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Crawford Property Group in liquidation

Discussion in 'Property Experts' started by charttv, 29th Jul, 2016.

  1. charttv

    charttv Well-Known Member

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    Last edited: 29th Jul, 2016
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  2. Jess Peletier

    Jess Peletier Mortgage Broker - Australia Wide Business Member

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    I was just chatting with one of my Hedland clients the other day and wondering what had happened to them. I guess my questions been answered.

    I saw a unit in South Hedland advertised for $89k this week - unbelievable from even just 2 years ago.
     
  3. LifesGood

    LifesGood Home Building & Development Consultant Business Member

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    I was wondering when this would appear on PC!

    What does this mean for the Crawford family? They'd still be relatively well off I assume? It's a sad state of affairs in the Pilbara at the moment. I feel for all the people that have lost out.
     
  4. Biz

    Biz Well-Known Member

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    Watch that video at 4:20..."mining towns are a calculated risk."

    I wonder what he was smoking at the time...Is the fact He says that at 4:20 just a coincidence?

    Even Geoff would be proud of that pun ;)
     
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  5. Tyler Durden

    Tyler Durden Well-Known Member

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  6. Jamie_

    Jamie_ Well-Known Member

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    Seen a few coastal sites that they own been for sale for a long time... Land on the ocean in Mindarie, block on West Coast hwy in North Beach, all bought at peak times which they aren't able to reclaim their money on. Mindarie has taken a massive hit.
     
  7. Tyler Durden

    Tyler Durden Well-Known Member

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    Last edited: 29th Jul, 2016
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  8. Agent99

    Agent99 Well-Known Member

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    a very good lesson for us all
     
  9. charttv

    charttv Well-Known Member

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  10. MTR

    MTR Well-Known Member Premium Member

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    ..are you serious, ....mentoring/advising/consulting is always the fall back position, because there are plenty of foolish people happy to part with their money.......let me think
    real wealth creation Moranbah, D Boholt ....mining town fiasco
     
  11. Blacky

    Blacky Well-Known Member

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    Hind site can be a real kicker sometimes.

    Mentioning Things like 'calculated risks' when you are so heavily exposed to a single market just weighs heavily and it's easy for all of us to now say it was foreseeable.

    i wonder if it is the agency going under or their total property/development business

    Not a nice outcome for them and I hope it doesn't end too ugly for them, their creditors, or employees.

    Blacky
     
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  12. Joynz

    Joynz Well-Known Member

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    Sad that Renae is trying to raise money to pay back the funds she borrowed against her father's house back then.

    She mentioned this loan as a 'deal' she did back in the 2011 article, but despite all the success of that time, she didn't pay her father back straight off...
     
  13. Joynz

    Joynz Well-Known Member

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    People still talk ( boast!) about the value of their 'portfolio' as if the profits have been realised...but should the unexpected happen...
     
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  14. Greyghost

    Greyghost Well-Known Member

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    That 21 year old had a real big head on him.
    7 properties worth 8 mil...
    Obviously didn't understand what over exposure was..
    These guys were not investors, they are gamblers..

    I've got all the toys, cars, jet ski's..
    Mark my words I'll be a millionaire by 21!
    - yeah piggybacking off your big brother.

    It's all champagne and lollipops in a rising overinflated market, happy days, but surely these two would have invested in some advice to tell them the economic conditions/forecast would result in a big correction.. After all it is not consumer demand or lack of space driving growth there, it is solely backed on iron ore prices, large macro economic and trading conditions.. That is the starting point, not boom town suburbs here and there..
     
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  15. DaveM

    DaveM Adelaide Buyers Agent & KFC Strategist Business Member

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    Its ok they will just start a few company and go all over again, phoenix'ing is rampant in the spruiker industry.
     
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  16. MTR

    MTR Well-Known Member Premium Member

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    Equity is not the same as cash in the bank.... its not only the values that can change but net means after selling costs, tax etc is paid out
     
  17. LifesGood

    LifesGood Home Building & Development Consultant Business Member

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    No donations yet on her gofundme campaign. Funny that.
     
  18. kamchatsky

    kamchatsky Well-Known Member

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    Is it worth buying for $89K and rent it out cheaply for a while (say $100 per week), and wait until the mining boom picks up again? Or the vacancy rate is so bad that they will stay empty for a long time?
     
  19. charttv

    charttv Well-Known Member

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    how long are you prepared to wait? do you have a few decades?
     
  20. Spiderman

    Spiderman Well-Known Member

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    Getting a 'rising star' business award appears to be another kiss of death. On the same page as the Business News article (link in first post) is mention that Crawford got a 2014 Rising Star award.

    Perhaps Momentum Wealth, which also got a Rising Star award in 2014, should be worried. 2014 Business News Rising Stars Awards - Momentum Wealth

    How well advised are those who dole out 'business awards'?
     
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