Why Most Private Money Lenders Lose Money — And How To Avoid It | Subto Show
Wholesale Hotline | Brent Daniels
Wholesale Hotline
4.9 • 586 Ratings
🗓️ 20 December 2024
⏱️ 27 minutes
🧾️ Download transcript
Summary
On today's Wholesale Hotline (Subto Edition), Pace breaks down the keys to lending money.
Show notes — in this episode we'll cover:
- Protecting your money as your "life force" is crucial because lending is inherently risky; even with precautions, you should assume the money could be lost.
- Structuring loans for maximum protection involves using liens, promissory notes, personal guarantees from all involved parties, and collateral.
- Never trust anyone, regardless of reputation or relationship, as emotional attachments or social connections don’t safeguard your investment.
- Key lending rules include always using a transaction coordinator (TC), documenting every step, and thoroughly vetting deals.
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❎ I am not a CPA, attorney, insurance, contractor, lender, or financial advisor. The content in these videos shall not be construed as tax, legal, insurance, construction, engineering, health & safety, electrical, financial advice, or other and may be outdated or inaccurate; it is your responsibility to verify all information yourself. This is a Podcast for entertainment purposes ONLY ❎
Transcript
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| 0:00.0 | Hey guys, Pace Morby here. Welcome to Wholesale Hotline Podcast. Today, we're going to be talking about |
| 0:04.0 | wholesaling and how you can get started. But I want to tell you, wholesaling is not just an amazing way for you |
| 0:08.6 | to get started in real estate, but you can also build cash flow and build a portfolio in the process. |
| 0:15.2 | Today's episode, you will walk away with tremendous notes. And I want you to remember, we do a live |
| 0:20.5 | episode every Monday night |
| 0:22.5 | over on my YouTube channel, YouTube.com forward slash pace morby. Head over there and you can meet |
| 0:28.4 | other audience members and do deals in the live chat. Remember to subscribe, give us a little bit |
| 0:34.5 | of love, and make some comments in the show notes down below so we know what to talk about in the future. |
| 0:39.3 | Enjoy today's episode. |
| 0:45.3 | First and foremost, |
| 0:47.3 | you don't know until you get smacked in the face |
| 0:49.3 | and you lose a bunch of money. |
| 0:51.3 | So I'm gonna go through the most important rules |
| 0:53.3 | when you guys are lending money. I lend a lot of money. And when you don't follow these rules, you'll text me and you'll say, hey, I'm in a really bad situation. Can you get on the phone with me? And my answer will be fudge. No. I will not get on the phone with you because you broke the rules. Do not trust anyone. |
| 1:10.9 | I don't care who they are. |
| 1:12.1 | I don't care if it's your grandma. I don't care if they spend time with me. But Pace, I saw you traveling around to this person. I don't care if it's God himself. I don't care if it's your grandma. Your grandma's going to screw you. My best friend's going to screw you. anybody that you know, any human being. If they have a breath, if they can breathe, they're going to |
| 1:31.2 | screw you. My best friend is going to screw you. Anybody that you know, any human being, if they have a breath, if they can breathe, they're going to screw you. Okay? I don't care who they are. But they're a leader, but Pace, they've been in the community for a long time. I don't care and neither should you should immediately take that off the plate. So again, do not trust anyone, no buts. No buts. But Pace, they hang |
| 1:45.8 | out with you. But Pace, it's Eric. I don't care. But Pace, it's your mom. Dude, my mom's gonna |
| 1:50.5 | screw you so hard. Okay, I do not care who it is. Do not lend money you cannot lose. |
| 1:58.6 | That is a big deal. Plan on losing it. I wired, by the way, this is what happened |
| 2:02.6 | with this million dollar deal. The guy was pushing and pressuring me and I went to Jade Jarvis, |
| 2:09.0 | who was handling my money, and I said, we're going to give him $65,000 out of the million |
... |
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