For the buyer, a failed renovation means having to spend more of his hard earned money for a broken house, and for the seller, it means decreased profits out of a property for sale.
(PRWEB) October 25, 2013
Rick Otton, the creative mind behind the best-selling finance book How To Buy A House For A Dollar, shares with Aussies how they can use manual labour as a way to buy property in Melbourne.
Some interesting data revealed that home owners in Melbourne, who sold houses built between the 1970s and 1980s, pocketed an average of $300,000 from sales conducted within the last 12 months (RP data findings).
“New owners of houses built in the ‘70s and ‘80s should be aware that even if they bought the house at a ‘lower’ price, they would still end up spending more money, because of the renovations waiting to be performed on the property,” said Mr. Otton in a recent interview for his upcoming Melbourne real estate seminar.
“Investors, on the other hand, who are just planning to sell their old Melbourne real estate also face a very expensive project on their hands if they decide to make the renovations on their own and fail to do it properly,” he added.
“For the buyer, a failed renovation means having to spend more of his hard earned money for a broken house, and for the seller, it means decreased profits out of a property for sale. These problems connected with stressful renovations could be easily avoided with the help of the ‘Handyman Special’,” Mr. Otton shared.
“The ‘Handyman Special’ is simply a way for a person to buy a house using his ‘sweat equity’ or manual work as their deposit, instead of paying cash,” he explained further.”
Mr. Otton pointed out that using this strategy is beneficial for the investor or seller because it allows them to improve the sale price without spending excessive time and money in the project. He also noted that it meant buyers wouldn’t have to save up and spend a large amount of money just to pay for a deposit.
“With this strategy, buyers won’t be forced to spend extra cash on renovations because they already used their sweat equity as a way to get into the house they want,” he said.
Learn more about creative real estate strategies from Rick Otton himself by joining him at the upcoming Melbourne property seminar on the 26 October 2013. Visit http://www.howtobuyahouseforadollar.com/ to reserve a seat now.
About Rick Otton
For over 23 years property millionaire Rick Otton has built an impressive real estate portfolio using innovative strategies that he has developed - strategies in which transactions are made without the need for traditional bank-type loans. He constantly refines his techniques as he buys and sells properties through his We Buy Houses business which operates in Australia, New Zealand and the UK.
A gifted speaker and educator, Mr Otton conducts regular one-day free seminars across Australia, which build on the the concepts he shares in his 2012 book 'How To Buy A House For A Dollar', voted by Money Magazine and Dymocks Book stores as one of the Top 10 Most Popular Finance Titles for 2013.
He regularly records and publishes iTunes podcasts via his channel Creative Real Estate.
His innovative low-risk, high-reward approach to Australian real estate investing has been featured in a variety of television programs and magazines, including Today Tonight, Hot Property and Australian Property Investor.
To register for one of Mr Otton’s free Australian one day seminars visit HowToBuyAHouseForADollar.com.au or phone, in Australia, 1300 888 450.