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What if you are given the rights by the bank to take away heavy equipment whose installments are due by the borrower and who presumable does not have any intention to pay them and in return you can earn good commission. Well, you would probably want to have a go in such form of a business. This you may see as a multi-million dollar business if you are able to stick to it for a decade or so and set up god rapport with different banks that are known for lending money to construction companies for buying heavy equipment. We call this business as “Repossession of heavy equipment or simply Repo of machines. This business often demands people who are strong mentally and can withstand pressure. Now when we talk about pressure, it can come from many corners.
Many a time, the borrower is not willing to let go his machine and also will not pay any installments. It becomes difficult to repossess heavy equipment from such people. You can’t even tell that the bank about the borrower’s behavior because it is your work to get it out from him and you got to go to any means in order to get the machine from him. The bank will ask you to show up with the heavy equipment so that they can auction it and can claim the price of the machine. So it all falls on you on how you will manage to get it out from the defaulter.
Moreover, some banks even give you the responsibility to keep a track of borrowers who default payments. So you are also responsible to hunt down men who borrow money to buy heavy equipment but are unable to pay them off. This seems to be quite an effort but it also pays you off real well. A repo agent makes around $400.00 for picking up any small sized machine. The amount increases manifolds if they are to repo big machines. They are paid handsomely for the effort they take to repo the machines and this is why many people are getting in this trade. They find this job to be interesting as they do not have to report to anybody and can wander as per their wish to track defaulters. Simultaneously, they make decent income at the end of every month.
They can also double their income by putting in more hours in a day doing this job. So this is for guys who can handle pressure and can take away the machine without making a fuss out of it. They also need to have contacts with transportation guys who can ferry the heavy equipment from the source to the destination. They at times have to move to other cities and states as well to repo machines. In scenarios like these, they will need the help of the transportation guys so that the construction equipment can be ported from one city to another. They are paid really well when the assignment comes from a different city so they never shy away from taking such jobs.
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