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Vol. 17 No. 32 - May 24, 2017

BUSINESS

Bins Be Clean offers unique service

LaPensee Plumbing Pools Air

Submitted

From left, Nate Welch, holding Williabel Rose Welch, and
Rather Hosch offer the new service.

My calendar is telling me that June 21 is the first day of summer, but here in Florida summer starts long before June and can last long after Halloween. And those of us who live here during the endless summer know that one of the necessary evils we encounter are cleaning our trash bins during the hot muggy days of a Florida summer.

Last year was a big year for Nate Welch and Rather Hosch. They moved to Anna Maria from Crested Butte, Colo., the Anna Maria Island of Colorado, had a baby and started a new business.

Nate Welch's parents retired to Anna Maria from Illinois, purchased a few investment properties and quickly realized that providing clean trash bins to their renters became a big problem. When Nate Welch and Rather Hosch decided to join his parents in Florida, this problem looked like a unique and necessary business opportunity.

They found a company on the cutting edge of a new and growing industry on the east coast of Florida which built 100 percent contained trucks specifically designed to clean household garbage and recycle bins. They order a truck, obtained a license and insurance and were in business, with Welch handling the truck and Hosch handling the bookkeeping.

Here's how it works; Bins Be Clean follows the garbage truck on regular pickup days, and after the bins are empty, the truck automatically picks up the bin and places it into the hopper which sprays the bins with a high-pressure wash at 180 degrees for 30 seconds. When finished the inside of the bins are dried, sprayed with a neutral fragrance deodorizer and come out looking like new. All the products Bins Be Clean uses are Green-Seal Certified and eco-friendly chemicals. In addition, the resulting grey water is disposed of according to EPA regulations.

Welch recommends a monthly maintenance program after their initial comprehensive cleaning in order to prevent the growth of dangerous bacteria. The average customer pays $8.50 per bin per month, is billed quarterly and there is no contract to sign, so the service can be suspended at any time.

This is an incredible service for rental properties, when renters come in and see clean touchable trash bins, it says a lot about the property and sets a good example. Check out their website for information about the process as well as incentive programs.

Bins Be Clean also cleans large dumpsters for commercial properties and condo complexes. Although the truck cannot pickup the dumpsters, they are still power washed with the same eco-friendly chemicals and the water vacuumed out and contained.

The concept is so simple it makes you wonder why we haven't see this service before. As it turns out, there are nao other businesses like this in Manatee County, and the closest one to Anna Maria is in Tampa.

Welch and Hosch's goal is twofold – expand their business and make people aware of the dangers of improperly cleaned garbage bins, especially in an atmosphere that grows mold and bacteria at an astonishing rate, while using environmentally safe products.

This year will also be a big one for this ambitious young couple as they grow their business and plan their beach wedding in November. As they say at Bins Be Clean – "From stinky to sparkling." It's all up to you.

BINS BE CLEAN

Trash Bin Cleaning Service

941-778-0020

All Major Credit Cards Accepted

www.binsbeclean.com

Anna Maria Island Sun News Story

Reverse mortgages worth another look

Investment Corner

I have written about reverse mortgages over the years, at least twice here in the Sun. My advice was that reverse mortgages were expensive for the borrower, but in the case where a retired person or couple had run out of assets, using the equity in their home through a reverse mortgage wasn’t the worst idea in the world.

I’m bringing the topic back one more time because some changes in federal guidelines have made the reverse mortgage a more attractive option for those who are over age 62, that own their home free and clear of another mortgage and who are concerned about the possibility of running low on retirement income during their lifetime

Space limitations don’t’ allow us to go into a full primer on reverse mortgages, but let’s hit some of the highlights.

• Fees are down: The up front mortgage insurance premium applied to all reverse mortgages was reduced from 2.5 percent of the loan amount to 0.5 percent by the Reverse Mortgage Stabilization Act of 2013, as long as the borrower doesn’t tap more than 60 percent of the available credit balance in the first year. Other fees have been standardized and are roughly in line with a traditional home mortgage, but often lenders will issue credits to offset some or all of these other expenses.

• Education: Borrowers are required to attend a consumer counseling session to make sure they understand the nature of the reverse mortgage. The cost of this session is $125

• Borrowing limit: The limit for reverse mortgage credit lines depends on the age of the youngest borrower, current interest rates and the lenders margin. Generally, you can access about half of the value of your principal resident, up to a current maximum value of $625,000.

• Payments: You don’t need to make payment on a reverse mortgage. The money you borrow and accrued interest must be repaid when you no longer live in the home. This can be through a move to another location, or if you pass away. The home will then be sold, the reverse mortgage paid off and any excess above that can be left to heirs.

In the past, advice was generally to take out the reverse mortgage as a last resort when it was obvious additional funds may be needed. Under current guidelines, that advice is outdated. Reverse mortgage lines of credit actually grow over time, giving the borrower the ability to borrow more. So, the current advice in most situations is to establish the line of credit in your mid-60s, when eligible, and instead of borrowing, just let the line of credit rest with a zero balance.

A line of credit for about $125,000 will grow to about $190,000 in 10 years, 290,000 in 20 years and over $440,000 in 30 years. Establishing, but not accessing the line of credit until later in retirement gives the retiree a lot of flexibility. The exact loan characteristics are influenced by the age(s) of the borrowers as well as the current level of interest rates.

In summary, for those who may find themselves real estate rich and liquid asset challenged, a reverse mortgage may be a good option.

Tom Breiter is president of Breiter Capital Management, Inc., an Anna Maria based investment advisor. He can be reached at 778-1900. Some of the investment concepts highlighted in this column may carry the risk of loss of principal, and investors should determine appropriateness for their personal situation before investing. Visit www.breitercapital.com.

 


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