pitz wrote:mpav wrote:If you are intent on owning property, do so yourself and manage it yourself.
In defense of a investment like First Leaside (but not First Leaside specifically) -- few individuals have enough resources to actually purchase the types of properties that First Leaside held in their portfolio, nevermind manage them.
From reading the report, the problems faced by First Leaside would also apply to a residential property investor -- the assets that are available in the marketplace are very overpriced relative to the long-term cashflow they provide. In many cases in FL's portfolio, the cashflow is actually quite negative. Which is a situation faced by many landlords in the GTA these days.
In those reports, I failed to see substantive evidence that FL's management was, in any way, crooked. Their assumptions were just tragically flawed, much like most homeowners in Calfornia believed that RE appreciation is perpetual.
kcowan wrote:Companies like these need to be regulated. But then so do the Nigerian fundraisers.
Two senior executives of the First Leaside group of companies have been barred permanently from the brokerage industry and fined for various securities violations, including placing clients in unsuitable high-risk investments and distributing misleading marketing materials. ...Along with the permanent bans, IIROC imposed fines of $2 million on Phillips and $500,000 on Wilson. ....
Users browsing this forum: Bing [Bot], DavidR and 8 guests