I do want to make sure you understand the downsides of starting up wrong.
A lot of people hear “there's a lot of money in Collections”, like anything it's a business.
Starting a collection business from home involves getting your space ready and registering your business at the local, state and federal level for it to be a legal entity operating according to the law.
Like any business, starting this type of business also requires you to do some planning to make sure that you launch and run your business to achieve success. Clean out a spare bedroom, finished attic or finished basement for your office.
I could go more in depth about all of this, but if you don't have $20k to invest (and possibly lose) and a contact in the industry that you trust with… Feel free to message me if you have any more specific questions.
I can explain liquidation rates, debt prices, contingency rates, laws, risks and anything else you'd want to know about but I'm typing those on a cell phone and it's too hard to elaborate on everything typing this way.There are only 5 companies (give or take) in the US that process Payments for collection agencies.They all require several years of business Bank statements to get approved in order to show them that you're legitimate.I see the discrimination every day running my agency.Everyone assumes the worst about my company before getting to know us.That would be enough money to buy a slightly decent portfolio.Rent office space and hire 2 collectors for about a month as long as there was money coming in. it will put you out of business, get sued and your first month, it will put you out of business.I wish you the best of luck if you're getting into the industry and I hope you have a strong constitution and strong moral fiber.Being one of the good guys will get you farther than trying to make a quick buck.Be ready for things to go wrong, and don't trust cheap online debt sales. I wish your well if you're getting into this high-stress industry of mine, but only do it if you 100% understand what you're getting into.I've seen more failures than successes since I took my first job in the industy almost a decade ago.