Rick Ottons Course

[Stavros]

Hi everyone

Just wondering if anyone has looked at or obtained Rick Ottons course (massive pack or go direct program). Interested in anyone who has done the course(s) and how they went, weather successful or unsuccessful, as I am thinking of purchasing his massive pack.
Look forward to your comments
Thz

 

[Lofty]

Hi Stavros

I notice that you're based in Adelaide. In Vendor Finance (VF) terms, this is just about the worst place you could be. That's because South Australia is the only State that's effectively outlawed vendor finance in the residential real estate market. So, if you do go forward getting into VF, I'd suggest you put into your planning a realisation that all your VF transactions will need to be done outside S.A.

We have a good friend that tried to operate a residential real estate VF business for 3 years in S.A. but, after the last set of legislative changes to the law surrounding Options, he finally gave up and moved to Melbourne (where he runs a successful VF business).

Apart from what can be picked up on the internet, other VF educators in Australia are:
Paul Zalitis
Dave & Julie Siacci
Sean Somerville

Cheers, Paul

 

[Stavros]

Hi Lofty

Thanks for your comments.
I have notice a few "we buy houses " signs around , so they must be doing rent to buy deals rather then vendor financing ???

What do you think?

Stavros

 

[Lofty]

Hi Stavros

Yes, I imagine they are doing Rent To Owns (RTO's). Also called Lease/Options. However I suggest they have a close look at how the S.A. government changed the rules on RTO's, towards the end of 2009.

There isn't anyone in S.A. that stands around looking to stop RTO's being set up. It turns to worms when the RTO starts to run into trouble, i.e. the buyer stops paying and you end up in the Residential Tennancy Tribunal (or its equivilent in S.A.).

The gent I mentioned in my earlier post, has a non paying tenant buyer at the moment. The problem is, if the tenant buyer presents the Option at the tribunnal, because of the changes made to the S.A. rules towards the end of 2009, the tribunal has all sorts of new very scary powers. In fact our friend is currently in deep discussions with his solicitor, in an effort to resolve the situation without going to the Tribunal.

I've been to many VF seminars and without fail, all the VF educators have suggested not doing VF in S.A.

Cheers, Paul

 

[Stavros]

Hi Lofty,
Thanks again for your experienced insights. It seems like S.A would not be the best place to conduct VF activities.
As I am orginally from QLD I might wait till I return home to start my VF dealings (approx 24 mths time).
Is there a way (or do you know of people) that do VF deals interstate successfully, as I would really like to get started in studying and formulating deals now as I have time to do the study & research required, instead of waiting to when I move back to QLD.

Appreciate your sharing of knowledge

Stavros

 

[Lofty]

Hi Stavros

We live in NSW but we also do transactions in Qld and Vic. Just before moving from S.A. to Melbourne, the friend we've talked about earlier, did quite a few transactions in Vic, with the aid of a "birddog" (an associate who helps locally and often has the job of finding properties for you).

Also have a look at the Vendor Finance Association's website and make a point of attending as many Property Investor type meetings as you can in Adelaide. Sure, start your education now but use as many of the freely available educational resources as you can first. A commercially available manual will probably be helpful but watch out for the expensive 12 month mentoring programs. We did three VF transaction before we ever considered one of these.

Cheers, Paul

 

[Stavros]

Hi Lofty

Thz for all your help & wise words.

I will look into the VF assoc websites.

Your information and knowledge sharing has been greatly appreciated.

Hope you have a great 2011

Stavros

 

[kaz101]

The original question was about Rick Otton's course and we've done the Massive Passive course and we're on Go Direct at present (and we live in SA).

We know of people who did the Massive Passive course and bootcamp and have now bought several properties in SA. Lease options can only be for 6 months at a time and instalments are not allowed (they are in the rest of Australia) but some other vendor finance is allowed.

We signed up for the Go Direct course for the extra training and support and within a month we've bought our first lease option for a dollar and we are negotiating on several more at the moment. We are close to Victoria and so we are doing our deals there.

If you have anything else you want to know about the Massive Passive or Go Direct courses ask away

Regards,
Karen

 

[yasminkh]

Hi Karen,

I recently bought the massive passive homestudy kit and just got back from the bootcamp on the Gold Coast wher we signed up for the go direct program. Can you please let me know how you went with the program I am really keen to learn more about this but still have this fear factor thing happening.

