Quote:
Originally Posted by Z06Fanatic1
wanted to bump such an awesome thread......congrats on all your success - I had a couple questions
1.is there a way to start to "get my feet wet"? I'm pretty busy with other business ventures but would love to buy a little debt and see how things go
2.do you think its necessary to hook up with someone in the industry when you started? It seems like this is the only way to break in unless you want to spend months/years losing money
Thanks for the congrats from everyone.
1.) Don't get your feet wet. If you don't have a legit buying entity, there isn't any legit debt you'll be able to do this with. Years ago you could have purchased a small package and taken a shot, but today, with the regulations, you can't. Don't get me wrong, someone will sell something to you, but nothing you probably want to buy.
That said, if you have some capital you want to put to work, I have a pair of clients always looking for investors; one is a legit hedge fund, and I'd be happy to put you in touch if you PM me, but it's fairly capital intensive.
2.) Yes, unless you have experience doing actual collections. Even then, it's very helpful to have somebody able to help you navigate through the waters of buying, selling, and just running a business in general.