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GreyGhost said:
I first bought it Nov 5/21. It's been a stinker. I'm not eligible to be in the class.
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Hope you came out better than I did

Requirement was to have purchased and then sold after it tanked on September 28 - Nov 2021

The formulation is basically your purchase price less the $87.94 (calculated value)

I paid $137 and sold for $18

The judgement was only $11M less legal and administration so I will be lucky to get $100

My damage calculation using their formula is only $2k, but I lost $5K
 
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STARSHIP said:
Hope you came out better than I did

Requirement was to have purchased and then sold after it tanked on September 28 - Nov 2021

The formulation is basically your purchase price less the $87.94 (calculated value)

I paid $137 and sold for $18
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I did better than you but still crap. My cost base is about $35 as I was buying on the way down and then selling and buying as it rode the rollercoaster to reduce my cost base. So I am down about 50%. I was considering LSPD or SHOP. SHOP would have been better.

While it is prudent to buy the index and avoid losing money, if you want to beat the index, you need to take some educated guesses and hope for a 100 bagger. Doing that with a small percentage can dramatically increase the upside potential with only a slight drag on the downside (if you invest 5% in speculative stocks and they go to zero, you lost 5% and its future growth, if they get 20X, you doubled the size of your entire portfolio). In practice, they don't all go to zero and only a couple get you >10x. It would be easy to have a winning or losing path.
 
Not my best bet either
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GreyGhost said:
"I feel like I'm back where I started". Nope. You are in a much deeper hole than you were when you started.

She learned about private lending through instagram, pulled the LOC and then sought out someone that could make it happen. How could that process go wrong?

Interest payments she was getting were $3000/mo. Assuming it wasn't a complete scam, that means the borrower was paying interest of 30% or more. My money is on complete scam.

www.cp24.com

‘I would like my money back’: Ontario woman worried $150K invested in private lending is gone

An Ontario woman wanted to make some extra money by doing private lending, so she took out a line of credit on her house. It was going well, and she was getting interest payments each month. However, they’ve now stopped, and she’s worried her $150,000 may be gone.
www.cp24.com www.cp24.com

EDIT:
Person she used to facilitate the loan is a real estate agent. Her name is attached to a lot of RE firms and at least one Mortgage Broker.

The company she used "Unifocus Investments" does not appear to exist. "Unifocus Capital" is a real company. Bad reporting or a scam company passing themselves off as a legit company to people that fail to conduct diligence before writing cheques?

https://www.reddit.com/r/TorontoRealEstate/comments/1qx1uq9/dineene_griffith_and_mortgage_ethos
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$36,000 interest on $150,000 in a year is 24%, about 10 X a GIC. She's out $124,000 at the moment and the facilitator is out the future share of the take so technically nothing. The end user was probably paying 30%, not a good sign.

The back story would be interesting.

LOC interest @ 5% = $7500 (deductible)*

Tax on interest income of $36,000 = ?%

* There was a case in the past where CRA refused the deduction when the project went belly up. The ruling was that the project needed the potential of profit and bankrupt projects don't have any potential.
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