Nathan Birch defaulting on IP mortgages...

Discussion in 'Property Market Economics' started by hash_investor, 5th Jan, 2018.

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  1. larrylarry

    larrylarry Well-Known Member

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    i always tell my kids that my corolla paid in full, even though it does not have auto windows and still has casette player, it was paid in full. don't envy others who drive flashy cars because it is likely that they are on a big loan.
     
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  2. larrylarry

    larrylarry Well-Known Member

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    It's all speculation ladies and gentlemen. A straightforward judgment was given rather than a lengthy trial which will no doubt have interesting transcripts and opinion from the bench.
     
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  3. sash

    sash Well-Known Member

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    there are only kangaroo courts on PC....get a rope!!!:D

     
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  4. Silverson

    Silverson Well-Known Member

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    When the tide goes out you see who's swimming naked.......
    Funny thing is it's still high tide (rates are still low and unemployment rate is low)

    If this is true and he is in strife let it be a lesson to many, all is not what it seems and the way to true wealth is time, it's a marathon not a sprint! Fortunately I learnt this from a young age.

    It's not all about the number of properties, quality not quantity rings true! As stated everything is probably fine but let it be a little warning to many.

    Equity mate!
     
  5. euro73

    euro73 Well-Known Member Business Member

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    What about nice cars with no debt... :)
     
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  6. euro73

    euro73 Well-Known Member Business Member

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    That should be "cash flow mate"!
     
  7. The Falcon

    The Falcon Well-Known Member

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    Nice cars should have a lot of debt against them....and a high level of “business use” ;)
     
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  8. euro73

    euro73 Well-Known Member Business Member

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    I disagree... I pay cash for depreciating assets and hold them for 10-15 years. I dont like balloon payments ... and I dont like having to roll the car every few years , and I dont like never owning the asset... leases are a con. They keep you in a new or newish car at all times, but you spend a lot extra in the long term for that luxury.
     
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  9. datto

    datto Well-Known Member

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    I'm backing NB all the way purely on his westie background.

    Western Sydney has produced some of the country's finest. I don't mean cannabis. I mean citizens.

    One small hiccup and NB has been written off like a stolen commodore running a red on a Friday night in the Druitt.

    Yeah, nah, NB is far from finished in my books.
     
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  10. euro73

    euro73 Well-Known Member Business Member

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    He probably isn't close to finished, but his buy, inflate the value, harvest the equity and buy again model, is.
     
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  11. larrylarry

    larrylarry Well-Known Member

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    Hats off. But too many young punks driving flashy cars... they are either born rich or in the right trade. ok i'm jelly and not a car enthusiast.
     
  12. Peter_Tersteeg

    Peter_Tersteeg Finance broker and strategist Business Member

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    Agreed. I don't like the way the does business, but he's got the personality to bounce back from adversity and recover twice over. Kind of like Donald Trump.
     
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  13. sash

    sash Well-Known Member

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    Boy ....you done took a wrroooonnnng turn.......;)
     
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  14. Skyegirl

    Skyegirl Well-Known Member

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    I hope he can recover. It's sad seeing an investor struggling that much. Watched one of his latest videos and his beard was greyish. The APRA changes have put too much pressure on him.
     
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  15. HGM

    HGM Well-Known Member

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    Poor boy. Nasty APRA.
    What we need is government-guaranteed, fixed-rate 40 year IO loans. I'll vote for nothing less than that.
     
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  16. Pete Arendt

    Pete Arendt Well-Known Member

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    Highly-leveraged property investors like Nathan Birch 'are starting to come undone' - AFR.

    Birch has gone to lenders of last resort:

    Wonder what rate he is getting from MKM Capital? Makes you wonder if it is worth it, or if he should just stop buying and concentrate on paying down debt.
     
  17. Terry_w

    Terry_w Well-Known Member Business Member

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    Wonder why didn't he do this much earlier
     
  18. jins13

    jins13 Well-Known Member

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    There's a lesson for us all in this and hope people can learn from NB's mistake. With the way things are, people need to change their strategy and think about putting in contingency plans when things are going pear shaped.
     
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  19. Illusivedreams

    Illusivedreams Well-Known Member

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    Have you ever thought that.
    1. Your car is rated less than 1 star for safety maybe 0 in. Modern day Ncap testing.
    2. In case of a major Accident your chance Of survival is a magnitude lower than some one driving a modern day 5 star safety car
    3. Your car lacks any and all active safety features such as traction control, stability control and autonomous breaking. In fact if a child crosses a road a new car with autonomous breaking will prevent you hitting that kid. It. Would Also likely prevent you running up something like a parked car if you didn't see it and could save your life and the life of your child.
    4. I will teach my children and help them. Buy a safe Modern car. One when in Accident will give them Best chance of survival especially being young and inexperienced. Also minimising pedestrians, bicycle and other cars being hit at the Same Time.
    5. I believe teaching your kids to buy fully paid off old cars is not necessarily good advice.
    6. Lastly my car is something I take care of And take pride in.
    7. Young punks born rich and or lucky Alot of assumptions their. You know nothing about them.
    Re cars have a look.
    Maybe this Ncap test of the 1970s era. Commodore will change your mind.

     
  20. Illusivedreams

    Illusivedreams Well-Known Member

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    1998 Corolla vs Modern 2015