Bitcoin pioneer Charlie Shrem peels back the layers on the lives and backgrounds of the world's most impactful innovators. Centering around intimate narratives, Shrem uncovers a detailed, previously unspoken story of the genesis and evolution of bitcoin, cryptocurrency, artificial intelligence, and the web3 movements. Join Shrem as he journeys through the uncharted territories of tech revolutions, revealing the human side of the stories that shaped the digital world we live in today.
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Common CREDIT FIX Lands INVESTOR IN JAIL | Episode 48
MP3•Episode home
Manage episode 194738514 series 1885205
Content provided by Carole Ellis and Carole Ellis - http://www.REI.today. All podcast content including episodes, graphics, and podcast descriptions are uploaded and provided directly by Carole Ellis and Carole Ellis - http://www.REI.today or their podcast platform partner. If you believe someone is using your copyrighted work without your permission, you can follow the process outlined here https://player.fm/legal.
What if some COMMONLY TAUGHT credit repair advice for realestate investors could LAND YOU IN JAIL? Keep the cuffs OFF andlisten up! I’m Carole Ellis. This is Episode 48.I have heard this credit advice THIS WEEK from a guy I know onFacebook that a number of you probably would (or do) regard as anexpert when it comes to real estate financing. And it’s terrible,lousy, horrible advice that can land you in jail (and it just didland a New Jersey banker in seriously hot water and he could get 30years in prison for it). So you’ll want to pay carefulattention…Before we get to that, however, I want to take a quick minute tomention one of my favorite topics: free money for your real estatedeals. Did you know that the federal government – not to mentionyour state and local bodies – actually provides MILLIONS of dollarsin funding for real estate investors who are making, and I quote,contributions to their communities? Think about it: every time youflip a house or purchase a distressed property, you think you’readding value to the community. Here’s a hint: YES! Check out allthe details at www.REI.Today/Grants and see how REAL real estateinvestors in YOUR area are already taking advantage of theseprograms – and how you can get started today.Now, back to keeping you out of jail (even when your trustedexperts give you bad advice…) So let’s cut to the chase, here. Realestate investors often have, let’s say, poor credit options, notbecause you necessarily have bad credit, but because you often havea lot of loans on a lot of properties OR because you need moneyfaster than conventional lenders (who take months to close on aloan!) can get it to you. So investors are always looking for waysto make the system work for them, and one common piece of advice isto apply for a lot of loans at once so that you get approved beforethe liens on your properties show up for other lenders. While itcan land you lots of funding fast, as you are probably aware, it’snot entirely above board. In fact, there’s a name for it,shotgunning, and it can land you in jail.Here’s what happened to that guy in New Jersey, apparently isknown as “Douglas Mo” of “Douglas Mo Mortgage.” He recently pledguilty to spending 2005 through 2014 using his primary andsecondary residences to obtain multiple home equity lines ofcredit. Basically, he sent in a huge number of home equity lineapplications to various banks in the area all at the same time sothat when they evaluated his applications, it appeared that hisproperties were unencumbered and clear for a great HELOC. However,when those HELOCs were approved, “Mo” ended up with multiple HELOCson the same property, essentially far overextending his collateral.As the court papers put it, “By engaging in this practice, Mothwarted the bank’s efforts to learn of security interests held byother banks on his homes.”Now, as is so often the case with this type of thing, Mo slid byfor YEARS. He pulled this off for more than nine years, and nobodyappears to have really noticed or cared. That’s why so many “creditrepair specialists” actually will tell you TO apply for multipleloans at once as soon as you’ve “repaired” your credit score. Butin this case, Mo took things a little bigger, eventually helpingother clients do the same thing and also engaging in some allegedlyquestionable tax document falsification in order to inflate hisincome so he could get more loans. As you might imagine, thingsspiraled out of control, and the banks involved lost more than amillion dollars and now Mo is waiting for sentencing after enteringhis plea in a federal court. He could actually spent 30 years inprison, pay a $1 million fine and, on top of that, have to payrestitution for the money the banks lost. So you can see, if thatadvice goes sour for you, it’s a pretty big deal.Feeling a little depressed about your funding options now? Don’tbe! For starters, as I mentioned a minute ago, you can just getfree money from the government in the form of GRANTS to supportreal estate investors that you never have to pay back anyway. Learnmore about that at www.REI.Today/Grants. And if you are curious aboutother creative financing options, don’t worry! We’ll have somethingin the REI Today Vault for you soon. Don’t want to miss it? TextREITODAY no spaces no periods to 33444 and I’ll provide you withfast, immediate access to all sorts of great trainings, newscoverage, interviews, and lot more timely information that willhelp make your investing safer, faster, and more profitable.And remember, when you do that, you’ll also be able to GROW YOURNETWORK by interacting with me and your fellow listeners to REIToday… so stop by to ask questions, make comments and network withother investors across the country. Text REITODAY no spaces noperiods to 33444 or head over to www.REI.TodayVault right now.REI Nation, thanks for listening in and always rememberthis:Your best investment is your own education.
