Rick Otton Bootcamp…

Hi Batts

We took a big leap of faith and moved the family from a cushie expat lifestyle, back to OZ in early 2003, after buying Rick’s Wrap Pack. We attended Rick’s Camp in March 2003 and haven’t looked back since.

To say the least, it has been very profitable but what has also been great is the relationships we’ve built with the people we’ve helped into their own homes. I know it’s an over used term but the win – win nature of this business is a great plus.

We have also used Steve’s Wrap Kit and we feel you will get excellent education no matter whether you pick Rick or Steve as your teacher.

I would also suggest that you don’t pay out these large sums of money unless you absolutely commit to real action on completion of the courses you choose. Too many people spend too much money and end up doing nothing because of analysis paralysis or whatever.

Good luck.

Cheers, Paul

The event this year moves with the massive growth in the market place of assuming loans through lease options and creating debtfree income streams through 2nd mortgage carrybacks.I’m sure we’ll cover all the other types of vendor financing somewhere but for the benefit of those not familiar with the power of the 2nd mortgage carrybacks as a great cashflow strategy here is something that came together this week.
Some readers of this post will know about a pretty new, but smelly house I picked up a couple of weeks ago for a great discount because the agent simply could not get anybody to look at it.
The house was worth 350k and we paid $276,800 including smell. We asked the selling agent to get it painted for 3k then a mortgage broker bought us a buyer who could get a loan with RAMS but did not wish to pay the mortgage insurers fees.We received 10k deposit in cash and a second mortgage for 60k paying us $384 a month cashflow for 30 years with the buyer taking title with his new RAMS 80% loan. All this done by either the agent or the mortgage broker with no underlying loan debt for us and never leaving the office.The cashflow creating power of this strategy is awesome.www.rickotton.com

Hi Jay

If you buy a property for $276,800 a few weeks back and sell it this week for $350,000, then this week surely you’re allowed to say that the property has a market value of $350,000 because this is what someone is prepared to pay for it.

If RAMS now value the property at $350,000 you have two indicators that the market value is $350,000.

I’d agree that a few weeks back it had a market value of $276,800. But now it has a market value of $350,000 and all you’ve had to do is paint it for $3,000.

If at this point someone can’t say they bought a $350,000 property for $276,800 then when can they? (discounting the paint)

Cheers, Paul

Thank you for the question.Before I agreed to this purchase I asked the agent (whom I’ve bought from before)what else had just sold in the street to support this property as being below market and a good buy.Two houses had sold in the same street one for 348k and one for 355k.I will shortly put up on my site some downloadable footage of this transaction taking place with the agent in the driveway of this house.www.rickotton.com

Hi all,

How does CGT apply in this case?

Munjy

Sounds interesting… but I couldn’t help wondering about the smell. What was causing it, how did you get rid of it or did the fresh paint fumes just cover it up? [sick3]

Reminds me of a place we once moved into after the agent assured us it just needed a little airing. Turns out that the carpet and underlay were glued to the floorboards with dog urine. Man was that scary – even the carpet guy took photos!shocked2]

Sonja

Hi SRO

Karen, my wife and I were trained by Rickand have now on sold many house using various vendor finance techniques. We would be happy to give you the names and telephone numbers of every single one of those purchasers because they’ve already told us that we don’t have to ask each time, just get our prospective buyers to ring them.

If you search through this forum you will see various comments about Mr Jennman’s thoughts on vendor finaning. May I suggest you read a broad range of these comments.

Both Rick and Steve have taught vendor financing techniques to many people over the years. Just as there are good and bad real estate agents and car sales people, there are bound to be bad vendor financiers. May I suggest you have a look at the website for the Vendor Finance (Wraps) Association and ask for a copy of the Association’s Code of Professional Conduct.

If you have a specific instance of unprofessional conduct by a vendor financier, I’m sure the whole vendor finance community would like to here about it (without names) so that we can see if we can get you through the problem you’ve been experiencing.

Cheers, Paul

Paul & Karen Dobson
negative2positive
Turn your negatively geared property into positive cashflow.
Phone: (02) 4984 9540

Talk to us about Wrap Training Joint Ventures.