I'm sure I'll get over it after I do my first few, which wouldn't be that difficult if I simply applied the strategies to my own investments which I are negatively geared at the moment (hopefully that will change very soon).

Any info or feedback from the course would be gretaly appreciated.

Cheers
Yaz

 

[kaz101]

Hi Yaz,

I've met quite a few Go Direct members since I've done the Go Direct bootcamp as well as met other Go Directors at a breakfast meeting.

I think that things have to be changed slightly for regional areas since things don't always work as quickly in regional areas as they do in city areas. That said it still works.

We've 'bought' our first house using this system and had a buyer within hours. Unfortunately the buyer dropped out and now we are looking for another one in Portland, Vic.

A lot of what we're learning is that the course works when you follow it! When we've varied from the course that's when things go wrong but of course it's a learning curve.

You'll be given access to the Go Direct online forum and I'm on there most days, and of course you also get support within 24 - 48 hours which is great.

The monthly webinars are good but it actually took quite a bit of courage for me to start asking Rick questions since I knew others would be listening in but now I'm used to it.

There is a lot of support, so use it and there will be more to come once you've done your Go Direct bootcamp.

Give yourself permission to stuff up. Don't wait until you know everything - just start taking baby steps and you'll get there.

Come and find me on the Go Direct forum once you've been given access. There are a lot of supportive people on there all going through the same thing!

Cheers,
Karen

 

[danielle]

Hi Yaz,

We did Ricks boot camp and found it all very exciting. We went for the sales pitch into Go Direct and were very disappointed.

Rick basically tells you that people will be knocking your door down to sell you houses for a dollar and also to buy them with 20k plus deposits. He actually never taught how to sell a house and do the due diligence around that. He promises big but doesn't deliver.

Is he still running the line that he'll take you direct to the banks. He never did teach us that and the guys he brings in to actually teach you stuff say you cant do it anyway.

In our 40ish or so co Go Direct students only 1 did any good and they only did 2 deals anyway. Not exactly what Rick says at the boot camp.

Get your money back and go find some one else to teach you properly.

Danielle

 

[kaz101]

Hi Danielle,

When did you do the Go Direct bootcamp? I'm curious to know whether it's changed since we certainly weren't disappointed. We already know students on our course who have bought 2 or more properties since December and a few that have bought that many simply from doing the massive passive home study course.

Regards,
Karen

 

[Caroline Edson]

Hi Yaz,

We have done Rick's course & are now members of his Boardroom group. We work in Mackay Qld & have used a number of Rick's strategies & have been quite happy with the outcome.

I think the most important thing you can take out of the course is to remember YOUR target audience. Not all strategies are going to work in every area.

As you already know from previous statements being in SA you have certain limitations due to laws. My suggestion would be that as you have seen a number of the WE BUY HOUSES signs around the areas to ring them & explain who you are & set up a meeting so you can gain some one on one advice from people who have done Rick's courses in your area & find out pros & cons that they have come across. You may be able to set up some kind of referral work with them that is mutually beneficial.

Kind Regards
Caroline Edson

 

[Grego]

The original question was about Rick Otton's course and we've done the Massive Passive course and we're on Go Direct at present (and we live in SA).

We know of people who did the Massive Passive course and bootcamp and have now bought several properties in SA. Lease options can only be for 6 months at a time and instalments are not allowed (they are in the rest of Australia) but some other vendor finance is allowed.

We signed up for the Go Direct course for the extra training and support and within a month we've bought our first lease option for a dollar and we are negotiating on several more at the moment. We are close to Victoria and so we are doing our deals there.

If you have anything else you want to know about the Massive Passive or Go Direct courses ask away

Regards,
Karen

Is there much difference in the content of the Massive passive compared to the bootcamp?
I realise the massive passive has a lot of CDs etc, but is it all teaching the same thing? or is there additional material in the massive passive?

Greg

 

[tubs]

My understanding is that you can use the Massive Passive pack on its own.

I heard from someone who had done their first deal after getting the pack and before attending the boot camp. So everything you need should be in there.