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Crazy way to make money

Discussion in 'Making Money' started by bakerskater23, Jun 23, 2016.

  1. bakerskater23

    bakerskater23 Registered Member

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    Hey guys so Ive been seeing people preach about giving back to community and all that so here it is , a crazy idea that could potentially make a ton of money (it also has risks too)

    Backstory : I just say the John Oliver YouTube video : about debt buyers. Now before you start yelling at me hear me out. At around 17:50 John Oliver says how he very easily bought 14m in unpaid debts, along with 9000+ addresses, emails etc for only $60k and forgave them.

    My idea - Do the same exact thing. Buy $14m in loans from as many people as possible. Let's say you go for 10k people for $60k (because that's how it actually works. They quote sell them for pennies on the dollar

    Give them a phone call/ email, telling them how you legally bought their loans but you decided to be nice about it and completely forgive it. Let them know how lucky they are that the loans didn't fall in the hands of some asshole who decided to go after the money. All they have to so is complete 10 Maxbounty offers avg $2/lead for free and only takes few minutes .... Send them the instructions in an email or something.

    Bottom line you get to forgive 14m in loans, and earn $20 in leads per person. So if it's 10k people you get make $200,000. Subtract that with your initial $60k investment . That's a freaking profit of $140k
     
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  2. nisdee

    nisdee Regular Member

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    That's not how the world works dude haha
     
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  3. davidhemming81

    davidhemming81 Jr. VIP Jr. VIP

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    sure u can convince 10k of 'em?!
     
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  4. bakerskater23

    bakerskater23 Registered Member

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    Haha The idea started floating around my head a few minutes after watching. When you say that's not how the world works, which part are you talking about. The loans really can be bought at an extremely cheap price. Maybe the problem is with Maxbounty or something ? I tried : P
     
    Last edited: Jun 23, 2016
  5. buzz

    buzz BANNED BANNED

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    In reality they are much more expensive, like 30% of what they are worth in debt. And they will just tell you to fuck off, because they are retards that can't even pay off their loans, or created one in the first place.
     
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  6. Dilettante

    Dilettante Power Member

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    Interesting, BUT:
    - it's blackmail: people must obey you because you bought their debts. They can sue you
    - some of the debts are ... terminated? Are not valid? (I don't find the good word). You can't claim the money. Debt collectors claim money, but it's illegal.
    - some of the people are just dead, or have disappeared
    - if you have people who are too old, or in jail, or homeless, they can't connect to internet. Or they don't care.
     
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  7. bakerskater23

    bakerskater23 Registered Member

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    Well I mean you wouldn't have much convincing to do. Just remind them about the loan. Tell about your "company" and show them some paperwork. If someone was willing to forgive me some 10K loan I couldn't pay back I'd be happy to fill out some offers lol
     
  8. bakerskater23

    bakerskater23 Registered Member

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    1. But... I was being nice about it .
    2 - 4 . Ok ok you're right. I admit there are some bugs in the system. I didn't think this through did I ?
     
  9. Dilettante

    Dilettante Power Member

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    Besides, people who complete offers won't convert (or very, very, very few). Maxbounty (or another network) will find this very suspicious.
     
  10. bakerskater23

    bakerskater23 Registered Member

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    Yeah I guess your right. Going back to the drawing board
     
  11. toml3030

    toml3030 Elite Member

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    I don't think this is going to work because if a debt sells for 0.2% of its value it's because the debtors don't give a shit about the debt and it's not like they're going to fill out surveys or offers to write off the debt. Generally, if a debt sells that low it's been sold and resold many times, because it's uncollectable and the original debter wouldn't even selling it off for that because they can just write off the debt against their earnings.
     
  12. BassTrackerBoats

    BassTrackerBoats Super Moderator Staff Member Moderator Jr. VIP

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    If you are paying 30% you're in the wrong business... you'll pay less than 10% for almost all unsecured uncollectable debt. I'm not so sure you'll get told to Eff off as much as you would think. If you approach them in a way that is "Hey, I think I can help you out" as opposed to, "Pay up, deadbeat" your responses are going to be vastly different.

    This idea is an interesting one but I think the approach would be more in line with, "Hey, Mr. Guy down on his credit luck, I have a way to get rid of that debt that will cost you nothing as our company now owns the debt. If you complete XYZ offers I will call the debt paid and you can be free from that anxiety and be able to start working on getting your credit rating back."

    As opposed to blackmailing them or going to them AFTER you forgive the debt, you give them an opportunity to have the debt paid by them doing whatever offers on their mobile phones. Even the very poor and downtrodden have mobiles and I'd be surprised if many, given the opportunity, would not consider having their debt paid and not have that bad mark following them for years on their credit profile.
     
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  13. Asif WILSON Khan

    Asif WILSON Khan Executive VIP Jr. VIP

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    Out of those 10K people you would get a less than 1% response. (IMO) 100 x $20 = $400 - $60k = $59600 LOSS
     
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  14. bakerskater23

    bakerskater23 Registered Member

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    Wow you're an actual BHW employee. Cool . Well I like your idea better but if what they're saying in the comments is true it seems like people you'd be contacting are unlikely to respond and be co-operative. I don't know. Thanks for replying and seeing the potential in it though.
     
  15. bakerskater23

    bakerskater23 Registered Member

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    haha well shit. Me after collecting the first $400, " alright 100 people in, 9.9k to go. I'm sure they'll pick up this time : P "
     
  16. BassTrackerBoats

    BassTrackerBoats Super Moderator Staff Member Moderator Jr. VIP

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    I'm a volunteer, not an employee.

    To test this you would probably be looking at a good 25K at least and it would be wise to hire a professional to handle the business for you as that is a tough industry. So your 25K goes to and easy 75K with someone qualified to handle it for you and probably a lot more depending on the Geo as some areas the salaries are higher than others.

    You're thinking of ideas on how to generate revenue for CPA offers that are out of the box ideas which is real good.
     
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  17. buzz

    buzz BANNED BANNED

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    A much better idea would be to tell them to get a new loan to pay you off like 50% of their old one. And your profit will be affiliate commission for the new loan and 50% of their old loan. If you calculate only 2% will do this, you end up with $70k + affiliate commission :p
     
  18. Asif WILSON Khan

    Asif WILSON Khan Executive VIP Jr. VIP

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    You would need 3000 (30%) people of the 10000 people to respond to break even. These are professional debtors, they don't respond to calls, they move address regularly and avoid the mailman like the plague. Normally when the debts are being sold at this low price several other professional debt collecting companies have tried getting them to pay up. The reason these groups are sold for pennies is because they can't pay, won't pay or just don't care.
     
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  19. bakerskater23

    bakerskater23 Registered Member

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    I re-read your post and I have to say you re-neutralized the concept for me. So you're saying that there is actually a good chance they'll be reachable and co-operate if you approach them in the right way ? That would be good. You don't need a 100% success rate anyway.
     
  20. bakerskater23

    bakerskater23 Registered Member

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    Yeah I guess, but I wouldn't want to be a jerk about it and mess with their lives.