(PRWEB) September 09, 2013
Rick Otton, author of How To Buy A House For A Dollar, explains how the rent-to-buy strategy can help curb the rise of shared rent property with young Aussies.
Latest census data tell that Australia’s Gen Y is moving into share household setups in order to pay the rent or sometimes even mortgages. Analysts explained that the number of 25 to 34 year olds living with friends or strangers in good suburbs has grown 1.2 percent since 2006.
This practice is popular among Gen Y living in Australian cities like Sydney which have high rental rates, according to the Sydney Morning Herald’s Gen Y can’t buy so opt to pay the share the rent on August 25, 2013.
Mr. Otton said in a recent interview that "the high cost of renting and loans is really taking a toll on the young people and their chances of being home owners."
"In situations like these, there is no way for young people to get a house of their own if they continue to follow the traditional process of buying and selling houses; that’s why it’s about time that they use newer and more efficient processes which can help them become home owners with less hassle," he proposed.
"Creative real estate processes are an alternative solution that can help young home buyers transition from being renters to home owners, without applying for a bank loan or saving a long time for deposit," he said.
"One popular investment property tip for beginners is the rent to buy or lease option," Mr. Otton shared.
He explained in the interview that the rent-to-buy strategy has grown in popularity in the past few years because it gives renters the option to purchase the house or unit they are renting at the end of the lease agreement.
"Young Aussies who are currently splitting the rent with their friends are the perfect fit for rent-to-buy agreements because this way their monthly payments are going towards something positive such as possible home ownership, instead of just going straight to their landlord’s pockets," he said.
"What’s more, this setup helps them save more by getting away from the additional costs of buying houses such as stamp duties and legal fees, and paying only for the current value of the house," Mr. Otton added.
Discover how property investment secrets for Aussies can change your life at http://www.howtobuyahouseforadollar.com/. Sign up now to get your own copy of Rick Otton’s Power Property Profits Pack free of charge.
About Rick Otton
Rick Otton is a renowned property investor and the pioneer in creative real estate investing. He is responsible for sharing creative real estate strategies used in buying and selling houses, which are in negative equity, with over 30,000 people – a number that continues to grow as he expands his reach in Australia, United Kingdom and the USA.
The Savings and Loans crisis motivated Rick to get his start in alternative real estate investments in 1991. With the help of his wife, Jane, he put his low-risk, high-reward strategies in inexpensively acquiring real estate to acquire over 76 properties in less than a year. This allowed him to make a fortune in real estate investing and inspired him to share these strategies to those who are willing to learn.
The success of his creative real estate strategies prompted him to start his own real estate company, We Buy Houses Pty Ltd, where he currently holds the title of Chief Executive Officer. The company has become a leading real estate enterprise which operates in Australia, New Zealand, United Kingdom and the USA.
In 2012, Rick achieved his life-long dream of publishing his his own book – How To Buy A House for A Dollar. It is a compendium of Rick’s tried and tested strategies, which a property investor needs to buy and sell houses easily without the need for traditional banking.
Having poured his passion into each page of his book, it is no surprise that How To Buy A House For A Dollar received critical acclaim in Australia; making it to the list of Top 10 Most Popular Finance Title for 2013 as voted by Money Magazine and Dymocks Book stores.
Rick continues to share his creative real estate strategies through his Creative Real Estate iTunes podcast, which is now the #1 Real Estate Pocast in Australia and has just announced the launch of his upcoming book How to Buy a House for a Pound for the UK market.
He is currently focused on reaching out to more people by sharing these creative real estate strategies by conducting one-day seminars free of charge around Australia discussing strategies contained in the book. The How To Buy A House For A Dollar One Day Live Event brings together seasoned experts of creative strategies with new students for an interactive discussion of the book’s contents.