Rick Otten on TV

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Rick Otton knows a thing or two about creative real estate deal-making. But that hasn’t stopped him spending more than a hundred and fifty thousand dollars on the books, tapes, and seminars of a host of real estate gurus since 1997. In his mid-forties, Otton and his wife, Jane, have purchased more than three hundred and fifty properties in the United States and Australia over the last twelve years.

The system Rick uses to buy and sell houses is called ‘Wrapping’. As soon as Rick buys a house he puts it back on the market. The people who buy his houses also get their mortgage from Rick – a very attractive option to those who have been turned down by the banks.

Rick and Jane have written a guide they call the Wrap Pack and are about to start presenting public workshops. We follow Rick’s attempts to transform himself from ugly duckling investor into seminar swan. Trouble is, Rick can’t decide whether to go for the Armani suit and whitened teeth or the Hawaiian shirt and giant novelty toilet plunger.

We also follow the progress of two couples who attended the first seminar: Brett and Carmen Mudie and Leo and Karen Spragg. Brett and Carmen realise that before they start investing they’ll have to take on a lot more debt – and they can’t wait. Leo and Karen are more cautious and even though Leo is sold on Rick’s system, he needs to be absolutely sure before he commits to anything. Will Leo and Karen end up like the 95% of seminar participants who never do anything with the information they’ve paid thousands of dollars to acquire?