loads of house plants and a whole box of cook books....probably $50 in coins too.

I LOVE 1-800-GotJunk....I provide a 10% off coupon to departing residents and owner/clients!!!

4:19pm • #7

Having the metal junk off set the price is a good idea.  I haven't thought of that one before.  Thanks for the good idea.

5:12pm • #8
351,063 Points 11 Featured Posts Localism Sponsor Outside Blog

I have observed that people who have their houses foreclosed nearly always leave a lot of small change in the yard or in the house.  It appears that they never appreciated a penny. (I still pick up every penny that I find in the street.)  They also don't teach their kids to appreciate a penny.  Otherwise the kids would gather them up and save them.  (My kids would have.)  It truly seems sad.

6:51pm • #9

With commodity prices through the roof, scrap has as much if not more value than ever! 

7:22pm • #10
JUN
10
2008
170,039 Points 17 Featured Posts Localism Sponsor Outside Blog

Rich,

Every nickel counts.  I wouldn't have thought of the scrap metal aspect.  Thanks for the heads-up.

11:11pm • #11
JUN
12
2008

There's all kinds of great things left behind when trashing out a property!  The old saying ... "one man's junk is another man's treasure" is so true.

My trash-out guy and I have an understanding - and we donate items that can be used by others.  It's a win-win situation.

 

7:23am • #12
JUN
13
2008
417,054 Points 17 Featured Posts Outside Blog

How do you cut a deal with the trash guys? Actually, our trash guys wouldn't even pickup anything big. We'd have to take it to the dump. So how do you get a piece of the action?

3:46pm • #13
116,594 Points 9 Featured Posts Outside Blog

Lisa - I have a trash guy that is local and I have been working with for years.  He is not one of the "servicer" contractors.  I also don't get a piece of the action.  We use the scrap to offset the bill to the clients.

5:49pm • #14
JUN
14
2008
18 Featured Posts

hmmmm....... things sure have changed. Finally got a minute to catch up and wow... I am overwhelmed. Hope all is well for you Rich, drop me a line when you can. 

On another note~ I had no idea that real estate was such an opportunity to learn about metallurgy. ) You're SO cutting edge.

 

Kelli

10:22pm • #15
JUN
15
2008
101,453 Points 1 Featured Post Localism Sponsor

I had my trashout guys find a bag of "Oragano" in a house, said he dumped it but was a bit glassy eyed for a few days....

 

Only joking on the glassy eyed

1:27am • #16
116,594 Points 9 Featured Posts Outside Blog

Kelli - I learn a lot of things that I never thought I would know about.

Andrew - I pulled about $20,000 of meth out of a house last year.  House sold for $12,000.

8:02am • #17
JUN
16
2008

Did you offer your client a cut of the meth sale?

- James

7:13pm • #18
116,594 Points 9 Featured Posts Outside Blog

James - He wanted too high of a split.  You'd think he was a real estate broker !!!

7:30pm • #19

Sucks for him.  He could've double his money.

8:08pm • #20
DEC
08

Good to know. Something I never considered! Thank you for sharing that with all of us!

5:02pm • #21

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Rich Kruse

Columbus, OH

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Gryphon USA, Ltd.

Address: 9387 S. Old State Rd., Columbus, OH , 43035

Office Phone: (614) 885-0020 x 17

Cell Phone: (614) 885-0020

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A lighthearted and informative look at the real estate and asset sale professions. The Gryphon Organization provides real estate, auction and asset management services through a variety of subsidiaries including Gryphon Asset Management and United Country Ohio Realty & Auction Group.


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