Get out of Jail Free Card - note source
Jon Richards mentioned on one of his tapes that Bail Bond Companies often took back notes.
I haven't approached any yet - but I'm thinking about it. John or others - any experience buying from Bail Bondsmen (and woman)?
Thanks
Well, I guess no one's tried them.
Goal for the week - talk to at least 3 bail bondspeople and leave brochures.
I'll let ya'll know how it pans out.
Heidi,
Do you have an update on what happened with the bail bondsman? What types of brochures were you anticipating to leave and how are you creating a win for them?
HeidiWhite,
Glad you asked. I am licensed by the State of Nevada as a Bail Bondsman and have my own company. Anytime Bail Bonds.
I have people collateralize the Bond with a second on their house in some cases, so yes we do take notes however they are collateralized by something of value. I would not discount my note because I can take the house and get all of my money.
There may be Bondsmen who take personal notes, but the smarts ones do not.
Example, your client skips on a $10K bail, you as the Bondsman are responsible to pay this to the Court after a certain period of time. In Nevada it is 6 months, so you have 6 months to find your client or pay the court the $10K out of your pocket.
I would say that it would not hurt to contact a Bail Bondsman, but personally I do not have any notes for sale.
HeidiWhite, now if you want to become a Bounty Hunter let me know maybe you will find some notes along the way.
John $Cash$ Locke
John,
There must be some situations where a bail bondsman is willing to discount the note right? What if there is another tough situation going on that the bond may be wiped off?
Also, in Nevada are you required to record the bail bond as a deed of trust or lien? Some states dont even have to record it. It is a liability against the person. I am assuming that some of the bail bonds are not performing and have gone sour. What happens to those? Thanks.
[ Edited by Enigma on Date 03/18/2003 ]