Hi there,

YEP!!! All 3 mortages are with different banks.
Totalling more that 1 million buckaroos [] This is NO joke.
Having a triple mortage can be done legally
For example (please remember I’m not the Queen of Numbers[])
original mortage on example PPOR is 130K, house market value 150K (i.e. 1990)
2nd Mortage extra 100K on house after price value jumps to 250K (1996)
3rd Mortage of another 150K on house after price valuation is 350K (2002)
(Hope I’ve illustrated this example right)

Apparantly he’d involved some people without their knowledge and when they found out they went to him and asked him to remove their names from his list, he refused. He could inform the authorities via an affadavit to clear them of any culpability, but he refuses to do so, because that would be acknowledging he’s done something wrong.

It’s a real tragedy

If he is sick (which I’m starting to think he is) then really his capacity for understanding the gravity of the situation is diminished. He’s painted a fairytale picture and now believes his painting has come to life. The ugly trolls are all those people who’ve been giving him advice and trying to maintain his dignity, but in his mind they are out to decieve him []
I’m sure you will all be reading about this in the paper soon. I guess I’m sharing this with you all, because I’d genuinely like to help, so I’m canvassing ideas. I’m keeping names, numbers, areas etc confidential for obvious reasons. I don’t know if I can help though [?][?][?] The only way to appease the banks is to pay the debt owed. Money is required to do that. In this case lots of it.

He should have stuck to what he knew how to do best – teaching children. Children love him.

I’d like to see him apologize to the people he’s hurt (although having spoken to them and listened to them inform me of their plight, they consider it too late for that. Personaly, I never think it’s too late to say sorry if you truly mean it) but if he thinks he did nothing wrong, why would he apologize?
He’s spun a web for himself ,yet he sees himself as the fly caught in the middle. He is definitely in denial.
I’m acquainted with his wife informally, but we share some friends. His wife will be protected and kept in the manner she is used to, but she’ll be hurt from the web of lies he’s spun.
So, when he called me and left a message to speak to me about “things”. I did call back, but I’m not sure he wants to talk about what he’s done, I’m thinking he wants me to come up with an idea on how to get out of this situation.
Anyone know what a Tasmanian Devil does when it’s leg gets caught in a trap?
Not a pretty sight.
Please anyone, give me some good news. Even if he could approach a 4th lender and get another mortage covering the entire amount at an exorbitant amount of interest…I know it’s wishful thinking.

My thinking cap is running full speed
I wish I had a magic wand somedays.
Can you imagine me the Wish Fairy ([:0)])
On that thought I’ll end this post.

Adieu
Sooshie

“small steps make the journey” (SAS)

Hi there,

He actually hasn’t ‘frauded’ his family in the real sense of the word, I don’t think he’s told them the complete story which in itself is like lying.
I feel sorry for the man, because he actually doesn’t think he’s done anything wrong [] Numerous people have come to him and told him what he should do, but he seems to have this ‘victim’ mentality.
If the ATO does get him on criminal charges for ‘fixing the books’ and the banks get hold of him for fraud, he’ll probably get out of it due to mental instability.
I’ve actually just found out, since my last post, that it’s more messy than I was lead to believe.

It’s a real mess.
It’s out of my hands now.

A triple mortage on his house!!! Do you reckon he used a broker? As you put it Arty, it’s hard enough to get the 1st mortage over the line, let alone the 3rd!!!

Got to run
I’ll keep you up to date
Sooshie []

“small steps make the journey” (SAS)

Hi all,

HO, traded one beach for another [] []
I tend to agree, that number 2 is best option, giving a swing either way on the issue.

By the way, did anyone at any stage ask the council to do anything to repair or remove the pier? (I wouldn’t mind the wood from it..LOL)

My parents live in a street off North Rd, where the New Vogue living complex was built (cnr Younger Ave) tasteless if you ask me, but the penthouse with 3 bedrooms is asking between 6-700K
Okay, I digress (which I’m wont to do occasionally [:0)]) Anyway, my parents take Pip down to that beach so he can play on the Pirate Ship, but he always runs to the pier to look at the fishies and the starfish. It’s really not childproof and is a potentially HUGE accident waiting to happen.

Just wondering whether the council knows it to be an issue and is ignoring it?

Cheers
Sooshie []

“small steps make the journey” (SAS)

Hi there folks,

Thanks for your reply Peter, I was sorry to hear that your suggestion which was meant to help out, in fact backfired on you []. I’ve been in that same situation before on many occasions and I found it to be really hurtfull [][][].

quote:

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I don’t know but to me it seems that running such types of posts would increase the visitor rate to the site and thus would be a win/win situation for everyone.

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I tend to agree with you, but I can’t talk for Steve and this site is his baby. He’s da man!

quote:

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As far as a possible bumb deal is concerned, ‘Caveat Emptor.

