60 minutes doing a special on lending too much money

In the sections I previewed via Google, she hides the names of her various mentors, there was one guy known as Nigel who told her to hang on when things started going bad. Lots of blame passing, looks like banks get blamed too

 

Why? Will Coles be blamed for obesity?

 

This sounds like typical cheque book journalism. Surprised people haven't got better things to do than watch TV.

No matter how much a bank is prepared to loan you, ultimately it comes down to the borrower putting pen to paper and signing the loan contract. Ignorance or lack of knowledge aren't excuses for poor investment decisions.

 

But it's not just getting in early - that of course helps. It's realising that the super high rents are due to poor supply and that poor supply of rentals is either caused by too many people (only certain times of a project) or too little houses/land. If more houses are built then rents go down, if the mining company builds their own accomodation then rents go down, if they do FIFO then rents go down or if the project downsizes rents go down.
If CG and Rental Returns are solely tied to one industry it's high risk.

 

And the guru is....? Any clues?

 

Probably Dymphna Boholt. She was big on Moranbah and has been slapped every so gently on the wrist for bogus claims
No Cookies | The Courier Mail

and

"DYMPHNA BOHOLT FINED FOR BOGUS CLAIMS - Real Estate News" Jenman's article actually mentioned Kate and Matt and so I assume it's the same couple. Interestingly Jenman says

So it might not have been Dymphna who helped lead them up the garden path.

 

yes but 200k is minimal risk in terms of loan vs rent today, as opposed to $850-1m at today's market rent of perhaps 400-500 pw

The timing reduces risk to practically zip, because rents today would cover the mortgage and still be cashflow positive with room to shoot your competition out of the water.

Those who purchased at peak have no options that is the difference, timing is the key IMO. I still would not buy in mining towns.

 

yes, also another HK promoting and buying herself many properties...


3 different threads on same subject, lots of interest.

DB has luxury of 15k mentoring fees per student, helps her cashflow

 

Absolutely! I'm not keen on them either.

 

Starts with a C and ends with a D. Easy to find on Google

 

No, but KFC might be!!

 

The Courier-Mail, which reported on the case this week, described Boholt as "one of Australia's most dogged get-rich-quick seminar spruikers".

What does most dogged mean?

 

The problem is these investors are their own worst enemies. Collectively they increase rent massively knowing the mining companies will pay. Then when the mining companies figure out they can do FIFO or DIDO for less the whole thing collapses

 

Determined......

 

I don't believe it had anything to do with this as this was the norm.
Basically demand for our minerals slowed down, boom/bust

 

Didn't realise Kate was so young. Painful but certainly not the end of the world, I was flat broke and in significant 6 figure debt after a failed business at 23/24, avoided bankruptcy and it's a associated complications but this is hardly a death sentence.

If u play to win you will sometimes lose and if u play to win big, like in this case, you will sometimes lose big.

It's only money anyway, it's pretty easy to make more in this country and day and age. We are lucky to be surrounded by opportunities

 

Well said.

Apparently she may have a very good chance of avoiding bankruptcy.


MTR

 

So NB cops a hiding left right and centre but here a certain "guru" who does the wrong thing and there is evidence is kept hush hush?... Makes sense

 

I believe article on one guru has been posted

I don't make the rules on forum I am not sure I am legally able to mention the other on this forum?

 

Cause your involved in the court case are you?