The strategy he used with this deal meant that the pensioner was able to sell her house for more than she originally had it on the market for, and a young tradie was able to get a foot in the door on a ‘rent-to-buy’ arrangement.
(PRWEB) November 14, 2013
They say that necessity is the mother of invention, and on his new iTunes podcast, author and real estate strategist Rick Otton’s has revealed how his frustration with the banks led to some great outcomes. In a podcast discussion, one of Mr Otton’s former students, Boaz, illustrates how got his start using Mr Otton’s methods while living in a small community of just 5,000 people on the New South Wales mid north coast.
Cutting the banks out of the picture
Boaz first tried using Mr Otton’s unique property investment strategies following two offers on his house that fell through on bank financing. Faced with the prospect of losing forty to fifty thousand dollars on the price of the house, Boaz decided to cut the banks out and directly finance the next people who made an offer.
"Two years on from that deal, Boaz’s first buyers have built up equity in the property and are ready to refinance on this, their first home. This deal is the reason they’ve been able to buy a property, to create that payment record and build up that deposit. It’s great stuff!" said Mr Otton.
Helping out in a small community
Mr Otton’s emphasis on structuring property deals that help every stakeholder to win was illustrated in another of Boaz’s deals. A pensioner in Boaz’s small town was keen to sell her townhouse so she could move closer to her family, but she was frustrated after the house sat on the market for several months.
"This is where the property magic really comes into play," said Mr Otton. "The strategy he used with this deal meant that the pensioner was able to sell her house for more than she originally had it on the market for, and a young tradie was able to get a foot in the door on a ‘rent-to-buy’ arrangement. And best of all, Boaz has come out of it with $60,000 profit on the back end!
Get creative and get ahead
If that example seems at first like it doesn’t add up, the podcast makes it crystal clear how it works. To add to that, Boaz also shares the story of a deal he made a mistake on – and still came out ahead. He notes the trick is to focus on finding creative solutions to meet people’s needs.
"For me it’s really about finding what they need. If I can match a solution to what they need then everybody gets what they want. Can you get better than that?" said Boaz.
This, and other free Creative Real Estate podcasts, are available now at CreativeRealEstate.com.au.
About Rick Otton
Australian property investment specialist, Rick Otton, has been developing, sharing and teaching his innovative real estate strategies for 23 years. As the founder and CEO of We Buy Houses, which operates in the US, UK, Australia and New Zealand he is known for introducing cutting-edge techniques that have enabled previously disenfranchised people to get out of the rental cycle and into their own homes.
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. His real estate book, published in 2012, ’’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.
As well as conducting free seminars, workshops and conferences in the UK and Australia, Mr Otton releases a weekly podcast on iTunes, Creative Real Estate. In these he shares examples of real transactions, and you can listen to his students share their own experiences using his strategies.
Go to CreativeRealEstate.com.au to listen to Rick’s free podcasts.