...rather than take out a new bank loan, buyers may negotiate for flexible payment terms with the seller, wherein the buyer assumes the existing financing and pays the rest of the remaining equity in increments.
(PRWEB) May 09, 2014
A new survey from realestateview.com.au revealed that stamp duty, the rising cost of houses for sale, and saving up for a deposit are the three biggest obstacles that hinder young Syndeysiders from buying a home, The Daily Telegraph reported on 6 May 2014.
“These kind of survey results are just sad to hear, since I know for a fact that there are a lot of young Sydneysiders out there who have the passion to become homeowners. A buying rush for properties usually happens whenever interest rates are down, but, unfortunately, many young Aussies living in Sydney are unable to join the rush, because they don’t have enough cash to enter the market,” according to Rick Otton, the host of the highly anticipated Ready, Set, BOOM tour.
Mr. Otton then said in an interview for Ready, Set, BOOM that a lack of money shouldn’t be an issue when it comes to buying a home, especially after the lessons we learned after the global financial crisis.
“If there was one thing that the global financial crisis has taught us it’s that you can’t solve new problems with old solutions. So if we continue following the old process, there’s a big chance that the next generation of Aussies will be renters all their lives,” he explained.
“In order to stop this cycle, I recommend young Aussies to start thinking of creative ways to solve their property problems rather than follow the traditional process. For instance, rather than take out a new bank loan, buyers may negotiate for flexible payment terms with the seller, wherein the buyer assumes the existing financing and pays the rest of the remaining equity in increments. In that way, a buyer doesn’t have to spend a large sum of money upfront. And because the payment terms are more convenient to the buyer, it makes it easier for the buyer to pay the seller’s asking price. It’s a win-win for both parties,” he shared.
If you want to learn more about creative real estate strategies, you can join Rick Otton for the second round of his 2014 Ready, Set, BOOM tour. Mr. Otton will be visiting Sydney on 29 May 2014, Thursday, and 31 May 2014, Saturday. Register now at readysetboom.com.au.
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 workshops 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 upcoming Australian seminars, visit ReadySetBoom.com.au or phone, in Australia, 1300 888 450.