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Any money in being a bail bondsman ?

Posted on 6/16/20 at 9:38 pm
Posted by p&g
Dixie
Member since Jun 2005
12995 posts
Posted on 6/16/20 at 9:38 pm
Had to get my prints today at the courthouse for this volunteer thing I got involved in and I counted 7 different people offering services.


Anybody know anything about this racket?
Posted by Joshjrn
Baton Rouge
Member since Dec 2008
33456 posts
Posted on 6/16/20 at 9:40 pm to
A fricking fortune, which is a damned shame. The sooner monetary bond dies, the better.
Posted by boosiebadazz
Member since Feb 2008
86471 posts
Posted on 6/16/20 at 9:42 pm to
Probably, but you have to deal with low-level criminals every day.
Posted by Mingo Was His NameO
Brooklyn
Member since Mar 2016
37585 posts
Posted on 6/16/20 at 9:43 pm to
Nah, its a volunteer service. Where do you think all of these donations for BLM organizations are going?


What a dummy!
Posted by beauxgy
LA
Member since Feb 2007
4011 posts
Posted on 6/16/20 at 9:44 pm to
Any brains in your skull? Imagine your clientele, throw in today's insanity and get back with me. Your life sucks if you see a future in that and didn't inherit the business.
Posted by SEClint
New Orleans, LA/Portland, OR
Member since Nov 2006
49487 posts
Posted on 6/16/20 at 9:45 pm to
What will be your gimmick?
Posted by Joshjrn
Baton Rouge
Member since Dec 2008
33456 posts
Posted on 6/16/20 at 9:47 pm to
quote:

Where do you think all of these donations for BLM organizations are going?


Not to bondsmen. Bail funds put up the full bail amount so they get the money back at the end of the case, with the idea of then using that returned money to bond out others.
Posted by ELVIS U
Member since Feb 2007
11944 posts
Posted on 6/16/20 at 9:47 pm to
If you are crooked there is
Posted by Kafka
I am the moral conscience of TD
Member since Jul 2007
159116 posts
Posted on 6/16/20 at 10:09 pm to
quote:

If you are crooked there is
I knew a bail bondsman who made a fortune in it

You'd never know that, since he lived like he worked at McD's, except for a big empty house he lived in alone, he did all the outside work on it himself and had entire rooms full of crates he'd put there years before but never uncrated. He was kind of a weirdo actually -- the HS nerd who had trouble making friends. After working with criminals all day he'd go home and relax by -- I swear this is true -- watching Cops.

Made a lot of money though
Posted by Spankum
The Sip
Member since Jan 2007
63353 posts
Posted on 6/16/20 at 10:13 pm to
Yes...10% return on your money in a few weeks or a month. But you get to deal with the shittest of characters in the middle of the night.
Posted by tigersfan1989
Baton Rouge
Member since Oct 2018
1265 posts
Posted on 6/16/20 at 10:14 pm to
What happens if they don’t appear in court? You gotta go bounty huntin
Posted by Joshjrn
Baton Rouge
Member since Dec 2008
33456 posts
Posted on 6/16/20 at 10:19 pm to
quote:

What happens if they don’t appear in court? You gotta go bounty huntin


Very little of that goes on anymore. Bondsmen are insured against losses, generally by large out of state companies. It’s part of why monetary bond as a paradigm makes zero sense.
Posted by KyleOrtonsMustache
Krystal Baller
Member since Jan 2008
5192 posts
Posted on 6/16/20 at 10:20 pm to
I know a guy who does it. He basically camps outside the jail and waits for relatives to show up, find out their boy has a $50K bond and then swoops in like a hero with a “for $5k, I can get him out line”. Basically he gets 10% profit when it’s all said and done.....if they don’t skip. It’s just him. No employees. A little office that he probably pays $1500/mo for.
To me it seems like a shite job just for the hassle, but he says he loves it.
Posted by LegendInMyMind
Member since Apr 2019
76220 posts
Posted on 6/16/20 at 11:00 pm to
quote:

I know a guy who does it. He basically camps outside the jail and waits for relatives to show up, find out their boy has a $50K bond and then swoops in like a hero with a “for $5k, I can get him out line”. Basically he gets 10% profit when it’s all said and done.....if they don’t skip. It’s just him. No employees. A little office that he probably pays $1500/mo for.
To me it seems like a shite job just for the hassle, but he says he loves it.

I know a guy who got his start this way years and years ago. He actually slept in a small room at the jail, primarily on the weekends. He worked his arse off, and took that money and started loaning it out. In reality, he was a loan shark, but like he said, "If the bank would give you money, you wouldn't be here." He eventually sold the bond business.

He started buying land when land was cheap, and became a real estate agent and developer. He kept the loan business and ran it with his son until he passed. His son got a law degree and specializes in real estate law.
Posted by SlickRickerz
Member since Oct 2018
2293 posts
Posted on 6/16/20 at 11:09 pm to
A fortune. You pay state insurance to cover if anyone jumps bail, plus you don't deal with bounties, the states insurance deals with it. So you aren't using any of your capita on bonds and set a minimum of $120 and 13%. Think of all the DUI's and minor stuff people get arrested for every night. Everytime that phone rings, it's $500 or more
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