Found this on the ABC – The World Today Website.
http://www.abc.net.au/worldtoday/content/2007/s1911335.htm(I hope this is in the correct category – Admin please change if it is)
The lesson to be learned here is get educated, do your own research and buy directly in to property.
Buying through investment companies that source the properties, or providing mezzanine finance at very high interest returns and investing in projects is proven to be dangerous, and it need not be the case.
The victims of Westpoint, Fincorp and god knows how many other dodgy investment companiess were, for the most part, mum and dad investors (like most of us) who were not educated in investing, or were too lazy to get educated or spend the time to research their investments.
You can never know too much.
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