Consumer Protection Western Australia

Interesting read, I couldn't access the rick ottton's one.

 Hello its Rick Otton here with a little more accurate information re WA…Western Australia passed legislation that people need a real estate license in order buy, sell or trade a property option .

I had an informal chat with the commissioner  as I was concerned every property developer and property speculator in WA would now need to be licensed . The state passed the legislation which also surprised many in the legal fraternity as it was never debated or challenged and many wondered if it would be upheld by the supreme court . Then a student used a cardboard box and written on it was "buy my house $500 a week"….The state charged the student with "misleading and deceptive advertising " because he did not technically own all of the house " therefore the box should have said "buy this house" WA  decided to charge the student and I rightly or wrongly felt   I would lend a hand to get this resolved in the supreme court once and for all. This started 18 months ago and then I released the book "How to buy a house for a dollar" that pointed out you build property portfolios by picking up existing property debt by a token dollar or pound moving between solicitors to act as the glue to hold the transaction together the same as Merrill Lynch did to buy Bank of America.

 WA was concerned that if people didn't understand the concepts they may be mislead into believing they could purchase the entire house for a dollar coin. I suggested pulling all materials from WA to resolve the issue but as the strategies in the book were legal in WA they requested it be withdrawn from sale for a period of two years and I refrain from teaching strategies contained within the book for the same two year period.  I agreed as well as to provide more information to remove all doubt about how buying for a dollar works.

 When I started 23 years ago in my quest to change the way people buy and sell properties it was because many of the established systems and methods were hundreds or years outdated and never questioned or challenged.

I started the vendor finance association of Australia and as its founding President for 8 years I successfully lobbied Govt and taxing agencies for better legislative and tax treatment on the various types of strategies and was paramount in making vendor finance a more mainstream toolset which many make a living from today. Like any business I try to get it right every time but sometimes the market tells me I didn't so I'm constantly readjusting to market conditions an take the feedback whether it be good or bad…No other state or territory has questioned my book  it has been voted one of the best financial titles by both money magazine and the Dymock book shop chain

Unfortunately I'm rarely on forums and apologise that probably my silence has no doubt created concerns but I have attempted to make amends here. R

Danielle, this information may or may not be true. In any case I fail to see what relation between naming and shaming someone publicly on a forum and what the legal situation of a court case against a 19year old boy has to do with anything.