Is anyone on this site been affected by HK or his associated companies?
Yes. I am henry kaye’s lovechild.
kay henry
who was your mum kay?
dunno her name- i just call her “mum”
kay henry
Wild wealthy woman! is Kay mother and Henry love! I guess ! [
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PropertyGuRu
I want to be billionaire! [] a serious topic gone bad
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]cheers,
bluecatDo today what you want to do tomorrow
Not directly…but I am still waiting for the sky to fall in!
James
I dont think Henry Kaye will have a huge effect on the property market. We should have already felt the effects if he was to effect the property market. I dont know anyone who used Henry Kaye.
He was into innner city apartments and those who bought off him will do their money, but hopefully this will only have a small effect on the rest of the property market.
I am not completely sure they’ll do their money actually. It’s like suggesting people will do their money by having used strategies suggested by renee rivkin.
A lot of people were done over by the two-tiered marketing of Qld. I think if these HK people have a buy and hold stratey, they should be right. I think it’s too late for them to flip- I doubt there are much CG’s on those southbank/docklands apartments, for example.
I think it’s an example of people just following one strategy and not looking at their own personal situation. It’s a shame really :o(
kay henry
Kay,
I think you may be too generous to those people..calling what they did as a strategy…Many I believe were novices who probably always wanted to get into property, were attracted to the promise of a quick fortune, and romanced by a very good salesman.James
Being slightly complacent…
As HK didn’t make many inroads into the Sydney market, I don’t think there be much impact on the Sydney property prices.
If anything the powers that be may tighten regulations but I’m sceptical of that too.
Shushar
“All our dreams can come true, if we have the courage to pursue them.” – Walt Disney
OK, one thing people should understand is: yes hk is <<edited – defamatory>>, but he was completely againest cbd, docklands and southbank apartments, the media was completely wrong about this. secondly, people wanted to secure there future, get out of jobs they hate this is what motivated people, everyone wants to get rich but contrary to the tabloids this is not what my impression of his teachings were about. the “retire a millionaire in 3 yr crap was simple to get people along to his seminars.
georgis- am I expected to call them idiots or losers or fools? Well, I’ll let the usual suspects on this forum do that- it’s not my style.
Thing is, there is probably nothing wrong with those apartments promoted by HK. It’s just that the guy’s now in legal trouble. Perhaps some of the investors (yes, mum and dad types) did get in over their heads. But it was an RE boom, and everyone wanted a piece of it- we have been a part of it- why shouldn’t they be?
Yeah, greed isn’t a great thing, but many of these people would have only bought one investment apartment- I wish them well in it.
kay henry
On the contrary, I do have compassion for those people who only had their own and family’s best interests at heart. Unfortunately they did not have a network of family/friends which questioned, probed and debated what they were doing.
James
unfortunately it is always these people who get burnt but if they can use a buy and hold strategy now then they should look alright in the future – maybe their millionaire in 3 yrs timeframe is pushed out but att least it isn’t lost
cheers,
bluecatDo today what you want to do tomorrow
Depends what you mean by ‘affected’?
I attended at least 3 of Henry’s courses – totalling $12K (for two of us), $15K (for two of us), and $55K for me! I was actually in the middle of this 2 year long program when Henry called the recievers in, and we were due to meet up with him that weekend.
I can safely say that even though the $55K course was short lived, I hadn’t expected anymore out of it anyway – except a solicitor consult including setup of a trust and a company (value $5K), and a deposit bond, finance consult – with a firm that I used once that promised me the world and helped me to LOSE $175K by not delivering, so I don’t think I would have used them again. Oh, and a meeting with a sleazy accountant – can’t remember what he was supposed to do for me. Plus free entry to all the other courses that I had already attended anyway.
Henry did not actively flog off ‘his’ apartments. He taught, and taught well (we have made – even counting our big loss – over $400K ini equity since first attending his courses). There were often brochures handed out advertising a group called Property Consulting Group (PCG) who source property from developers at a ‘discount’. They never actually disclosed that they were often bought from Henry’s related compaines – which is where I believe they really went wrong.
Let’s not forget that it was Henry himself who called in the recievers – it is my firm belief he did so to avoid having to refund the fees of the ‘disgruntled’ students – many of whom only became disgruntled after the media kicked up the big stink. Up until then these same students were very happy with their education.
Henry himself will not be terribly affected. The administration only extends to one of his 105 companies. NII was a big cash cow, which earnt hundreds of millions of dollars. This money was then redirected to other companies – companies that Henry still controls, and are fairly safe from any attack.
At worst, if the creditors accept his Deed of Company Arrangement, Henry will drop to a salary package of $90K, and keep his house. I’m certainly not defending him – I think he has done the wrong thing on quite a few occasions.
I am simply pointing out that if you went purely to learn from him, and implement the strategies (any one of many) you would make a handsome sum of money.
Cheers
MelHenry Kaye will probably still be worth more millions than all of us put together after this whole debacle is over. He is no idiot and he saw an opportunity in the market and took it. He used investor’s greed gland to the maximum and he cannot be blamed for that. Investors that got greedy only have themselves to blame because greed has a funny way of making us blind to simple logic and due diligence gets often overlooked. I don’t know how many times I have heard the statement “I can get you that property direct from the developer at a discount”. Who is stupid enough to just believe these statements without checking that they are actually true?
There is no doubt that ripping people off is a way to make money, and that HK did it by secretly offloading his apartments on to people he was ‘teaching’.
But as long as HK still has secret structures and ‘asset protection’ so ‘his’ money (which isn’t really if he ripped it off) is safe from claims, then he will *always* be a rip-off guy – unless he rectifies this.
I have heard the government is trying to get trusts banned becuase of people like this who put all there money and assetts that they aquire in some what suspicious means into there assett protection trust. I know if i lent someone a lot of money and if his business went broke ,I would expect him to sell his assets to pay me back . Not just say sorry i cant pay you back even though my house is worth 3 million and my boat is 1 million but its mine to keep becuase of my trust account. [V]
Risky, I hate to disillusion you, but you will find that trusts will never be ‘banned’. How do you think all our politicians keep all their vast amounts of money? A lot of them are solicitors by training, so would know all about asset protection.
If you are lending somebody a lot of money (or even a little – depends on your definition I guess), then it would pay to see what assets they have backing them up. You can do searches for $150 ish – up to about $1000 to work out just what they own/control etc. Once again, all part of you due diligence.
Don’t assume that because they live in a $3Mil house, and drive Ferraris that they ‘own’ anything and that the personal guarantee they signed means you’ll get your money back. Blood out of a stone still doesn’t happen.
Cheers
Mel
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