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Old 27-05-2012, 06:13 PM
willair willair is online now
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How to buy a house for a dollar..

http://howtobuyahouseforadollar.com/success-stories/
Just wanted to ask has anyone used this system over the years and how has it worked out..
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Old 27-05-2012, 06:47 PM
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The only plausible explanation is that it is an equity draw down in which case it's hardly buying the prop for a dollar.

If he's sprinkling options that's not "buying" a property that's entering into an option.

*edit* iPad auto correct of "spruiking" to "sprinkling" is so awesome I will leave the typo in.
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Old 27-05-2012, 06:50 PM
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Quote:
Originally Posted by willair View Post
http://howtobuyahouseforadollar.com/success-stories/
Just wanted to ask has anyone used this system over the years and how has it worked out..
Anything that sounds too good to be true usually is.
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Old 28-05-2012, 05:37 AM
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One of the success stories listed on that page is David and Julie Siacci , there's a link to a thread on the forum here with feedback from David Siacci

David and Julie Siacci

How to buy houses for $1 looks a lot like Ricks other strategies of How to buy a house without a bank, same strategy different book?
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Old 06-06-2012, 09:40 PM
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Sounds like a scam...

The easiest way to make a million is to start with a billion...
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Old 07-06-2012, 09:17 AM
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It will no doubt involve options. Doubt you will find a vendor willing to sell you an option for $1 too easily.

BTW, I seen Rick Otten has a book out on this topic.
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Old 07-06-2012, 09:34 AM
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The book is
How to buy a house for a dollar : the proven way to build a property portfolio from scratch using none of your own money
Author: Rick Otton; Jade Barclay
Publisher: Bondi Junction, N.S.W. : We Buy Houses, 2011.

http://www.worldcat.org/title/how-to...=brief_results

There is a pic of it on the website http://howtobuyahouseforadollar.com/ but I cannot find any mention of the book there.
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Old 07-06-2012, 12:49 PM
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scam? what the fark?

i think it's far from that - it's just a different way to buy a house that doesn't involve a bank and requires a different set of parameters to define for risk.

it's called a "wrap". google it.
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Old 07-06-2012, 03:45 PM
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Yes - it's an option / wrap / vendor finance strategy.

Buy an option on a property for $1, add 2% or so to the interest rate and on-sell.

That's why you see all those 'we buy houses fast! (and pay asking price)' signs stuck on poles around the place, they are looking for vendors.
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Old 07-06-2012, 10:00 PM
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Just wondering about the questions..

Quote:
Originally Posted by willair View Post
Just wanted to ask has anyone used this system over the years?
Quote:
Originally Posted by willair View Post
and how has it worked out..
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Old 07-06-2012, 10:13 PM
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Let's put it this way.

Anyone that has to advertise using hand written signs tacked onto telegraph poles is not doing very well.

But its the ones with fancy showrooms, expresso machines and marble floors that are truly dangerous.
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Old 07-06-2012, 11:20 PM
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Let's put it this way.

Anyone that has to advertise using hand written signs tacked onto telegraph poles is not doing very well.

But its the ones with fancy showrooms, expresso machines and marble floors that are truly dangerous.


I got suspicious when he kept calling me "Wallet" instead of "Walter"
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Old 08-06-2012, 09:20 AM
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You can actually buy a place for a dollar here
http://www.bid4assets.com/marketing/absolutehomes/
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Old 08-06-2012, 09:28 AM
willair willair is online now
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You can actually buy a place for a dollar here
http://www.bid4assets.com/marketing/absolutehomes/
So for a 100 bucks US and maybe within 5 days you could buy several houses,and when you look at the value compared too Australia RE Values something might be out of wack..
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Old 08-06-2012, 10:22 AM
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They really are dumps though in places you would not want to live.
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Old 10-06-2012, 07:15 AM
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You can actually buy a place for a dollar here
http://www.bid4assets.com/marketing/absolutehomes/
Before I even clicked on the link, I was thinking; "I'll bet Detroit and Flint feature in there prominently...."

Badabing.

How's "Michigan"....25 listings, next was 7
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Old 10-06-2012, 07:43 AM
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Quote:
Originally Posted by Terry_w View Post
The book is
How to buy a house for a dollar : the proven way to build a property portfolio from scratch using none of your own money
Author: Rick Otton; Jade Barclay
Publisher: Bondi Junction, N.S.W. : We Buy Houses, 2011.

http://www.worldcat.org/title/how-to...=brief_results

There is a pic of it on the website http://howtobuyahouseforadollar.com/ but I cannot find any mention of the book there.
I had to have a look for Jade Barclay

She's a ghostwriter/researcher for a number of authors and was involved with one of his other books - No Money Required, by Rick Otton
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Old 13-06-2012, 03:00 PM
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Did anyone see that show on SBS last night at around 9.30pm? Dateline, or Niteline or something.

A report on the poverty situation in the USA, and they went for a "tour" around Detroit, Michigan.

Fair dinkum; it looked exactly like Iraq about a year after the war started; an absolute bomb blast..

No wonder the houses are a dollar or so. It was a ghost town.
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Old 13-06-2012, 03:18 PM
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It's essentially using options and various rent-to-buy methods. It's fundamentally vendor financing. Rick Otton (he's all over the website) has been around for a while as has his business. It's definitely not a scam.

Some would consider the methods to be unethical but there certainly is a sustantial market for it and it can be done in a manner that works well and meets the goals of everyone involved. This sort of things tends to work best when it is a win-win situation.

It's certainly not the sort of business for everyone. I toyed with vendor financing about 10 years ago and realised I wouldn't be able to do it. I do know a lot of good people who have been able to implement vendor financing very successfully.

I must also stress that it's a business, not an investment. It's definitely not something you can set and forget.
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Old 16-06-2012, 12:38 PM
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It is vendor finance and people have done very well through that. Its meant that people have earnt alot through property when they wouldnt otherwise have afforded to . Its just another choice. STeve Mc Knight i think also has used that strategy and the other people mentioned in one of these posts DAvid Siacci i think the name was is also ethical and successful and teaches a good strategy for people who otherwise wouldnt be able to afford to buy property and get started in property investment. EVen those seasoned investors can have money tied up in other projects so could use options or vendor finance for win win situations as another way to make money and invest more.

Alot of people are finding areas in the Usa to invest in property and have extremely high yields both in residential and commercial property. Its something one needs to really know what they are doing, but its actually a great investment for those who can jump on the bandwagon and do it properly at the moment.

Jason.
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