A Bankruptcy Lawyer’s Blog

An Honest Review for ‘Bailout Riches!: How Everyday Investors Can Make a Fortune Buying Bad Loans for Pennies on the Dollar’

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What is the investment opportunity from America’s financial crisis? Somewhere north of one trillion dollars of debt–mortgages, credit cards, and other forms–will be writtenoff and sold to buyers at pennies on the dollar. It gets even better: There are ways to buy that debt with no money of your own.

Society’s collective pain from this crisis means that it’s unlikely to occur ever again on this scale. Investors with the right roadmap are poised to profit spectacularly. Bartmann lays out a step by step plan on how to find the best deals from the federal government, local Financial Institutions, and loan brokers. The spectrum of loans that are available include: credit card debt, consumer loans, business loans, commercial loans, and real estate loans.

Youve heard about the massive government bailout of the financial sector and its cost to taxpayers. Couple that with skyrocketing unemployment and a shrinking stock market and you might think this is a terrible time to invest in anything. But youd be wrong.

In Bailout Riches!, Bill Bartmann shows you how to invest in the bailout itself and take your own cut of the trillion-dollar pie. What does Bartmann know about bailouts? Only that the last big-time government bailout-involving the savings and loan crisis and the governments Resolution Trust Corporation- made him a billionaire. This time around, the bailout is much bigger and opportunities for profit are much greater.

“Who better to teach you how to prosper from this economic chaos than a man who actually took himself from bankruptcy to billionaire during the last crisis.”–Ken Blanchard, coauthor, The One Minute Entrepreneur

“Bill Bartmann is more than a great financial success story; he is a phenomenal teacher who has helped thousands of my students achieve success. Bailout Riches will show you how you can prosper during these tumultuous times.” –T. Harv Eker, author, New York Times #1 bestseller, Secrets of the Millionaire Mind

“When the economy is in crisis, Bill Bartmann finds the diamond in the rough. The information in this book made him a billionaire fourteen years ago during the S&L crisis. Now the economy is cratering again and his methods are working better than ever. Read this book and discover a hidden source of wealth all around you.”–David Lindahl, author of Emerging Real Estate Markets and Multi-Family Millions

Review:

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”.