"He now owes $11m to the banks but has $9m in equity..."
nzherald.co.nz/nz/aucklander-jonathan-brownle...Posted Aug 12, 2022, 7:39 PM UTC
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nzherald.co.nz
He's going to get ruined in the next 12 months.
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Sounds like he's well on the way, 2m in negative equity
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Doesn't he have $9m of equity?
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He thinks he has $9m of equity. I'd wager if he tried to sell everything now he'd be left with around half of that, and we're just getting started.
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From drop-shipper to property speculator. This guy is a leech.
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After his parents helped him buy his first Hamilton home for $413,750 in 2015
Yeah, I stopped there. It's like Trump saying he's independently successful and all his dad did for him was give him a 1 million dollar loan.
The fact that he wants to inspire other people probably shows how deeply delusional he is about his success being his own hard work only.
Privilege is not the problem, it's people who are unaware of their privilege that are the issue.
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Oh you would have loved this magazine cover of Forbes then…
- At 21, Kylie Jenner Becomes The Youngest Self-Made Billionaire Ever*
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"Self-made"
This will create an epidemic of smart, hard working people, becoming depressed after failing repeatedly to succeed.
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Plz just work harder like Kylie. If she can do it… Aroha from Kaweru you just lazy….
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I’d like to say good on him but I can’t since I don’t even own my own home. I hope he is a good landlord at least.
But my question is if he owes so much to the bank is he actually rich or poor since his equity is still actually a negative. He would still owe $2 million if the bank decided to collect and that’s if he managed to sell it all off and make exactly what they forecast.
Edit to say: I didn’t read the article correctly. And he is actually rich.
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My dad had talkback on in the car other day.. the topic was “high income earners aren’t actually as well off as you think and can’t afford more tax because of * this * situation”
Lol naturally I wept
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Exactly. I just don’t feel sorry for them. Paper rich or not they still have enough to get by on, and have assets they could offload if need be. Unlike the majority of NZers.
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Look I’m sure it I made better choices on how to spend my $191.00 a week (pre tax) I get from jobseeker as someone unable to work due to cancer/chemo related side effects….. I would be able to be buying 10 houses next week…
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The article says the properties are worth $20m with $11m owing to the bank, hence the$9m in equity claim.
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Sorry must not have read that part properly. Well in that case. Guess he is rich then.
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No, that's not accurate. The article is just worded badly. His equity is the amount of the property that he owns or, put another way, the total value of the properties minus what is owed. So if his equity is $9m and he owes $11m, that means the total value of the property must be currently estimated at $20m. If they sold today, he would walk away with an estimated $9m after paying the mortgage.
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As someone else pointed out yes. I didn’t read it correctly. Thanks for that though.
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He needs to learn from the pro’s!
https://twitter.com/tiktokinvestors/status/1528068078361145344?s=21&t=Jr3_kYrae6BFWWYoTDwV3g
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4288 homes. Boom!
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Editorialised
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He's so entitled and invested in the current system that he thinks his story will be inspirational to others. If your parents give you $400K in seed money and you happen to start at exactly the right time with the market experiencing explosive growth with bank and regulatory policies allowing property to be leveraged in ways that other investments cannot - then you too can game the system to make property unaffordable and unattainable to the average Kiwi while you take more for yourself.
And when that seam is all mined out, you can quit the digging, start selling shovels to the saps that want to emulate your success, and meanwhile go dig elsewhere.