This months Property Investment Magazine

[chook]

Thanks CD and Eri,

Its hard to believe how gullible some people are! This man has left a trail of destruction behind him, lost countless personal fortunes of the fools that got sucked into the continual lies and get rich quick schemes.


And the bit about..."If only I had a mentor".... What a joke! bet the people who paid this man to be their mentor feel completely conned now.

[donna]

When times are good it is easy to grow a property portfolio esp. when banks are giving away money.. The real test is hanging onto your porfolio when times are bad. That will put the test as to how well your original buying rules play out. ( The saying that banks give you an umbrella when its sunny & take it away when its raining is quite accurate - this gives you a good perspective on their influence on property investment).
I read the article on Dean, he really had a lot of reasons as to why he failed - not alot of personal ownership or responsibility though, except saying that his ego got in the way...
Personally I'm still amazing with the demise of the likes of K. Trass.. I have books of his in my library.. The real test is sustainablity through a number of property cycles..
Cheers

I'm not convinced Kieran was forced to let go of his assets - I think he may have chosen to.

Just my thoughts of course.

cheers,

Donna

[PC]

It seems the banks are also responsible for a bit of pain.
Why is it NZers pay 2-3% premium (compared to US) for loans that are full recourse?
And the bank can recall the loan at any time.

It is about time these profiteering foreign owned bankers got reigned in a bit.
A small law change - perhaps targeted at residential property - would be to prevent banks recalling loans provided all interest payments are being made.
The first thing the banks will say is that they do this any way - so great - no reason not to change then.

[speights boy]

A small law change - perhaps targeted at residential property - would be to prevent banks recalling loans provided all interest payments are being made.
.

So.
If a person commits mortgage fraud in order to obtain the loan and this is subsequently discovered they can't recall the loan?
If a person stops insuring the house they can't recall the loan?
If a person defaults on other loans with the same bank they can't recall the loan?
If the property looses significant value and blows out the LVR, they can't ask for more equity?

[PC]

Yep.
Sort of like the US I guess.
Except we get to pay 3% more and oh it's only fixed for 5yrs not 30.

[speights boy]

Ahh yes.
The US housing market and stability of their banks are a fine goal to aspire to.

I am quite happy with my banks making large profits, and part of that is being able to be in the drivers seat when borrowers misbehave financially.

[Hound]

It's good to see there are still plenty of property survivors here on PT. I'm not sure we're out of the woods completely yet, but we've all gone through significant economic turmoil. So I guess that says something about our capabilities, & common sense (with maybe a smidgeon of luck as well).