I am an adult get me out of here - John McGuire

Feel-good story of the week right here. There is at least some justice in the world it appears!

Surprised this hasn’t got mention. John boy was featured in the Me and My Money section of the Sunday Times yesterday. Was interesting and surreal on a lot of levels.

It’s the same questions every week so answers can sometimes give you quite an insight into the individual.

(Paraphrasing as I’ve already binned the paper and the Sunday Times doesn’t do links)

Q. Have you ever seen people spend money like crazy?
A. Well in 2008 I started seeing people spending loads and thought it was a bit mad (2008 !!)

Q. Have you ever bought shares?
A. Blah blah … lost lots of money (essentially construction related companies) … CRH, Kingspan, banks. I’ll be grand though. I feel really sorry for the pensioners who put all their money in and lost it all. (This was the only mention of feeling bad for someone else. No mention of those who’ve lost their shirts in property - specifically those he advised.)

Q. Don’t know. He started waffling on irrespective of the question.
A. Have rented out his home and is currently sleeping in one of his (empty) offices. It’s ok cos he has an orthopedic bed (for the ladies in the audience). He’s out of residential property but judges himself on his property portfolio and his ability to hold onto it and move on. (Just odd. I took that to mean he has no home but does own properties that he rents out.)

Q. Something about something. I forget.
A. I lost a lot of money on CFDs. But unlike most investors I knew the risk. (?! Still trying to sound knowledgeable)

In fairness, he’s a likable guy and probably someone who it’d be great to be mates with but God he’s just so blinkered and deluded with regards to property. He worked hard and got lucky with regards to being in property at the right time, spent his money and had a good time, but he’s starting to sound a little like Alfie at this stage.

^ back in 2006 when “I’m an adult…” aired first, he was on the late late or whatever saturday night chat show that was on the RTE at the time, going on about how he bought his first gaff out in Bray and had 4 lads with him renting rooms saying how great the craic was, while getting his mortgage covered by his tenants. After that he got hooked on buying gaffs and renting them out, whith his experince he started a mortgage brokers. Likeable for sure, but he got lucky and managed to buy a house at the right time, for sure none of the suckers on “I’m an adult…” were as lucky as him in the property game.

I can’t believe that these people are still around, they used derogatory terms (KLOPSIE etc…) to shame young people into buying overpriced gaffs in 2006/2007. its disgusting just thinking about it.

In all fairness, the people who went on his program were not randomers upon whom overpriced property was foisted. They wanted to buy something and he helped, with the perceived wisdom of the time being borrow as much as humanly possible, you can’t lose on property. He was following his own advice and seems to have lost his shirt also, so it was not like he was underhanded and selling off his portfolio while advising FTB’s to buy buy buy.

He got rich more or less accidentally, riding the crest of the property bubble, and falling down the other side. He would be a Brendan O’Connor poster boy for a smart, ballsy entrepreneur. However he can rightly claim that at least he tried and he was for a while anyway, stinking rich.

His advice was crap admittedly, but he was just going with his experience. He only knew good times, and like many many others, thought the party would go on for ever. Probably did not even realise it was a party, and in normal life you have to work for things rather than borrowing, buying property and waiting for the cash to roll in.

I’d agree.

Still can’t forget that episode though where the guy from Wicklow had seen the property shock program just before he completed on the deal John has set him up with. John trying to convince him to ignore the naysayers and jump in feet first seemed strangely similar to a drug-dealer helping his client get the runner tubing around his arm after he decides to give up and is coming down.

what on earth is a KLOPSIE anyway?

I forget what the acronym was/is, it might have been clopsie

it was something to the effect of:

Children Leeching Off of Parents S… I… E… (fill in the blanks)

A really great sales pitch if you ask me.

CLOPSies, KLOPSies (Children Living Off their Parents Still).

Yeah, I know, that was terrible, but he probably believed that it was the right thing to do. We were not even into denial mode at that stage, it was still time to ridicule people who thought property may, at some point, not go up! That aftershock “property crash” episode was waaaaaaaay ahead of the curve for the general population. I bet there are some out there who still think the likes of that program were “the cause” of property prices collapsing.

A must read.

If only the guys he advised on the tv programme could say the same

A shoe shine boy moment. Buffet is doomed :smiley:

That was the exact phrase. A really peculiar thing to say. Smacked a bit of desperation.

Was also paying out 42K a year in interest payments but reckoned he would have been fine if he’s financed at a lower level. (not what you want to hear from your mortgage broker)

Was (obviously) big upping his current businesses - a restaurant and an online insurance quote thingy. Thought it was great, the way of the future in fact, to have businesses with recurring income. I hope he’s filing his accounts properly and not “doing a Stokes”, churning the income from one to the interest payments on his beloved property portfolio.

I didn’t get a great feeling from the article and don’t think it’s the last we’ll hear of Johnny.

Yup,

He was on Ballsy O’ Connor’s show a few weeks ago and looked like a man teetering on the edge of nervous breakdown.

how the fuck does this guy get a book deal on finance?

Do you have a link?

Ahem…

https://images.barnesandnoble.com/images/48150000/48153164.JPG

It was broadcast on March 5th and was on the RTE player for the last few weeks but it’s gone now.

Im glad that someone brought it up here as I had been wondering about this article after I read it. Did anyone think that his responses were very vague? It certainly wasnt clear to me having read the article how much money he made or lost on property or at what stage he had sold his properties. I saw him in town a couple of weeks ago and he looked terrible.

Funny, I never heard of this guy before til I read the Q&A on Sunday. Normally you can’t help but like the person doing the Q&A slightly more by the end as the questions are harmless and uncontroversial and give a good opportunity for self-deprecation. After reading John’s however I commented to Mrs Brannigan that he sounded quite odd and thought he came accross really badly. The CFD comment says an awful lot about him I reckon…

And he’s back!

My advice would be to have something to bite down on before watching.
youtube.com/watch?v=kzAldY12hLQ

Getting married in the Summer apparently to Karen Koster from Xpose. Irelands next Golden Couple I reckon

https://cdn.her.ie/story/0001/01/thumb_922_story_large.jpg