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Bailout Riches!: How Everyday Investors Can Make a Fortune Buying Bad Loans for Pennies on the Dollar Hardcover – May 26, 2009
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From the Inside Flap
In the current bailout, billions of taxpayer dollars are being used to buy bad debts from banks in order to keep those banks solvent as borrowers default on loans. These bad debts are being sold for pennies on the dollar to anyone willing to buy them. But just because these are bad debts doesn't mean they're worthless investments. Imagine this: you buy a $5,000 bad loan for just $250. You approach the borrower in default and offer them a chance to settle that $5,000 debt for just $500. If they agree, you've made a one hundred percent profit on your investment, the bank has the loan off their books, and the borrower is out of debt. It's a win-win-win situation!
If that sounds like fantasy, it's not; it's how Bartmann made his fortune and how you can make yours, too. But if his ideas worked so well, why would Bartmann share them? Simplethere's plenty to go around.
In fact, over the next year or two, somewhere around $1 trillion of debt will be written down and sold to buyers at ridiculously cheap prices. Now is the time to get your share.
Bailout Riches! lays out a step-by-step plan for finding the best deals on loan packages, building a valuable debt portfolio, and collecting from debtors with little hassle. It's simple, it's practical, and it's cheap to get started. If you're looking for a new way to make real money, Bailout Riches! will show you how to jump on the biggest gravy train in recent history.
From the Back Cover
Praise for Bailout Riches
"Who better to teach you how to prosper from this economic chaos than a man who actually took himself from 'bankruptcy to billionaire' during the last crisis."
Ken Blanchard, coauthor, The One Minute Entrepreneur
"Bill Bartmann is more than a great financial success story; he is a phenomenal teacher who has helped thousands of my students achieve success. Bailout Riches will show you how you can prosper during these tumultuous times."
T. Harv Eker, author, New York Times #1 bestseller, Secrets of the Millionaire Mind
"When the economy is in crisis, Bill Bartmann finds the diamond in the rough. The information in this book made him a billionaire fourteen years ago during the S&L crisis. Now the economy is cratering again and his methods are working better than ever. Read this book and discover a hidden source of wealth all around you."
David Lindahl, author of Emerging Real Estate Markets and Multi-Family Millions
You've heard about the massive government bailout of the financial sector and its cost to taxpayers. Couple that with skyrocketing unemployment and a shrinking stock market and you might think this a terrible time to invest in anything. But you'd be wrong.
In Bailout Riches!, Bill Bartmann shows you how to invest in the bailout itself and take your own cut of the trillion-dollar pie. What does Bartmann know about bailouts? Only that the last big-time government bailoutinvolving the savings and loan crisis and the government's Resolution Trust Corporationmade him a billionaire. This time around, the bailout is much bigger and opportunities for profit are much greater.
Top customer reviews
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I like Bartmann's straight forward writing style and his occasional use of humor. I was nearly in the floor laughing at times.
As for the substance, I would call this book a "how did" rather than a "how to". The world has out grown the method.
Bartmann is correct when discouraging the reader from approaching branches of large banks. I actually manage a branch of one of the nation's top 10 banks and Bill is right - you would spend horrid amounts of time getting to someone "in charge" and when you did finally break through you probably wouldn't get anything out of it.
Otherwise, I have discovered through actually utilizing the information in the book that the system Bartmann used 15-20 years ago is now an anachronism. For example, one of the local banks in my town garnishes the wages of charge off DDA and delinquent consumer loan customers. They don't send the delinquent accounts to collection agencies, they keep hammering away until they find a payroll check to garnish. No room for me in that scenario. Another local bank sells the accounts to a collection agency and afterwards the accounts are never seen again - the accounts never return to the bank once the primary collector get hold of them.
At present, I have approached 5 banks - 3 in northeast Oklahoma (Bartmann's homeland) and 2 in northwest Arkansas - using Bartmann's system. So far, I am 0-for-5. I will try a few more however, in this day and age it's pretty easy to quickly run out of local, home town banks to visit. Granted, 5 isn't an incredible sampling, but it's probably 5 more than many of the reviewers here have attempted. Besides, who's going to adopt a new system they read about in a book and visit 53 banks until they find one that will bite?
Final summary: reading how Bartmann amassed his fortune makes for an intriguing read and as a banker I found his explanation of bank operations refreshing and some times hilarious. However it is my experience, vast or minimal that may be, that the system that worked for Bartmann years ago may not work to the same degree today. I wouldn't in 100 years throw around terms like "scam" or "rip-off" but I will use "impractical".
This book borders on being silly. There is no solid content, and if you follow his advice on how to approach banks to try and buy their bad loans you will be laughed out of the place! I have worked in the finance arena since 1993, and I can tell you that this guy is no more than a glorified bill collector. If you want to start collection agency this book might have a few suggestions worth looking at. Otherwise, save your money and time and look elsewhere.
My gut told me not to buy this book when I first looked at it. I should have listened to my gut. If you still insist on trying it out, at least buy it used so that you won't be throwing too much of you hard-earned money out of the window.
After about a month, I have actually begun to make money!!! It is insane, absolutely clever... And so easy to make money if you follow the steps exactly as outlined in the book.
In short, get it... And if you are serious about sticking to it, you will make a lot of extra cash.