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Whatever happened to the young lad who purchased nearly a whole cul-de-sac?
proceeded to clean it up, got rid of the bad element, improved the properties etc. all at a very young age? Touted as a go getter if I remember.
Also, vague memories were that there was family money behind him in the form of a trust.
Interestingly Keys, with your knowledge in how to be a guarantor.
'Ghetto' cleanup turns ugly for out-of-towners
An Aucklander who vowed to clean up a Paeroa street dubbed a "ghetto" is facing eight mortgagee auctions and his retired parents, the guarantors, are considering bankruptcy.
Remuera man Laurence Pope bought eight houses in Paeroa's Porritt St and Edwards Place in 2008, promising to clean up the area, but two years on he said the "scum of Paeroa" had ruined his venture.
"We tried to show people they didn't have to live in the Bronx but all we got in return was stuff stolen and tagging."
Thanks for that SB.
That had to send warnings to the parents surely.
It is not Mr Pope's first failed business.
Indeed, a cautionary note to those who guarantee loans. Remember folks, if the bank needs a guarantee for $22k and you are willing. Ensure the guarantee is limited to $22k.
Ouch!! I hate reading things like this and hate seeing people that have given it a go, but still fail.
It is also important to learn from others lessons. I think this and many other examples point to the slow and steady method being much safer. For younger investors you don't need to buy 10 properties a year and take huge risks. If you employ a slow and steady strategy of maybe buying a property every 2-5 years, you can still build considerably wealth over 20-30 years without taking the high risks.
Ross Barnett, Coombe Smith Property Accountants - Hamilton
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He was also profiled a second time in the Property mag.
Ambitions too big for the balance sheet.
Actually I think in the Property Mag follow up he ended up trading his way out of it or something.
Last edited by AMR; 28-02-2013 at 02:01 PM.
I didn't see any good spirit in him at the time, all i saw was someone arrogant and incredibly ignorant of his market.
I could of understood his stance at the time if he was from the western bay but he just smelt of Jaffa!
Those PI Mag people profiled on the front of the magazine dont have a charmed existence do they.
I remember one lady was on cover and then the ChCh earthquake hit.
Was Dean Letfus ever on a cover ?
I dont get those mag's anymore, used to get with my Property Association fee's, but I havent signed back up with them since they became spam city for the president and send out weird emails, which reminds me I need to get off there distribution list.
Those prop mags any good these days >?
He missed the golden rule.. Location Location Location.
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