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  • Landlords in Distress

    Guru and lease options crash - Rick Otton

    @pipllman

    "Hard to see through that one isn't it?"

    The people who went on his course obviously didn't see it like that, for some reason that I find incomprehensible.
    Bear in mind you could do the same in UK for only £1 if I understood the mantra correctly.
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    Hi Angela,

    I am afraid lenders would not accept the money from you. The exception may be Halifax but the criteria is strict and they will still need 5% from their own resources.

    I have had one agree however the money was kept in a solicitors account in the name of the TB and that was the crucial difference.
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    Lisa All comments are for education and information purposes only and do not construe as advice or a financial promotion. No liability is accepted for comments made. If you wish to receive information in an advisory capacity then please contact me about becoming a client. www.keys-mortgages.com

    Yikes, thanks Lisa!

    I will have to discuss this with my private Tenant Buyer then.

    I don't have a problem handing back the money to her and saying she should save £100 pcm from now on in a savings account of her own; but it is a slight concern that, although she seems a sensible lady, part of me thinks anyone who is happy to sign up to such an arrangement: "you save up for me please" - appreciates the removal of the temptation from themselves to spend it!?

    I presume if I hand her back the fund to date, as she's a way off from completing (ie: there are several years left to run), it will not be an issue by the time the purchase goes ahead.

    Thanks,
    Angela
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    Author of The Complete Guide to Property Strategies and The Complete Guide to Property Investing Success
    Learn more at http://www.completepropertysuccess.co.uk

    I also post property updates on my Facebook Page

    "It is the small decisions you and I make every day that shape our destiny" Anthony Robbins


    Surpised to see RIck Otton is speaking at the pin event in Basingstoke this month!!!!!!!!!

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    I’d like to clarify some comments that have been made on this forum.

    Currently, I am in mediation regarding the referenced case. 

    From an international perspective, lease options are a property tool that has been around for a long time.

    Here’s the Wikipedia definition of lease options:

    lease option (more formally Lease With the Option to Purchase) is a type of contract used in both residential and commercial real estate. In a lease-option, a property owner and tenant agree that, at the end of a specified rental period for a given property, the renter has the option of purchasing the property.

    Used correctly, lease options can benefit buyers and sellers. 

    I believe and teach it is important to have solicitors represent buyers and sellers in property transactions.

    When choosing any property investing strategy, it is a personal choice which strategy an investor chooses to use. 

    Having taught many investors over the years, it is my belief that once taught it is up to each individual to be personally responsible to conduct themselves in an appropriate manner. 

    If anyone has any questions, I’m happy to answer them. Please email me at support@rickotton.com.


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    Hi Rick,

    Thank you for joining the discussion.  Everyone is welcome here.

    If any questions are asked, we would respectfully suggest that they should asked on this thread, and answered on this thread, to keep them in the public domain.  If this happens, then all parties can benefit from the transparency.

    ​Nothing to hide = nothing to fear.


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    [Image: 4995468760_6be86655d4_t.jpg]
    general operations director, site owner and moderator - propertytribes.com

    Hi Rick,

    Welcome to the discussion.

    Please forgive me, but I am a little bit confused by your post.

    Correct me if I am wrong, but the case against you is due to misleading advertising/deceptive claims, and has nothing to do with the validity of lease options?

    On that note, we are all very familiar here in the U.K. with lease options and they are popular in the commercial sector.  However, they are much more risky in the residential sector and should be approached with caution because of that.

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    Just a quick note here, some great reading above...
    ​I have been out of property for a while and removed myself from 'everything property' to try other things. I have missed property so much and I'm coming back now with my proper property head on... and I have to say Vanessa Warwick... I forgot just how good Property Tribes is... so looking forward to learning a fresh in 2016 combined with my own previous experience. Based on the above which caught my attention... I had already decided to give Options a miss and based on the past and above... good idea.

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    Hi,

    i received a PIN email today, looks like Rick is speaking at the Kent Pin tomorrow 3rd March, pop along and have a look what he has to say


    alan

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    Seems he is on the PIN circuit as speaking at other ones too. Maybe Rick can tell us a little about his mediation to understand what the case is about.


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