Welcome to a new episode of Get Creative! In this episode, our speaker delves into the world of private money lending, sharing invaluable insights and strategies to help you navigate the risks and maximize your returns. From the importance of trust and documentation to the necessity of having a solid recourse plan, this episode is packed with practical advice to ensure your private lending ventures are a success.
Highlights:
"Even if you follow all of these rules, plan on losing every mother freaking Penny when you wire that money."
"Do not trust anyone. I don't care who they are. I don't care if it's your grandma. I don't care if they spend time with me."
"Anytime you feel pressure, you walk away. Feel pressure, walk away."
"When wiring money, plan on never, ever, ever, ever, ever seeing it again. Ever, ever, ever, I follow all of these rules. The money's effing gone. It's gone. Plan on it."
Timestamps:
0:00 - Lending Money: Risks and Rules
2:58 - The Importance of a Transaction Coordinator (TC)
4:00 - Ensuring Recourse and Collateral
5:53 - Higher Risk, Higher Reward
10:34 - Recording and Documenting Everything
12:53 - Planning for the Worst-Case Scenario
13:07 - What If Scenarios
13:34 - The Role of Personal Guarantees
14:50 - The Importance of Control
25:12 - Final Thoughts and Key Takeaways
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