Its KenS(WV) - Posted by KenS(WV)
Posted by KenS(WV) on September 26, 2003 at 09:26:05:
I do my business a little differently then the “true” Lonnie dealer. I buy lots and lots of repos from banks. Mostly all late model, '95 and newer. I have several lenders I work with to get my buyers financed so almost all of my deals are cash to me. I do Lonnie deals on occasion but there is so much low hanging fruit in the repo business with so much cash that this is my primary focus for at least the next year. You need to have cash to get started, but you almost double your money on every deal and don’t wait for the cash!
One catch might be that I went through the full blown dealer licensing in my state: city license, state license, contractor license (which required examination), DMV license, and State DoL license. You might need to be officially licensed to deal with some lenders as a dealer.
So if you need to borrow money to do deals, I can’t help you. If you need contacts for lenders for your buyers, I have some. The best way is to snuggle up with your computer and use Google.com to find lenders. In about two days you should be able to find several to work with. It is time well spent.
Good luck all,