Do you have a hustle?

#101
#101
Vol8188 said:
I'm doing a loan tonight.

Meeting a girl in Raleigh along with a notary.

The loan is for 500 dollars plus an origination fee of 10 (to pay for dmv fees and notary)

She is to pay back 535 by January 9th (5% total+10 for the origination). Every day after the 9th, interest is compounded daily at an annual rate of 20%.

And we will be doing a title lien on her car to secure the loan.
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Sounds smart for a potential $35 net gain. Lol
 
#103
#103
So I made it back alive and I have the title in my hand.

The lady was really nice and hugged me as I was leaving.
 
#105
#105
Vol8188 said:
That's 7 percent in only two weeks. Unless you are in the drug trade or sex slavery, you'll probably never see those kinda margins.
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CC has a point though.

35 bucks isn't enough if you have to chase down the vehicle. But, a few good customers and you should be good.

I wish you the best of luck.
 
#107
#107
Obsessed said:
CC has a point though.

35 bucks isn't enough if you have to chase down the vehicle. But, a few good customers and you should be good.

I wish you the best of luck.
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True. But I don't make 35 if I have to chase anything down. If I have to chase down the car I'll make about 500-700.
 
#108
#108
K-town Vol Fan said:
Thats like going to the salvation army and getting food and then selling the food to people.
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not even close.

goodwill is in business to make money. their CEO makes over 3 million per year.

If they were in the business to give away stuff, they wouldnt mark up name brand clothes to $10+ dollars.
 
#111
#111
whocaresgobobcats said:
i can spend $500 in one day on product and double my money in two weeks.
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By product you mean drugs? Because there's no other business those kind of margins. If you could honestly double your money every other weak, you would have passed Buffet years ago.
 
#112
#112
Vol8188 said:
By product you mean drugs? Because there's no other business those kind of margins. If you could honestly double your money every other weak, you would have passed Buffet years ago.
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Who is going to be your "muscle"?
 
#114
#114
Vol8188 said:
Some angry middle aged republican, jk....my brother in law does repos for another guy often. Ill let him handle that and pay him 100 for the job.
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I just hope you make enough money to fix the damn pool.

So what did you buy for 500 bucks?
 
#115
#115
Obsessed said:
I just hope you make enough money to fix the damn pool.

So what did you buy for 500 bucks?
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lol me too. This spring man! Believe in me...

I may have bought a 98 Chevy Lumina.

Blue book value of 1400. If I do repo it, I'll want to flip it quick, so I'll try to sell for 1000 and take any offer I get of 700 or more.
 
#116
#116
Vol8188 said:
lol me too. This spring man! Believe in me...

I may have bought a 98 Chevy Lumina.

Blue book value of 1400. If I do repo it, I'll want to flip it quick, so I'll try to sell for 1000 and take any offer I get of 700 or more.
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Loan $500, if customer defaults pay $100 to someone to repo vehicle then sell it for $700.

That is a lot of time and headache to make $100, imo. To each his own. Whatever makes you happy. It is a profit.
 
#117
#117
Gramps said:
Loan $500, if customer defaults pay $100 to someone to repo vehicle then sell it for $700.

That is a lot of time and headache to make $100, imo. To each his own. Whatever makes you happy. It is a profit.
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Honestly, it's the market.

Say he repo's it. Holds on to it. Has it detailed. Come tax time and a dad needs a car for his daughter/son. List it at 2k. Sell for 1600.00. He's in good money.

8188 is just getting started and forming his own mafia. Give him time gramps.
 
#118
#118
Obsessed said:
Honestly, it's the market.

Say he repo's it. Holds on to it. Has it detailed. Come tax time and a dad needs a car for his daughter/son. List it at 2k. Sell for 1600.00. He's in good money.

8188 is just getting started and forming his own mafia. Give him time gramps.
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You don't become the Don overnight!
 
#119
#119
Vol8188 said:
You don't become the Don overnight!
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Nope.

It took me 3 years to turn a solid profit in the mowing business.

Just keep your nose to the ground and READ.
Learn tricks of trade. You will be ok.

Just remember this- a vehicle is s family's lively hood. Everything revolves around that vehicle.

I understand money- just don't be ruthless.
 
#120
#120
Vol8188 said:
You don't become the Don overnight!
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For what you are doing you should consider opening a buy here pay here car lot. There is some good money to be made but you have to be a little cold hearted and repo them cars when payments are missed. Can't listen and be swayed by some sob stories. You already have someone that will do the repo's for you.

The $500 car for example. Put it on the lot for $2,500, $500 down $40 per week. The buyers credit is shot or he would not be looking at buy here pay here, he/she is looking at down payment and payments, price doesn't matter, they need a car. The buyer miss 2 payments, pick it up and do it all over again.
 
#121
#121
Gramps said:
Loan $500, if customer defaults pay $100 to someone to repo vehicle then sell it for $700.

That is a lot of time and headache to make $100, imo. To each his own. Whatever makes you happy. It is a profit.
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I don't see a lot of head ache involved. I may change my mind a month from now. But I see it as nearly passive income. I will contract out the repo job. All I have to do is receive a check. If not, I will send a notice out certified mail stating if payment is not made in 30 days that I will repo her vehicle.

If I do repo it, I don't plan on fixing anything. Nearly any running vehicle will sale for 700 or more.

But here's where you and I differ. You see it as just 100 dollars.

I see it as a 20% return on capital in only 2 months. Most people average 5% a year, so 20% in 2 months is huge.
 
#122
#122
Obsessed said:
Nope.

It took me 3 years to turn a solid profit in the mowing business.

Just keep your nose to the ground and READ.
Learn tricks of trade. You will be ok.

Just remember this- a vehicle is s family's lively hood. Everything revolves around that vehicle.

I understand money- just don't be ruthless.
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Absolutely. I would never want to take someone's vehicle, as long as she doesn't begin ignoring my calls and doesn't make any payments at all, then I would never want to do that. Without her car she can't work, and that only puts her in a worse situation.

So we built in a 20% annual interest rate to be calculated daily if she doesn't pay me in full by the 9th of January. I also provided her with a spread sheet showing how much she would owe each day for a month.
 
#123
#123
Vol8188 I admire your ambition and drive and was glad to read your agreement with Obsessed. No living is worth walking on people to achieve.
 
#124
#124
I teach pharmacology at night..I've been looking for a student to help me out on a few side projects :)
 
#125
#125
Gramps said:
For what you are doing you should consider opening a buy here pay here car lot. There is some good money to be made but you have to be a little cold hearted and repo them cars when payments are missed. Can't listen and be swayed by some sob stories. You already have someone that will do the repo's for you.

The $500 car for example. Put it on the lot for $2,500, $500 down $40 per week. The buyers credit is shot or he would not be looking at buy here pay here, he/she is looking at down payment and payments, price doesn't matter, they need a car. The buyer miss 2 payments, pick it up and do it all over again.
Click to expand...

I need more capital, but I would consider it
 
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