If one doesn’t know what one is doing one shouldn’t be doing it.

One should ALWAYS do one’s homework no matter what the source is of the property.

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Once again, I totally agree with you. However, I was in that ‘green’ stage where I was eager to do something, last financial year cost me more that 2K in making mistakes, despite having read the books that said ‘Go Do It!’. I thought I had done my homework, and let me tell you, getting out of it with just over 2K damage was fortunate. That was my sixth sense that saved us from more trouble.
How do you know when you really have learnt what you need to know? I’m still making mistakes and learning from them.
‘Caveat Emptor’ true enough, but I wouldn’t feel comfortable knowing that I’ve mislead someone into making a bad decision by dressing it up and making it look all glittery. Sure they have a responsibility to do the numbers and homework, but sometimes reality doesn’t stack up like that.

There are a lot of people, like the newbies, who’ve been to a seminar or two, read some books and think, okay I’m ready to jump in. So they come to a forum they trust for it’s high level of excellent content ([][]) and look for deals. These deals haven’t been checked out, evaluated or discussed, they are just there, ripe for the picking. Due to their inexperience how might they determine the wheat from the chaff?

On another forum I know of, deals are picked to peices, analysed, calculated, etc etc. This is a good thing. It might be the way to go, but in the mean time, the ‘early bird catches the worm’ scenario might apply thereby rendering all the calculations and analysis on the deal, ipso facto.
That is probably where ‘Caveat Emptor’ holds truth.

Soliel, you make a good point, about restricting number of ads placed. How would you go about addressing someone like Clinton (powederfinger)who is time rich, cash poor? Would he also have to be limited to the number he can do per week?

quote:

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I`m sure if there are any disreputable dealers out there they will be quickly found out and shunned by buyers. But if they come up with the goods, investors will appreciate it because they would not have time to find deals otherwise and any costs would be more than paid for by a good investment.

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Clinton, I tend to agree with you here. We could always let the investor be the judge of who’s legit or not. That would put the onus back onto the investor. A good thing.

These are all questions. I’m just trying to look at all points everyone has made and nutting out questions raised from your points, looking at it from every angle possible (almost like market research []) This is a discussion, please don’t think I’m attacking anyone personally, I’m just interested in everyone’s opinion, inviting some healthy discussions and perhaps playing a little devil’s advocate [}][]

I’d love to hear your thoughts
Cheers
Sooshie []

“small steps make the journey” (SAS)

Hi there,

For clarification:

My idea was based on the idea that if you are not going to do a deal, for whatever reason, why not pass it on, just out of goodwill?

For Peter M.

quote:

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religious twisted mind freaks

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[:0)][:0)][:0)]
I just had to have a giggle at this, I hope this is what you intended, if not, please forgive me. It is early in the morning [][|)]
To set the record straight, I don’t think money is evil [}], it’s just a means to an end.
Perhaps I’m too dogmatic, however, what I meant by that statement you quoted, was that for forumites, at this stage, advertising here for personal gain, isn’t what I believe this forum is about. I’d like to think I adhere to the forum rules.
I think the last thing Steve and Co. want is a malcontent forumite complaining to them and accusing another forumite of a ‘dud’ product.

My thinking was that generally speaking, fair game property are advertised properties, either from the web/net or paper, usually advertised by a realator. Then you enter negotiations, agreements etc via a legal entity.

quote:

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I cannot see anything wrong in someone introducing me to a deal AND at the same time making some money out of it.

This site IS also meant to be a networking site isn’t that so or have I got that wrong ?

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Networking is great!

My thinking is, on the other hand, how can this forum protect you, whether you be a seasoned investor or a newbie, from con artists?

Should this idea come to fruition, one of the things which would need to be discussed, is credibility and legitamacy (in the business sense).
How to determine whether the advert is legit or not, fair market etc? How can we ascertain you are not being hooked in for a ride?
Perhaps this is can’t be done([?][?][?])!
Should it just be left all to the ‘due diligence’ of the forumite/investor?

I guess I feel that people should feel free to browse and contribute to posts without a ‘hard sell’, or be under the belief/thinking that this forum has checked out every single person who wants to sell something that they are legit and are not out to just make a quick buck at your expense.

My statement was poorly worded if it gave you the impression that making money is something to be ashamed of, or evil, for that matter. That was not my intention.

Please note my use of the word “My” and “I”, as it is my opinion and as you can see from the other posts, other forumites have added their thoughts and ideas.
It was a Test Post (clearly stated in first line of first post). It appears, I’ve opened a can of worms, and personally speaking, I think it’s healthy to nut out or debate certain issues, whether they lead to something or not. I’m also glad that you had an opposing view. I reckon this makes a great example of democracy.

Look foward to your reply

Cheers
Sooshie []

“small steps make the journey” (SAS)