…
continue reading
Hosted on Acast. See acast.com/privacy for more information.
93 episodes
MP3•Episode home
Manage episode 194738514 series 1885205
Content provided by Carole Ellis and Carole Ellis - http://www.REI.today. All podcast content including episodes, graphics, and podcast descriptions are uploaded and provided directly by Carole Ellis and Carole Ellis - http://www.REI.today or their podcast platform partner. If you believe someone is using your copyrighted work without your permission, you can follow the process outlined here https://player.fm/legal.
What if some COMMONLY TAUGHT credit repair advice for realestate investors could LAND YOU IN JAIL? Keep the cuffs OFF andlisten up! I’m Carole Ellis. This is Episode 48.I have heard this credit advice THIS WEEK from a guy I know onFacebook that a number of you probably would (or do) regard as anexpert when it comes to real estate financing. And it’s terrible,lousy, horrible advice that can land you in jail (and it just didland a New Jersey banker in seriously hot water and he could get 30years in prison for it). So you’ll want to pay carefulattention…Before we get to that, however, I want to take a quick minute tomention one of my favorite topics: free money for your real estatedeals. Did you know that the federal government – not to mentionyour state and local bodies – actually provides MILLIONS of dollarsin funding for real estate investors who are making, and I quote,contributions to their communities? Think about it: every time youflip a house or purchase a distressed property, you think you’readding value to the community. Here’s a hint: YES! Check out allthe details at www.REI.Today/Grants and see how REAL real estateinvestors in YOUR area are already taking advantage of theseprograms – and how you can get started today.Now, back to keeping you out of jail (even when your trustedexperts give you bad advice…) So let’s cut to the chase, here. Realestate investors often have, let’s say, poor credit options, notbecause you necessarily have bad credit, but because you often havea lot of loans on a lot of properties OR because you need moneyfaster than conventional lenders (who take months to close on aloan!) can get it to you. So investors are always looking for waysto make the system work for them, and one common piece of advice isto apply for a lot of loans at once so that you get approved beforethe liens on your properties show up for other lenders. While itcan land you lots of funding fast, as you are probably aware, it’snot entirely above board. In fact, there’s a name for it,shotgunning, and it can land you in jail.Here’s what happened to that guy in New Jersey, apparently isknown as “Douglas Mo” of “Douglas Mo Mortgage.” He recently pledguilty to spending 2005 through 2014 using his primary andsecondary residences to obtain multiple home equity lines ofcredit. Basically, he sent in a huge number of home equity lineapplications to various banks in the area all at the same time sothat when they evaluated his applications, it appeared that hisproperties were unencumbered and clear for a great HELOC. However,when those HELOCs were approved, “Mo” ended up with multiple HELOCson the same property, essentially far overextending his collateral.As the court papers put it, “By engaging in this practice, Mothwarted the bank’s efforts to learn of security interests held byother banks on his homes.”Now, as is so often the case with this type of thing, Mo slid byfor YEARS. He pulled this off for more than nine years, and nobodyappears to have really noticed or cared. That’s why so many “creditrepair specialists” actually will tell you TO apply for multipleloans at once as soon as you’ve “repaired” your credit score. Butin this case, Mo took things a little bigger, eventually helpingother clients do the same thing and also engaging in some allegedlyquestionable tax document falsification in order to inflate hisincome so he could get more loans. As you might imagine, thingsspiraled out of control, and the banks involved lost more than amillion dollars and now Mo is waiting for sentencing after enteringhis plea in a federal court. He could actually spent 30 years inprison, pay a $1 million fine and, on top of that, have to payrestitution for the money the banks lost. So you can see, if thatadvice goes sour for you, it’s a pretty big deal.Feeling a little depressed about your funding options now? Don’tbe! For starters, as I mentioned a minute ago, you can just getfree money from the government in the form of GRANTS to supportreal estate investors that you never have to pay back anyway. Learnmore about that at www.REI.Today/Grants. And if you are curious aboutother creative financing options, don’t worry! We’ll have somethingin the REI Today Vault for you soon. Don’t want to miss it? TextREITODAY no spaces no periods to 33444 and I’ll provide you withfast, immediate access to all sorts of great trainings, newscoverage, interviews, and lot more timely information that willhelp make your investing safer, faster, and more profitable.And remember, when you do that, you’ll also be able to GROW YOURNETWORK by interacting with me and your fellow listeners to REIToday… so stop by to ask questions, make comments and network withother investors across the country. Text REITODAY no spaces noperiods to 33444 or head over to www.REI.TodayVault right now.REI Nation, thanks for listening in and always rememberthis:Your best investment is your own education.
…
continue reading
Hosted on Acast. See acast.com/privacy for more information.
93 episodes
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