Getting Money to start roll hunting?

[GarouLady]

Hey ya all,

I am dying to start hunting halves for silver but it is a thousand dollars per box. So far I only have about 100 dollars saved up. I was thinking about extending my line of credit loan and take out a thousand dollars but I am not sure if it is the right thing to do. I mean I can start roll hunting right away but to go that far back into debt. (I still owe 10,000 total in debts all together) Hmm, decisions, decisions. I could sell some of my coin sets for extra money. I have some scrap copper (I really rather melt that down and keep if I can find someone with a home foundry) that I could sell. My mom has some stuff we are getting ready to send to the scrap yard and I am getting situated in order to have a big yard sale. I might be able to get some more money to put towards that 1000 dollar prize.

::sighs:: Anyone have ideas or thoughts on this.

Sincerely, GarouLady

 

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[Eminem]

Dawg Ill give you 10,000 dollars but you have to pay me back in silver face value.

 

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[ivan salis]

oh not brow beating you at all -- just speaking from past personal trials and tribulations -- I know first hand what debt can do -- it took me years of struggling and all I had fiscally to finally get off the wheel of "debt" - and by god I plan to stay that way. -- love that deposit on the soda cans, since it makes folks "pay" to be litterbugs --when I lived in ohio as a kid --hustling soda bottles was a source of extra money to buy all sorts of stuff -- that a poor kid wanted but who parents were the "working poor" and who never had a spare dime --( food and rent , cloths, (booze and cig's for the adults)- leaves nothing left fer fun for the kids --so I cut grass in the spring, summer & fall and shoveled snow in the winter to get money to have the things I wanted -- had my folks buy my own 1st car with cash money , I earned ---taking care of a sick elderly person is a lot of work and a labor of love. -

CRHing is a great hobby as its one of the few that cost nothing to do since all the money you "invest" is still there weither or not you strike silver --if you do for the cost of the "replacement" coin you get silver and even if the silver value drops out to "0" (highly doubtful) no matter what you still got the coins "face value" -- so there is no way you can lose money on the deal -- plus unlike other "hobbies" you need no specail gear to do it and it can be done sitting at home anytime you got a free second. --good luck and god bless.

 

[ivan salis]

careful there Eminem == I might take you up on that deal -- since you'll give me 10 large now , and while you said pay me back in face value silver --you did not spell out the exact terms --- like how much I'd have to payback , by when or over how long a time frame --so let see hows about 10 silver dimes per year , for oh the next 10000 years.

you see the the devil is in the details

 

[jerseyben]

Thank you Ivan for the idea. I was teasing my brother about making a homemade metal foundry to melt down the aluminum cans we find that doesn't have a deposit. Ah, the benefits of living in michigan.

Other than that I definitely won't be posting any more personal information. If I wasn't taking care of my mom, I definitely would be looking for another job. And yes, I have buckled down to pay off this debt. Being browbeaten isn't something I care to experience when I come onto a forum to talk about one of my favorite hobbies.

sincerely, GarouLady

You keep mentioning melting down scrap metal in a home foundry. Any particular reason you want to do this?

I just don't see any possible benefit to doing such a thing...

 

[ArkieBassMan]

Thank you Ivan for the idea. I was teasing my brother about making a homemade metal foundry to melt down the aluminum cans we find that doesn't have a deposit. Ah, the benefits of living in michigan.

Other than that I definitely won't be posting any more personal information. If I wasn't taking care of my mom, I definitely would be looking for another job. And yes, I have buckled down to pay off this debt. Being browbeaten isn't something I care to experience when I come onto a forum to talk about one of my favorite hobbies.

sincerely, GarouLady

Either you or I misread something that was written as I don't see any browbeating. All I see is a pretty much universal response stating that you should not take out an interest bearing loan in order to CRH...especially when you already have $10,000 of high interest credit card debt and a disabled mother to care for. You asked for opinions on the matter and were given several.

All of the ideas you had to raise money (yard sale, selling coins, etc) for CRHing are good ideas. However, I still stand by my opinion that you'd be better served financially to use that money to pay on your credit card debt rather than to build a CRH bankroll. Those credit card companies are likely charging you somewhere between 17% and 28% interest. By using the money to pay down the debt, you'd be saving the interest which is exactly the same as earning a 17-28% return on your money. I can almost guarantee you that you can't earn that kind of return CRHing. Once the credit cards are paid off, then I'd look to build a bankroll for CRH, but I still wouldn't go into debt to do it.

You asked for thoughts and opinions on the matter and those are mine. I'm sorry if you take that as "browbeating" as that is certainly not my intention. I just personally think that going into further debt, especially in your sitiuation, is a horrible idea. With that said, its your life and your money. Do as you wish. Best of luck!

 

[bigscores]

I will say this one last time. I've averaged a 185% return from CRH per year. That far outstrips the maximum 30% interest on most CC's.

