New Guy.... Can't wait to start

starting in this business i had a killer month. I would get a Sales contract on a Chase or Bombardier repo for 10-12K, take pics and put on line for a price of 18-20K and use these proceeds to pay the bank.

It was my fourth month and I grossed 43K. The wise money made a appointment with our accountant and asked Beverly,“is this legal or are we going to end up in jail?” Beverly asked if we had sales contracts with 30 day terms prior to sale. we did and showed her these Form 500’s and she answered her question like this, " Mrs. Meade, you mean buy something wholesale and sell retail and pay the Bank from the proceeds of the sale in thirty days? That is exactly how Wal Mart and Lowes make billions each year…it is called good business"

That was 6 years ago…and it is still amazing. I love this business.


As a recent poor person, I may have a bit of insight here. When we go shopping at most any retail store, we see the price and have to pay the price. You can’t walk into a grocery store to buy a loaf of bread and haggle on the price. I don’t think I have ever tried to talk a person down in price when buying a used car for fear of not getting what I want. And yet many times, I have been willing to sell my own crap for a lower price. One again so get what I want. Some is better than none.

Therefore when we read about how someone sells an object at one price and then turns around and buys it back from the same person at a lower price, it sounds like someone is getting ripped off, taken advantage of, and someone is ripping off and taking advantage of the other person, and by saying the guy waited out a person to become desperate, it was intentional, and looks like the original buyer overpaid in the 1st place.

I understand the concept of buy low sell high, and you can’t really blame the businessman for waiting around to get the best deal. You can’t call it a conspiracy because he was acting alone, and the only reason I have negative vibes from the story is because a military man was involved and for all I know he was about to be stationed in Iraq.

Nice buy on that used book!