The Debt Millionaire: Pdf

Then they called back three days later and said yes.

Maya now holds $1.3 million in total liabilities across her personal and business entities. But she also holds $1.1 million in debt assets—other people's promises, purchased at an average of 22 cents on the dollar. Her net exposure is $200,000. Her monthly cash flow from collections and restructures is $14,000. the debt millionaire pdf

The turning point came when a local credit union made a mistake. They accidentally pre-approved her for a $200,000 business line of credit. She did not correct them. She used $50,000 to buy a package of charged-off accounts from a regional retailer—debt owed by people who had stopped paying for furniture and appliances. Total face value: $340,000. Purchase price: $41,000. Then they called back three days later and said yes

She joined a peer-to-peer debt trading forum. A man in Florida was desperate to sell a $15,000 medical bill for $3,000 cash. Maya bought it. She then contacted the hospital, offered to settle for $7,500, and pocketed the difference. The hospital agreed because she paid within 48 hours. Her net exposure is $200,000