All Forum Posts by: Russell Joseph

James, thank you for those words - it really means a lot.

I confess that Stephen Coveys book changed my life, even though I came to it much later than most!

Looking forward to the next year and as the old Irish saying goes: "..may the road rise up to meet you" as you pursue your opportunities!

That is exactly the point - they knew the risks, but they also knew that in the end they didn't hold the ultimate exposure. That is, they were making gazillions with a simple bet on the property market and it did not pay off in the end - maybe they just got greedy but it was not their money they were gambling with - it belonged to the community, the people.

I also surmise that they knew (most probably in advance) that the Government simply would not allow the collapse of the banking system so why not keep betting on a lame horse - after all, if you had an unlimited supply of money for a weekend at the track that you never had to pay back then what would you do????

Governments all over the world wring their hands and cry crocidile tears over poor investors and home owners that get screwed, but in the end they (Governments) are at the mercy of those Corporations with the financial clout make them pay at the ballot box.

What home owners and investors like us haven't realised is that we actually have the clout, we just haven't figured out how to organise ourselves enough to use it effectively.

Thanks James, I understand. No problem.

I am a genuine investor as you will see in my bio, but I have also grown to understand that the key to long term success (in anything) is to embrace both professional and personal development, hence why the product I sell makes a good fit for me personally.

James,

Posted to that forum to give information about my website. http://forums.biggerpockets.com/viewforum.php?f=92

Thanks for your comments on my sub-prime views.

Sometimes it is too easy for us to get lost in the details but we have to remain focused on the bigger picture while concentrating on generating cash flow for survival. I believe creative investors with creative finance tools are the future.

Correct, this is a home based business that I have bought into.

It is not a get rich quick scheme, but if you spent as much time on this business as you did on this forum then you would make a fortune!

The best way for you to see the products in more detail is to register on my site with your email and phone and then the system can send you more information. It won't cost you anything so don't panic.

I am surprised you haven't heard about this system before?

Interesting thread and while it is all too complex (probably because nobody knows the real truth), the bottom line remains that:

The banks/lenders got THEMSELVES into this mess for one reason and one reason only - they thought that they were going to make a lot of money from these mortgages. They simply took a bet and lost. They did not do these 'deals' for humanitarian purposes!

The bigger picture here is that the average homeowner/taxpayer/working person is again being forced to bail out corporate mistakes, and possibly as time may tell, corporate crime. For some reason it is our fault because inevitably we (as a community) have to pay.

I am an Australian and we see the same thing here, it is a pattern of corporate greed and failure that repeats and repeats and repeats. Governments in our Western democracies kow tow to the corporate world and get 'sold' the message that these entities, even when they prove breathtaking incompetence, somehow need saving - and then to add insult to injury, all at our cost.

Agreed, this does offer a huge opportunity for those of us with the tools to operate in this market but for me, there is a bigger picture that can and will benefit humanity. We need to find a new model that forces the banks and Government to work for us, not us for them.

Big Dream yes, but hey - it beats complaining!

There are some that believe that it is good government policy to have your population living in fear, particularly financial fear. To have a population trapped in employment that they don't like, doing jobs they don't like or that conflict with their values - all because they have to pay the mortgage is a way to pacify even the most independently minded population.

There will be winners out of sub-prime and it won't generally be the ordinary citizen!

Clearly, a new model is required in the US and/or to start in another country first. We in Australia are suffering now from your sub-prime meltdown and it is starting to cause a lot of pain, but from what I read not quite as much as in your country.

As property investors we are conflicted aren't we? We look for the foreclosure for the great deal, but unless we can do some good then really we are simply part of the problem.

We are starting to do deals in Australia that have been around since Adam was a boy and they don't involve bank finance but offer a means of structuring a sale and a purchase to give the seller what they desperately need, while at the same time giving a buyer what they need and can't get - a house!

Hi, my name is Russell from Melbourne Australia and as a builder I have been interested in Real Estate for my entire working life.

We own 10 buy and holds, with little negative cashflow and are looking to pick up another 4 positive cashflow properties. As the game goes -"4 green houses buys one red hotel!". When we have them, then we go for another negative geared property in a sought after high growth area.

Currently we are negotiating vendor (seller) finance deals where we can assist distressed sellers, of which there are heaps of (thanks to the U.S. sub prime meltdown!) and then assist unqualified buyers into their first time. This strategy gives us both positive cashflow with an up front as well as a back end profit when the deal is complete.

We believe in the Covey principle of Win/Win or no deal. Pretty simple and keeps us happy!

I am really looking forward to posting on this forum!!