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

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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