60 minutes doing a special on lending too much money

I feel sorry for the banks. They're bearing the loss. "Haven't made a mortgage payment in over a year". 700k loss on one house alone. Whoever sold the now valued at 180k house for 900k is the biggest winner here. They got paid. Blinding emotion greed.

 

no need to worry if LVR is managed. Some investors may need to look at this closely, markets do change, and interest rates do rise.

this post is a reminder that we can and will make mistakes as investors, I have yet to meet an investor who has not made a mistake, main thing is learn from this.

Mtr

 

The motive behind facing cameras is to raise awareness... to sell a book... To make money. There's some quote about leopards and spots here but I can't quite remember it.
It's not a lovely warning story about the risks of standard property investment and warm cuddles not to make mistakes. You can have empathy all you want for the person but if you put yourself 6.5million dollars in debt without understanding the risks of what you're doing, there should be no sympathy.

Besides owe the bank 100k and its your problem, owe the bank 6.5 million and it's their problem. Declare bankruptcy and move on. Unless of course they reopen moranbah mines and then I'll be ready with my wallet open. Or maybe I'll leave it shut, I still can't decide if it's a good idea cause I didn't see the end of the show.

 

Yes! Hopefully it takes some competition (investors looking to purchase) away in the short-term.

 

I'm not a huge fan of the journalistic style of 60 minutes either, it brings out the worst in human behaviour and makes people think they can pass judgement on the way other people live their lives and other people's choices.

Fully knowing this, I think Kate and husband are extremely brave to put themselves out there. There aren't too many people that have the ba..... I mean ovaries to do that so well done Kate.

60 minutes takes a sensationalised angle, that's just their style, I don't know about the other people in there but Kate is not a victim, she is not looking nor needs anyone's sympathy - so you can all keep that safe gaurded, she is not looking for anyone to save them or give them money, she is not even blaming anyone. They are taking full responsibility, have learned and have grown from this experience.

It's post traumatic life expansion and so many things have improved for them due to this experience. So many other people would have crumbled, it takes strength and courage to get through it and even more strength to get up in front of millions of people and talk about it.

Congratulations @Kate Moloney - the awareness that you are creating can only have a positive impact on society. It strength to put yourself in such a vulnerable position, keep focusing only on the good you are creating and keep going.

 

yeah, you're right.

 

Well...there are some on this forum...who maybe in a similar situation if Sydney takes a hit...I know...I know...Sydney never goes down....

Watch...this space...coming to a town called Sydney soonish...........

Well....they are doing it in town called Sydney....they are paying over 1.1m for crappy old fibro houses......something to ponder huh?

 

So what lessons can be learnt from all this?

We're the banks really to blame?
Still didn't hear anything about spruikers or other influences which may have steered Kate into her position.

In the opening of the interview, Kate admitted to being greedy.
I believe inexperienced greed is the downfall of many.
Could be as simple as that.

If an experienced player wants to get greedy, their senses are much more in tune, like a cat staking its prey.
Got an eye on their prey and an eye on their enemies.
Whereas the new players usually only focus on what's in front of them.

 

How far does coal have to go up before the mine reopens? Anyone care to speculate when/if it will reopen?

 

60 minutes story was conducted in both high risk scenario's with a doom and gloom economist on finance that has only taken his vision of Australian property market focusing on the last few years, approximately the 5-7 year cycle of property growth where an investor usually needs to make an educated guess of "sell up for profit " or, hang on if the risk is too high. of which alot has also happened around the world with the global financial crisis and other events that affected finance. In the midst of all this Australian property market has steadily increased, Sydney in my opinion will die off this year and possibly drop as people will move back to qld driving the demand for property and rentals up. I believe Sydney is well over priced and other states are priced reasonably within levels of perspective jobs and affordability.
The only things I believe that will affect the property market is lack of overseas investors and home owners buying up, and jobs.
We should be more concerned with how the government controls our money.... Because that unfortunately..... We have much less control over.

 

Missed story..anyone have a link to video?

 

So who was the "guru" recommending that investors put all their eggs in Moranbah?

 

Where is this Cairns one? Edge Hill is it?
I'll low ball you tomorrow, then put in a competitive offer in

 

Geez... It's not a beat up. Just call it what it is. What KM and the banks were doing is simply reckless gambling. She needs to own it and then move on. I don't appreciate the fact that in another thread Kate tried to spin her story into a "spiritual" lesson; the loss of money a mere philosophical fluff.

 

Yep..........some think they are soaring with Eagles when they are in fact soaring with Turkeys....

 

Wasn't outed. @Simon Hampel is there any reason why names can't be mentioned, especially as at least one person knows for sure?
Someone posted an article about the guru in one of the earlier threads and apparently Kate was in training with the guru. Certainly has the gift of the gab in every situation.

 

Sounds like the "strategy" is to write a book, use spruiking technique learnt during previous accumulation phase, bad mouth the banks, pay off debt with book sales.... Then the next phase begins

 

Rhymes with Crawfish.......

 

What rule?
Search NB and the spruiking thread. For some reason it's taboo here (Westminster did mention dymphna some one)

 

Totally agree. She's not ready to be any kind of guru yet imo.