Technology is providing a number of avenues that makes dealing in a global market easier than ever.
(PRWEB) April 10, 2014
In a podcast discussion featuring two U.K. investors property investment educator, Rick Otton, has explored the trend to seek out motivated landlords and purchase desirable properties for sale sight unseen. He revealed that there is often no need to involve lawyers, or even meet with the seller as all of the communication and transactions are handled remotely. In the Podcast, he has noted that with little to no money down, and with a tenant to carry mortgage payments in a growth market, you have nothing to lose even if you decide you have to sell.
“Technology is providing a number of avenues that makes dealing in a global market easier than ever,” explained Mr Otton. “The only thing you need to contend with is the time differences. All your calls can be made via Skype which allows you to authenticate a person’s I.D. and ownership with camera snaps as well as to converse and negotiate the deal. The rest of the paperwork can then be handled using an excellent little tool called EcoSign.”
EcoSign allows a formal way to sign legal documents and Mr Otton provides the required drafts to make things even easier. “Direct to seller transactions are made even easier. A lot of people in the U.S. for example don’t use attorneys for real estate transactions. I can provide easy to use single page documents that cover all the points required,” says Mr Otton.
In the Podcast, Mr Otton spoke to a U.K. investor who saw an ad for a gentleman who was eager to get rid of a U.K property for sale with a troublesome tenant. After a quick phone conversation she arranged to send him a cheque, shared Mr Otton’s form paperwork, signed it and the transaction was complete.
“The seller will have to sign a form giving you permission to speak to the lender. This allows you to discuss all of the details with the bank and ensure there isn’t anything missing from the details the seller has provided,” advises Mr. Otton. “You will want to know when the last mortgage payment was made as well as what kind of mortgage was involved.”
Buy-to-let mortgages are simple to take over and require little renegotiation. However in many cases if you are taking over a loan that’s only got 12, 13 or 14 years left, Mr Otton believes that it is sometimes to make it more palatable or create more cash flow you can arrange for the bank to restructure the loan back to 25 or 30 years to get your monthly payments down.
“Of course because you have put little investment in up front all you need is a tenant to make the mortgage payments, hopefully with an amount that will provide extra cash flow for you,” says Mr Otton. “This an excellent strategy in a growth market where you can sell at any time and make a profit no matter what.”
“With rental properties I will hand over management to my local agent who can take care of any maintenance needs. They will have a whole list of all the handy people and they can organise someone who will fix things as needed,” says Mr Otton. This is the final step in managing global rental properties remotely and without worry.
Mr Otton has made available a complimentary downloadable Power Property Profits Pack at RickOtton.co.uk. Phone enquiries in the UK are welcome on 0207 000 1027.
About Rick Otton
Rick Otton is a property investment professional who, over the last 23 years, has introduced innovative real estate strategies to the UK, Australian and the United States. His creative ‘low-risk, high-reward’ approach to buying and selling houses is exemplified in his own business, We Buy Houses.
This year marks the 10 year anniversary of Mr Otton introducing his strategies to the UK, and the 5 year anniversary of his innovative ‘Buy A House For A Pound’ process – one that attempted to be emulated by others. His constant process of strategy refinement, and adapting to the ever-changing real estate market, continues to place him at the forefront of property investment education.
In 2012 Rick Otton published his Australian book ‘How To Buy A House For A Dollar’ which was named in the list of Top 10 Most Popular Finance Titles for 2013. A UK version is on the drawing board for publication in 2014.
Mr Otton freely shares insights into his non-bank-loan strategies that have allowed everyday UK men and women to beat the rental cycle and have their own homes. He coaches others on how to build profitable businesses by facilitating transactions that focus on the needs of potential buyers and motivated sellers.
Access his complimentary downloadable Power Property Profits Pack at RickOtton.co.uk. Phone enquiries in the UK are welcome on 0207 000 1027.