It’s possible to Buy house for a DOLLAR?

Hi,

Received the book today, looks to be a great marketing tool with get this for free and that for free. I am always cautious and look for the motive from all marketing approaches, in saying this I will look into investing my next $100 into buying my next 100 properties, hopefully after reading furthermore in the book I can learn how to do so. I am sure there will be some tried and proven examples from the past, if legally they are possible today may be a question, but as I said, I need to read the book. Keep your mind open to new concepts but move forward with caution.

Cheers Grant

Normally if it sounds to good to be true it is. I'm sure it can be done otherwise you wouldn't be able to advertise it for so long without be called out which hasn't happened yet, but from what I've heard its more about trading property without ever owning it so your name is never on the contract you just kind of flip it back onto the market with the dollar as your holding depoist. I could be wrong but once you've read the book let us know would be good to hear the strategy. 

I am just about finished this book. I own and have read dozens and dozens of real estate/ investment/ money books and I found this to be one of the most frustrating. The first 2/3 of the book were spent on vague generalisations, with every chapter telling me about how this book was going to teach me the 'how to's' of his strategy, without ever actually doing it!…………..I shouldn't say "never" – eventually, near the back section of the book it did get into specifics, but there seemed to be a number of ananswered questions apparent for anyone who has a reasonable degree of real estate knowledge and experience.

Like a number of other strategies that can be used, I have no doubt this will work – if you have the right mindset, apply yourself to the max and ensure you do thorough research and get proffessional legal and accounting advice throughout. With so many strategies out there, it really is horses for courses. Personally i may use some aspects of this strategy to enhance my portfolio, but there are plenty of other options that are not quite so complicated, with great returns.

Richard, there's a little strategy called a HANDYMAN SPECIAL which allows your incoming buyer to use Sweat Equity to purchase the property in lieu of the renovations required. I wouldn't waste my time or money on renovating. I just don't have either. I'm a mum with 2 special needs kids so I'm limited on both of these. So in most cases No you don't need to spend money on renovating or developing to do real estate creatively.

Vendor Finance and Options all the way.  There is no such thing as can't only try. This strategy has been around for years. The name of the game is how much FEAR don't you have and how much DETERMINATION have you got?

The figure used is arbitory, its all a part of the negotiation with the vendor. Somehow you will need to flip the property without settling on it (within a pre-negotiated timeframe usually). It can be done with land, houses, units etc. 

I use $2000 – $10,000 deposits for development sites, get the DA through (ranging from $3000 – $15,000) and then on sell to other developers under an option period. This is obviously not a strategy to build a portfolio but builds capital. 

Your success is going to be based on the time you have to research and then action, also your ability to research the right deals. Its not the best move for a novice investor but can be done.

I've bought dozens of properties for $1 using Rick Otton's stratergies. I think the book is a good read. I liked it because it talks about transacting real estate without needing a deposit, don't need a bank loan, no stamp duty. It has allowed me to move forward with property, not sure if there are other ways I could have learnt as much and gained experience. That's just me.