Nathan Birch defaulting on IP mortgages...

Yes mate as wild as the Melbourne outer suburb prices.

Rollin' ...rollin' rawhide.....now where is @datto when you need him. He has some special skills wilth Hiefers....he probably havin' a smoko.....

 

That sounds very suspicious to me too. I feel like he must be vastly understating his debt levels if he can't even get the cash together to avoid defaulting or falling behind on as he says "one or two" mortgages, and if he's unable to get a loan with a mainstream lender, as seems to be the case.

If he had inflated his worth, that would not be a surprise to me. His whole deal seems to be selling his brand of being rich and successful, and call me crazy, but he seems like the sort of salesman who'd play very loose with the truth.

 

Could you please explain in simpler words? Thank you

 

That's really sad.

I guess there are no other better alternatives.

I have two grandparents and two parents still going.
Wouldn't kn ow how to look after all 4 of them!

 

It means that prior to the bank giving you money, you've already sold some of the properties. Enough to repay the debt plus interest over the development period. After that it's just a matter of demonstrating that you've got the experience to actually get the development done.

 

Listening to dumb tenant excuses and dealing with incompetent PM's has my mind gone too!

 

Kochie asked him and Linda the Asian lady a few years ago about the amount of debt... Apparently tly she looked so up uncomfortable when she realised the scale of the debt

 

I'm going to Bali soon.
I will be a billionaire as soon as I get off the plane

 

Have one of those about to turf the tenants out.

 

I too have said this over and over again.

Everyone is just calculating his equity form his supposed 200 properties.
He's got multiple business.
We will never know the scale or extent of his success.

10k a pop for his buyes agent.
1000 clients over the years is 10millioon.
He could finance one of his projects with cash if he wanted to based on those figures

Or he could be paying high interest on all of his projects and bleeding cash heavily now.

Maybe he has a gambling problem.

Maybe he is transferring gall his money to his mum and bleeding the projects dry.

We will never rknow

 

He's doing a Bondy?

 

In Bali I spend a million or two just on a night''s accommodation

 

Trust me, when you get on those rich lists is when the ATO start asking lots of questions, repeatedly, (and you start paying your accountants lots more money).

 

Since when is Deer Park/Albanvale (where I have held an IP for the past 5 years) not an outer suburb? Is the 30km ring the new 20km ring?

Just curious mate, because you have a remarkable ability to digress from any thread topic and give me a clip regarding the outer-suburbs...

Hats off mate, outer suburbs did well in 2017.. So did everywhere... Just like they did in the 2010 boom..

I am still an advocate of good asset selection in land locked areas in the middle ring. I dont see this as a case of 'i told you so'.. - Simply because those areas rose just as outer ring did, plus I hold 3 outer ring suburbs myself mate... Somewhat of a mute point i think....

 

It's better than having a fall and no one around to check on. There are usually really good social facilities and access to services in modern care homes. With regular visits from family and friends and engagement with other residents, it does not have to be the awful experience everyone imagines.

 

I have one grand parent overseas in a home

She was put in there because the daughter couldn't look after her.
Physically she's fine but dementia had set in.

I assume that due to this she's in a world of her own and relatively happy especially when she gets viisits


But like with my olds. I wonder how happy they can be if they are mentally still fine.
Being confined. Check
Surrounded by friends check
No freedom. Check
All meals etc provided for check

I intend to visit them every week and take them out when the time comes

CNt imagine a world where you live everyday hating your carers an d potentially hating your kids for putting you in there. And waiting everyday hoping someone visits you.
I'd die

 

Great....Deer park/Albanvale is an awesome place to hold

If you were an advocate of Outer suburbs why tell people otherwise....where the other 3.

Having said that..I plan to sell a land holding in Wydnham Vale (outer suburb) as I reckon I would get more selling the land than the finished product.

Geelong beachside otherwise has proven to be booming....too...I too am now going for quality as the boom peters out.

Context.....

 

True.

I've experienced two homes. MIL had a nice room in a modern facility, but was left by herself day & night with next to no interaction. It was depressing, and I presume death was a release. Mind you, she was a stroke victim & more or less in a vegetative state for the last 18months of her life.

Mother has lovely nurses, but they are so rushed off their feet, they don't really have time to engage with the residents. There are social activities, but they are so boring, I don't blame Mum for not wanting to participate. There is no engagement with other residents. You are wheeled out for lunch/dinner & wheeled back to your room, where you sit by yourself unless you do a mindless activity.

With mum, she is mentally alert some days & others, she struggles to remember the smallest thing. She is confined & bored. No friends. No family. Cruddy food. She more or less put herself there & because she's a long way away, visits from me are few & far between. Besides me, she gets a visit from Legacy every now & again. It's not much of a life.

 

That's really sad. But what other options are there???


If you could plan your final stages. What alterbtavies are there that aren't going to cost 1m per year.

Your friends are probably gone.
Your family either don't want to or csnt spend every day with you......

I suppose you could pay for carers to come in everyday.... But what happens if you can't move very well

All this talk is depressing.... I guess I better not get old

 

That sums it well....so people put ya parents to work..it is good for them...this is the whole point...if they don't use their brains their physical being also drop...staying active is very important.