Article - Stuff

[Frezzinghot]

https://www.stuff.co.nz/business/property/95915060/west-auckland-man-builds-14home-property-portfolio

[PTWhatAGreatForum]

I agree with him about not buying a new car...

Apart from that, it's a pretty sad day when the most profitable commercial game in town is borrowing a s-load of money from banks to gamble in the property market, instead of building real businesses and producing stuff.

[Courham]

I disagree with his "anyone can get rich" statement but he definitely worked hard to get his first deposits together and made sacrifices to do so- which IMO is the lesson to be learned.

Still, that's not going to impress the anti-landlord brigade, especially the ones being told they don't know how to live in houses

https://www.stuff.co.nz/business/money/96067676/landlords-v-tenants-how-to-live-in-a-house

Or this one about landlords causing poor health.

http://www.stuff.co.nz/business/property/96099814/landlords-get-our-money-we-get-poor-health

Once was okay to getahead in this country, these days envyitis seems to taken hold and we are all painted as "darklords".

Still is bloody hot here in Bali- my first overseas holiday in 20 years, rather than channelling all our savings back into our portfolio we've decided to treat ourselves and the kids. We have brought our 15 & 17 year olds with us, and made them save up $600 each towards their airfares and all their spending money. A lesson for them that there is nothing free in life they both have now learned and both worked long hours at McDonald's after school to save for the trip and now they are enjoying the reward as well as having an education about real inequality

Craig

[Frezzinghot]

I think Miguel has done well and his principals are good. He obviously has the right mindset for success.

What ever you believe you can conceive!

FH

[Davo36]

He gambled and won as far as I can see.

If the market had gone the other way, he would have lost the lot.

[Nick G]

Big gap between his first two purchases so it's not quite gambling. Seems like he worked hard and was in the right place at the right time. Not sure I agree with giving his kids a free ticket but that's probably a cultural thing.

[Nzdan]

Definitely worked hard to get to where he's at I'll give him that.

I'm all for property investment but one has to wonder where it ends. Home ownership is dropping in this country while you have people like this guy dropping borrowed cash on existing properties that produce what exactly? Aside from the bank manager and the butler, how many jobs has his investment created?

[donna]

Ha so he's worked hard, saved hard etc and made his money - yet he's just giving his sons a hand out (5 properties each) - does this suggest he really values his 'hard working' ethic? As the saying goes..... 'a fortune is made and lost within 3 generations'.


cheers,

Donna

[Beano]

Ha so he's worked hard, saved hard etc and made his money - yet he's just giving his sons a hand out (5 properties each) - does this suggest he really values his 'hard working' ethic? As the saying goes..... 'a fortune is made and lost within 3 generations'.


cheers,

Donna

The alternatives?
Share equally ?
Share unequally ?
Hold in trust ?

[Rentex]

Miguel is definitely a hard worker and careful with spending. I'd be surprised if that doesn't pass on to his sons. At some point the sons will still need to decide for themselves if they want to continue with property investment but it's a pretty neat opportunity for them.

[propertynewb]

The majority of the World's successful people continue the success of their parents. Even Bill Gates is "only" giving his children $1mil each on his death.

[flyernzl]

The article seems to indicate that he still works 'as a real estate agent'.

[donna]

The alternatives?
Share equally ?
Share unequally ?
Hold in trust ?

A friend's grandparents had a few homes - put it all into a trust. Beneficiaries get annual payments (not a lot) however the annual payout does include a Uni scholarship for one lucky person. It's a wonderful legacy the family are committed to for at least the next couple of generations.

cheers,

Donna

[Frezzinghot]

I intend on leaving everything for my children, you just can't take it with you. Also making life easier for their children will be really important, especially in Auckland!

Hopefully they make good decisions with what we give them, hopefully some of our work ethic has rubbed off on them.

FH

[Perry]

Apart from that, it's a pretty sad day when . . . instead of building real businesses and producing stuff.

The problem is that cry's become a hackneyed cliche. The sharemarket is a minefield and business of any sort is risky because "producing stuff" is mainly done in or for communist China.