Richard Canfield discusses lessons from private lending experience: working with mentors (including one tied to a mortgage brokerage), learning to identify and mitigate risks in private lending, and the critical importance of deal flow so lenders can choose the best opportunities rather than taking every deal.
Chapters
It's been a number of years and you have a few policies and you've done a number of financial energy where you've had policy loans and then you've used them for this purpose that you've described in private lending. Now, because of the relationship with the other mentor that you'd created that created a very interesting we talk about every once in our podcast, which had to do with deal flow. So it's one thing to know that you can do private lending. It's another thing to know what are the risks of that and how do you mitigate those risks. Everything has risk, folks from that perspective. But you need to understand and mitigate them and then you can manage those risks effectively. And so you are learning that really almost knee to knee with another mentor and because they were involved with a mortgage brokerage that specialized in those things that created this other thing, which is another important necessity, is you need deal flow. You don't want to take every single deal that comes across the table. You want to be able to choose the cream of the crop.