Need Cash Now? Start Your Own Mortgage Business, It's Easy

Morning pop quiz: How does a 38-year-old grade-school dropout with no money and no training make $80 million in five years?

Easy: Go into the mortgage business. If you're as cunning as Daniel Sadek, within five years you'll have a $4 million mansion, a fleet of Ferraris, Lamborghinis, and Porches, and you can still wear flip-flops and a t-shirt to work.

Highlights of this fascinating OC Register profile of Sadek and his TV informercial-fueled lending business, Quick Loan Funding:
--It's easier to become a mortgage lender in California than it is to become a barber.
--State supervision is effectively non-existent.
--Margins in the business can be huge -- Quick Loan's were 29 percent.
--Easy come, easy go: "I've sold all my cars to keep the company going," Sadek told the Register. "Every property I own is mortgaged to the max."

Comments? Insights? Always welcome.
Photo Credit: Orange County Register

Comments

[Roy]

Is this anything like cashloancity.com?

[Roy]

Let me tell you something alright? Leading up to the time that we had to take out a cash loan, we didn't see anything but negative remarks from others online about the cash loan industry. We ended up almost losing our car because we waited. At the last minute, we borrowed $400 from http://www.cashloancity.com and I really believe it is the only thing "at the time" that saved us. I understand that there's a problem with some people abusing this industry and crying about it later, but what about the people that really need it and pay it back on time? We're even getting ready to have a positive mark on our credit because of it. Why are the people that never need this type of loan the same people that keep others from being able to get one?