Bailout Riches!: How Everyday Investors Can Make a Fortune Buying Bad Loans for Pennies on the Dollar

As with any person or organization (church or business) that has achieved any measure of success you will be able to find plenty of negative if you google or yahoo it enough. As a person, I don't care if Bill Bartmann wears a halo or if he rips babies from the womb and eats them whole. I bought the book (through a Brian Tracy joint promotion) in order to use it as a blueprint to wealth and that blueprint hasn't worked.I like Bartmann's straight forward writing style and his occasional use of humor. I was nearly in the floor laughing at times.As for the substance, I would call this book a "how did" rather than a "how to". The world has out grown the method.Bartmann is correct when discouraging the reader from approaching branches of large banks. I actually manage a branch of one of the nation's top 10 banks and Bill is right - you would spend horrid amounts of time getting to someone "in charge" and when you did finally break through you probably wouldn't get anything out of it.Otherwise, I have discovered through actually utilizing the information in the book that the system Bartmann used 15-20 years ago is now an anachronism. For example, one of the local banks in my town garnishes the wages of charge off DDA and delinquent consumer loan customers. They don't send the delinquent accounts to collection agencies, they keep hammering away until they find a payroll check to garnish. No room for me in that scenario. Another local bank sells the accounts to a collection agency and afterwards the accounts are never seen again - the accounts never return to the bank once the primary collector get hold of them.At present, I have approached 5 banks - 3 in northeast Oklahoma (Bartmann's homeland) and 2 in northwest Arkansas - using Bartmann's system. So far, I am 0-for-5. I will try a few more however, in this day and age it's pretty easy to quickly run out of local, home town banks to visit. Granted, 5 isn't an incredible sampling, but it's probably 5 more than many of the reviewers here have attempted. Besides, who's going to adopt a new system they read about in a book and visit 53 banks until they find one that will bite?Final summary: reading how Bartmann amassed his fortune makes for an intriguing read and as a banker I found his explanation of bank operations refreshing and some times hilarious. However it is my experience, vast or minimal that may be, that the system that worked for Bartmann years ago may not work to the same degree today. I wouldn't in 100 years throw around terms like "scam" or "rip-off" but I will use "impractical".

Bill Bartmann has done a really great job in introducing the public to a massive business opportunity in the purchase and monetization of bad loans. Well, it is no surprise that he is an expert in this field, since he made his 1st Billion doing the exact stuff he teaches in the book. Bill is a natural teacher who lays it out in an idiot-proof manner how you can go from nothing to a lot of money by employing what he calls the "compassionate art of debt collection". Instead of using the tired and aggressive style of the traditional debt collector's method of harassing the consumer, you approach the situation as someone who is able to provide a solution to the harassed debtor. In the process, it is a win-win situation for both parties. Bill details all the steps you need to take to etablish and thrive in your debt collection business. From how to find a good place to purchase the debt portfolio, to making the correct (and profitable!) bid, to tactics that work in debt collection. He emphasizes that you make money at the purchase of your debt portfolio.I enjoyed reading the book immensely, and I would recommend it to anyone who wants to understand how the debt collection (and monetization!) business works. If you are thinking of actually going into the business in the face of the tremendous opportunity provided by the current recession, don't even start without reading this book. It's worth more than 30 Hours of study at a business school.

This book provides a way for an honest person to earn their place at the top, regardless of their current circumstance. Bartmann truly is a genius, and I am glad that he is sharing his tried-and-true methods with the world. I was incarcerated for 8 years, molested as a child, and have been through rehab time and again. I really hate my job and was at the brink of suicide, until I got a copy of Bailout Riches. I've been reading it on my breaks at the KFC where I work, and now I know that if Bill Bartmann can go from "digging in dumpsters to feed his family and shattering his spine in a drunken stupor so that he can never walk again" to "paying cash for a private jet and a team of ex-Secret Service agent bodyguards" I can too, and this book shows us how! I haven't started his program yet, but after reading the book I know that with a little hard work it will surely work. I've already started the paperwork on a nice condo in Florida, and have been shopping for some new cars to buy. The rich life is a good life.BTW, those quotations are actually taken from the book.

Started reading the book, but cant help but think its just another get rich quick book by another hoodwink author trying to promote a scam driven idea. Many people are still dazed and desperate for answers and opportunites in this nutty economy. As a result, I am sure the author will have many takers for this book that offers information and concepts that very few will have the knowledge, money, time or fortitude to capitalize on, which is the concept of purchasing bad debt. The idea of buying bad debt is not for novices and should not be portrayed as a mass opporunity for every desperate house wife or uneployed grocery bagger as a ligitimate business opportunity. Selling Snake Oil for profit has been around for many years - dont belive all you read and be cautious of people who sell "the opprtunity", because if it was so great, they would be doing it themselves and not telling everyboy their secerets! So if you choose to read, best wishes and Booya from the "Carpetbagger". FYI, I chose this name because I am a former millionaire that was demoted to the bowls of society by the fiscal decisions and policies of our wonderful leader and his cast of "to big to fail" and "small enough to bankrupt" money spending mongers!

The only reason that I have knocked a star off this one is that I cannot fathom out how to make it work today.The book is written for the Amercian market but I am sure that there are parallels in the UK. My issue is with Mr Bartman's main suggestion to get started and that is to approach your 'local' bank and he does not mean the local branch of a national bank like Barclays or HSBC, he means a small concern. To be honest, at nearly 60 I have never been aware of such a beast in the UK and if there are any they are well hidden!Despite this, the subject matter is fascinating and well written, the style as if he is really chatting about the subject to you face to face. I read the whole thing in about four hours on a train journey from Wales to Penrith. Nice easy reding

I bought this along with, "The Structure and Practices of the Debt Buying Industry", the only thing I got of use from this book was the mentioning of peer to peer lending as an investment opportunity.

teaches exactly what bill baren got famous for, collecting money honorably and effectively and making money at it.