Take out a loan to CRH if you want, just be damn sure you know what you're doing and have a system in place that can handle the volume you want to do. Don't bother if you aren't starting with at least $5k. That's only 10 boxes a week.

 

[jerseyben]

I will say this one last time. I've averaged a 185% return from CRH per year. That far outstrips the maximum 30% interest on most CC's.

Take out a loan to CRH if you want, just be damn sure you know what you're doing and have a system in place that can handle the volume you want to do. Don't bother if you aren't starting with at least $5k. That's only 10 boxes a week.

Bad advice. Maybe YOU pulled a 185% return but does it sound like this person can pull that off? Suggesting that the OP has a heck of a lot more research to do...

 

[bigscores]

Bad advice. Maybe YOU pulled a 185% return but does it sound like this person can pull that off? Suggesting that the OP has a heck of a lot more research to do...

Did you not read my whole post? In particular the second half?

Back when I was rolling around with $1k to use for halves, my first year doing this, I pulled nearly $5000 in silver in. That's a 500% ROI. Only two big scores that year, and they totaled about $1300. The rest of it was grinding through 3-4-5-6 boxes a week, searching constantly on my days off... Hard work pays off.

 

[crhstreetwalker]

What I think jerseyben was trying to say bigscores is that this person could live in an unbelievably dry area. Who knows, they could go through 1000 boxes and average one 40% every twenty boxes.

 

[bigscores]

What I think jerseyben was trying to say bigscores is that this person could live in an unbelievably dry area. Who knows, they could go through 1000 boxes and average one 40% every twenty boxes.

Hence why I said you better know what you're doing. Know your averages, know who will order what, and know where to dump.

 

[ArkieBassMan]

I will say this one last time. I've averaged a 185% return from CRH per year. That far outstrips the maximum 30% interest on most CC's.

Take out a loan to CRH if you want, just be damn sure you know what you're doing and have a system in place that can handle the volume you want to do. Don't bother if you aren't starting with at least $5k. That's only 10 boxes a week.

185% is very very good. I would love to hear the accounting methods you used to come up with this number.

The problem is that even if your 185% number is spot on - and by all means I'm not saying that it isn't - is that you're assuming that all boxes will produce similarly to yours, which definitely isn't the case. There is no guarantee of success in the CRH world. If I borrowed $10,000 to search 20 boxes per week, over a year I would average maybe 10 40%ers per week. Assuming that I could sell them for $4 each thats $40 per week. That might pay for gas, but there isn't going to be enough left over to make my loan payment. $10,000 borrowed for 5 years at 5% interest is a payment of $188.71 per month. Thats a little over 47 40%ers per month on top of all other expenses to just break even, and thats also assuming I can quickly/easily sell them for $4 each. What happens on the weeks/months that I almost or completely skunk? How do I make my loan payment? Sure I can use some of the money I borrowed to make the payment, but now the volume I can search has been lowered, which will also lower my expected finds. By doing this, eventually all of my bankroll will be gone and I'll still owe on the loan. What if I lose some dump banks? It happens all the time. I lost one once and the most I ever hit them with was $500 per week. What if the price of silver plummets? Again, I can use the principal to pay on the loan, but it won't cover the full amount. Assuming I'm already cash-strapped as the original poster stated, I'm now even further in debt. If family members are depending on me I can't afford to go further into debt.

I think its very irresponsible to suggest to this person that it would be wise to borrow even more money in order to CRH. I personally feel that it is never wise to gamble on borrowed money, and CRHing when true profit must be achieved is a big gamble. No matter what you do, or how you do it, you just can't make the silver appear in those boxes if it isn't there. I certainly wouldn't risk my, or especially my family's livelihood on CRH, and I sincerely hope the original poster doesn't either. There are just too many things outside of my control that could easily prevent me from breaking even.

Even if your 185% return is 100% accurate, I think that you are the exception in this case...not the norm. Most of us struggle to break even when all expenses are figured in.

 

[bigscores]

I tag myself the fed reimbursement rate per mile ($0.555 right now) which covers wear and tear plus gas, then costs of bags. The difference is my average is far, far better than yours. .5 per box is brutal.

 

[ivan salis]

like they say of any and all "investments" --past history can not predict future returns * --remember as time goes on one will find less and less silver "in the wild" since once it is removed its gone -- and since they are not minting silver coins anymore on a general basis - there is a certain " fixed" amount out there to be "found" --as the coins get filtered and refiltered time and time again the "silver" will dry up -- leaving nothing but skunk box after skunk box to root thru.

 

[sagittarius98]

like they say of any and all "investments" --past history can not predict future returns * --remember as time goes on one will find less and less silver "in the wild" since once it is removed its gone -- and since they are not minting silver coins anymore on a general basis - there is a certain " fixed" amount out there to be "found" --as the coins get filtered and refiltered time and time again the "silver" will dry up -- leaving nothing but skunk box after skunk box to root thru.

Most of the silver we find has been dumped recently from a collection. Only a small percentage of it has been in circulation since 1969 or before.