Who is Rick Otton?
Rick Otton is one of the easily identifiable connoisseurs of the often volatile and capital intensive property markets mainly in the United States and Australia. In his own words, he is an entrepreneur, property coach, speaker, an author and a writer. He has eked out a successful living in real estate with little to no capital, specifically bank loans and tries to teach many prospective investors the same. Born in 1957, Rick Otton founded We Buy Houses and saw it grow into one of the internationally acclaimed real estate players in US, Australia, New Zealand and UK. He also founded the Vendor Finance Association.
What Does Rick Otton Do?
Rick now specializes in guiding investors with no capital or cash in their attempts to create a positive cash flow with real estate business in general and residential in particular. He authors books which explains several of his strategies and know how as well as teaching these strategies. He encourages investors to desist on over reliance on price determined strategies and rather focus on strategies that will maximize the terms of acquisition and sale of the property in question. One of Rick’s famous principles is ‘things do not change and it’s only people who change things.’ Also, he mainly teaches his followers and students how to invest with little or no cash in this capital intensive industry through his mentoring packs, educational seminars, online guides and a host of other study courses.
History and Past experiences
During the late eighties and early nineties, Rick Otton was an Aussie in the United States, albeit unemployed. This was coincidentally the time when the financial markets were facing a Savings and Loans Crisis. While the values of properties were falling to as low as a tenth of their original value, many people Rick included did not have the financial muscle to purchase these properties. Rick Otton soon realized he had to come up with a strategy that would work for him and in the ensuing 22 years, several other people who were in his shoes. During those early years, Rick initially convinced investors from his home country of Australia invest in two properties that he identified. The properties eventually appreciated in value and he made a profit thus encouraging him to develop on his strategies.
There are two main strategies that Rick sells to starting entrepreneurs and other followers that is the positive cash flow and the no money down strategy. The former strategy contains two main elements; wraps which is a contract in the long term and the rent to own which is an arrangement to help the tenant purchase the residential property in the short run. The latter strategy involves the convincing power of the deal maker or the investor to convince the seller to agree to pass on control of the property in a sandwich lease while delaying payment.
Do Rick Ottons’s strategies work?
Many people have read and tried Rick Otton’s strategies and while the manner in which their expectations have been met is different, the common ground is that you stand to gain from his strategies with a combination of your own real estate tactics. His strategies may not be the biblical truth in this sector, but does indeed provide critical insight for any investor that will not consume anything on the face value.