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- #52 Wayne’s Guide to Kick-Starting Your Way To Creative Real Estate Success
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- #49 Do You Know These Creative Property Investing Tips?
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Australian real estate investment authority, Rick Otton has just coached listeners of his regular Creative Real Estate podcast through a series of his more unusual property millionaire secrets. During the Q&A podcast, Otton shared his top tips on a diverse range of issues from renovations and winning over real estate agents to building a versatile kit of low-risk, high-return property investing strategies.
Mr Otton is renowned for his radical property investment techniques which are often contrary to the traditional bank-loan-focused experts in the field. His personal mission is to help Australians, regardless of economic status or real estate industry experience, achieve financial freedom through property.
During the podcast, a listener asked about the benefits of making improvements to a property prior to finding a buyer.
“I do nothing, absolutely nothing. When I started out years ago, I’d spend money and time fixing properties, but people come in and their taste is nothing like mine,” Mr Otton said.
“I’ve just found over the years that you just burn too much money and energy. I reckon you’re better off just giving people the opportunity to turn a house into their home to suit their individual taste.”
Leveraging Unique Situations
Mr Otton said one of the keys to making his techniques work for property investors was to focus on the individual power of any given transaction, rather than on the profits a house could deliver.
“I’m not in the house business. I’m in the opportunity business. I’m not really interested in properties, I’m interested in situations. If you look at it this way, you’ll get better value in the long run,” he said.
“Sometimes I’ll say to an agent that my wife and I want to buy an investment property but we’ve only got $450,000 to spend. ‘Mr Agent, knowing that I’ve only got $450,000 which one of your sellers or vendors would be the most deserving of my @450,000?’
“Then they start telling you about the situations that people are in, whether someone is going to go bankrupt if they don’t get a buyer for him or whatever.”
The professional investment mentor encouraged aspiring investors to build a relationship of trust with real estate agents and property sellers over time so they would be more willing to embrace new transaction concepts.
Mr Otton said one of the best ways to help people to change their mindset and accept his techniques (which involved freedom from banking debt and using little, if any, of their own cash) was to ask the right questions.
“We figure out from the questions we ask and the answers we get back what the right tool to use is. During my workshops and events, it’s great because I can get right into the nuts and bolts and pull things apart, especially when people want to bring a transaction to the room and ask questions like ‘how do I get out of this piece of property?’ or ‘how do I avoid bankruptcy?’.”
To hear this, and other free podcasts from Rick Otton visit CreativeRealEstate.com.au.
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