Where are these investors now?

[Wayne]

It burst because too much irresponsible lending was occurring, with people borrowing more money than they could afford, and buying poor performing assets.

For every lender there was a willing borrower.

[Wayne]

So it's all rustica's fault then?

It was her fault for her demise and I think she has taken responsibility for that which is a good thing. Too many people try to blame everyone else rather than the person in the mirror.

[speights boy]

For every lender there was a willing borrower.

Willing yes; but no-one was forcing them.

I do wonder when I hear people say flippantly 'make money for yourself using OPM.'
For some it's almost as if there is a disconnect, because it's OPM.

[Wayne]

Willing yes; but no-one was forcing them.

That was my point - they wanted to borrow so it isn't the lenders fault. To expand - the lender shouldn't blame the borrower for defaults if they were silly enough to lend they way they did. And the borrower wanted to borrow and wasn't forced so they can't blame the lender for the way it turned out.

[chook]

I really do have one question though:



What on earth possessed you to buy those 'investments' that were so hugely cash flow negative?

(I'm not being pokey, I really would like to understand why some people go into these sort of deals.)

Rustica, Were you being mentored by anyone who gave you this corrupt advice? Was it the "Guru" mentor who is now Bankrupt and is blaming anyone and everyone for his demise?

[eri]

now, now chook

it was only the last straw (gfc) that broke the camel's back

not all the ones before (the property bubble)

[rustica]

Ah shame! If you find me on face book, the link is on my 'wall'

[rustica]

Hi everyone, yes I take full responsibility for what happened.

The long and short of it really is that I had no idea of financial literacy (savings, taxes, cashflow, budgeting, annual accounts, and in the end what property investment is really about). I spent 3 years after it all collapsed and many tears on my book keepers table trying to sort the mess out.

I went to Richmastery in 2004, and even ended up in Jones' book, and learnt a lot of things that I would not apply today. However, that said in done, it was my signature on the bank documentation. Almost all lending was with TEA, now owned by ANZ. (I applied twice for hardship and was declined) I learnt an enourmous amount about the banking system and the ensuing 'collection houses' and how to not let that process stress you out. Met some interesting people along the way, in the desperate search for a solution, and had some adventures. Ego played a part, the hype made it exciting.

I am back in my career as a contract Instructional Designer and earn in the top 1% of earners.

Last August I asked myself what is the one thing I would do if I was told I had 6 months left to live. It was bring my daughter to the international Green School in Bali www.greenschool.org. We have been here a month and are back in Auckland in July.

For me, property has been a large lesson in 'self', and secondly in property. We hope to get back into our own place in the next 12 months, probably in my husbands name only, as my credit rating is shot.

Thanks for your encouraging comments, and if I can help anyone you know who is in some strife, even if it is from a sanity point of view, I am more than happy to. My email.

[rustica]

Hi Toasty, yes, there is a lot of negative info on Roger Hamilton, and most has an element of truth to it. I do not condone any of the things that has happened over the GFC for him either, however, his intellectual property is the one thing that kept me sane through my property journey. If you like, I am willing to email you a copy of his 'Your Life Your Legacy' a book for entrepreneurs to understand themselves better. He gets very little (if any) of my money these days, and therefore it won't happen again

[flyernzl]

Fair enough, thank you for your answer.

[rustica]

Hi Donna, where is property blogs?

[Commercial Dan]

At least you gave it a go, good lessons learned; you'll be back wiser this time. Probably a major thing for people is not to get caught out by these snake oil salesmen.

Hi Toasty, yes, there is a lot of negative info on Roger Hamilton, and most has an element of truth to it. I do not condone any of the things that has happened over the GFC for him either, however, his intellectual property is the one thing that kept me sane through my property journey. If you like, I am willing to email you a copy of his 'Your Life Your Legacy' a book for entrepreneurs to understand themselves better. He gets very little (if any) of my money these days, and therefore it won't happen again

[speights boy]

It is refreshing to see someone take responsibility.

With you now in the top 1% of earners; does that mean you have been able to repay all your creditors?

If so, Mucho Cred.

[rustica]

Hi Speights boy, the only creditor was ANZ. The small debt was written off.

[donna]

Hi Donna, where is property blogs?

www.propertyblogs.co.nz and there is a link on the menu bar at the top of this site Rustica and it is a site for property related info - we set it up years ago to contain stories that can get lost in discussions on here.