Go into the Leasing Business if You Want Fast Wealth

It’s always a great pleasure to hear from a reader that the IW$ ways work. Just this week a young IW$ Newsletter reader called to say that he had obtained a $50,000 loan using my two-step method, namely:

(1) Offer a finder’s fee, and

(2) offer a cosigner’s fee to get your loan.

It worked for this young man even though:

he did not have a regular job (he was a medical student);
his credit record was rather short;
he did not have a going business of any kind;
the loan was for a new, untried business!

If anyone was to rate this borrower using some type of numbering system (as many banks do and as covered in my borrowing book), he might score rather low. Yet he got his loan — and it wasn’t small!

IWS-63 : How to Borrow Your Way to a Great Fortune

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As someone who wants to use borrowed money to build wealth, you are unique. Most people just want security — a steady job with regular raises in pay. These people are afraid to take business risks — they seldom, or never, think of borrowing money to make money. So why shouldn’t you, as a special…

SKU: IWS-63

Why did he get his loan?

Because he used his brain — as I keep telling you again and again to do. There’s no substitute for using your head and trying — every day of the year — to get the money you seek.

So, if a student could get money, then I’m sure that you — no matter what problems you may have! — can get the money you seek!

In this item I’m using an idea one of our readers gave me, because the idea is — I think — so good. This reader — in a letter to me — wrote, in part: “I want to become an SWB — that is a Successful Wealth Builder.”

During a lunch with a reader, I was asked a familar question by a BWB who wants to be an SWB, namely: “What is the fastest way for me (the reader) to get to make big money?”

I answered it this way: The fastest way to start making big money is to take over (either by buying or leasing) a going (operating) business because the moment after you take over the business, money starts to flow into your pockets. There is no faster way that I know of.

“But,” the reader said, “I don’t want to take over a business. I want to start my own business! Now what’s the fastest way to get going so the big money comes in?”

Go into the leasing business, was my reply.

“Why?” asked the reader.

The Leasing Business Explained

There are a number of very good reasons for you to go into the business of leasing items to firms or people, such as:

You can start your business just on borrowed cash — without a penny of your own
There are plenty of customers around looking for items to lease quickly
Multiple financing — that is, money from more than one lender — is possible
You can get big tax savings when you lease out equipment to others
All kinds of equipment can be leased — from a small tool to a large airplane

“But how do I start?” was the next question the BWB asked.

The best way to start, and also the safest way, is, in my opinion:

Find some customers by looking around, offering finder’s fees, watching ads
Get a signed lease agreement from your customer to lease an item
Take this signed agreement to a lender (such as a commercial bank) and borrow on it
If you can borrow 100% of what you need to buy the item, do so; deliver it
But if you can’t get 100% financing from one lender, go to another and have him or her finance the balance of what you need. (This is often done.)
Go on to get other lease customers to whom you can lease other items

Make $90,000 Per Year (To Start!)

As I’ve often told you — for other businesses — the BWBs who do best are those who — at the start — specialize in one item or another. Thus, you might start by leasing autos, boats, planes, or other items that interest you and for which there is a strong demand. After you have money coming in from your leases of the first item, you can start with the next

Let’s say you rent out an auto at $350 a month and you have to pay the lender $275 a month for it. You have the difference, or $350 – $275 = $75 a month. Rent out 100 autos and your income will be $7,500 a month — or $90,000 a year. With that income you can then think about renting boats, planes, tools, or other items which are needed inyour area.

Yes, there is plenty of money for you in leasing.

And now is the time to start in this great business!