Comment by kart23

5 years ago

Thanks for giving some insight into that process. I'd rather be patient and take on 'human' risk, which for some reason I feel more comfortable with. I'm probably being overly idyllic, but I just imagine being friendly and reasonable with people and their situations might go a long way, especially reaffirming that you're not some massive bank that doesn't give a shit.

3 comments

kart23

invalidOrTaken 5 years ago

1. Buy cheap debt.

2. Call debtors and offer to teach them to code.

3. Walk them through interviews, etc.

4. Collect!

I don't know if that particular path is viable, but I am somewhat taken by the idea of making money by/while helping people out.

kart23 5 years ago
I like the concept.
Honestly I think the toughest part is buying the debt. I tried to do some research, but I'm even more confused how people do it. Do they just call up a bank and ask for some debt? Is there some online exchange for debt? California doesn't require a license or anything to buy debt, so in theory I should be able to, but I'm not sure exactly how to.
- HeyLaughingBoy 5 years ago
  
  I did some quick research and it does look like it's a lot harder to buy debt these days than it used to be. Which is a good thing: there were/are a lot of shady characters involved. Anyway, links:
  https://proleadbrokersusa.com/cheap-debt-portfolios-for-sale...
  https://www.accountsrecovery.net/portfolios-for-sale/
  https://www.debttrader.com/buy/
  Caveat emptor.