In this episode, mortgage agent Reshma Shaik discusses the dark side of private lending, focusing on Ponzi schemes and financial scams that have affected many investors. Elizabeth explains why these scams occur, touching on common mistakes such as over-leveraging, inadequate due diligence, and lack of financial oversight. They emphasize the importance of understanding loan-to-value ratios, knowing your position on a property, and seeking professional advice before investing.
Elizabeth shares personal experiences and offers advice on safeguarding investments, including the risks associated with promissory notes, the importance of securing legal support and conducting thorough due diligence. They conclude by discussing how individuals can recover from financial losses by focusing on health, cash flow, and future opportunities, encouraging listeners to explore small business ventures for additional income streams.
00:00 The Dark Side of Private Lending
03:50 Understanding Ponzi Schemes in Real Estate
06:24 The Risks of Over-Leveraging
08:54 The Importance of Due Diligence
11:37 Learning from Mistakes
14:45 Navigating Financial Recovery
16:59 The Role of Promissory Notes
19:41 Finding Solutions After Loss
22:41 Starting a Business for Cash Flow
25:13 Building a Support Network
28:00 The Importance of Asking Questions
30:18 The Need for Financial Literacy
32:57 The Future of Real Estate Investing
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