When I started buying bad loans I had no idea what I was doing.
I was completely broke (actually worse than broke, I was $1,000,000 in debt) and only knew that I could do a better job of collecting delinquent loans than the “terrorist” like collectors that were verbally abusing me and my family daily on the phone.
Out of desperation I convinced my bank to lend me $13,000 (it was the only chance they had of recouping at least some of what I owed) and with that funding I purchased a box of 200 loans.
My wife Kathy and I, working from our kitchen table, turned that $13,000 box of loans into $63,000 in collections.
Then we did it over...and over...and over again.
That $13,000 loan eventually turned into a $3,000,000 a DAY business. We became multi-billionaires and have been able to live a lifestyle that was literally inconceivable to us just a short time earlier.