All Topics / Creative Investing / Consumer Protection Western Australia

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  • Profile photo of Paul DobsonPaul Dobson
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    Today the Consumer Protection WA issued a press release regarding Rick Otton.

    In the interest of hearing both sides:

    – The WA Consumer Protection press release is at; CLICK HERE, and

    – Rick Otton's press release is at;  CLICK HERE

    Cheers, Paul

    Paul Dobson | Vendor Finance Institute
    http://www.vendorfinanceinstitute.com.au
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    An alternative way to finance your home.

    Profile photo of tom123tom123
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    Interesting read, I couldn't access the rick ottton's one.

    Profile photo of TerrywTerryw
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    Ditto. Interesting but the otton link not work.

    Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
    http://www.Structuring.com.au
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    Lawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au

    Profile photo of Paul DobsonPaul Dobson
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    Sorry about the broken link It's now fixed and here it is again;  CLICK HERE

    Yes, the knock on effect for all seminar presenters may be interesting.

    Cheers,  Paul

    Paul Dobson | Vendor Finance Institute
    http://www.vendorfinanceinstitute.com.au
    Email Me | Phone Me

    An alternative way to finance your home.

    Profile photo of TerrywTerryw
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    PaulDobson wrote:
    Sorry about the broken link It's now fixed and here it is again;  CLICK HERE

    Yes, the knock on effect for all seminar presenters may be interesting.

    Cheers,  Paul

    Thanks Paul. Rick doesn’t actually say much does he.

    And interesting what the flow on effect will be.

    Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
    http://www.Structuring.com.au
    Email Me

    Lawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au

    Profile photo of Paul DobsonPaul Dobson
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    I had a couple of comments in a VFI News I put out yesterday – CLICK HERE

    Cheers,  Paul

    Paul Dobson | Vendor Finance Institute
    http://www.vendorfinanceinstitute.com.au
    Email Me | Phone Me

    An alternative way to finance your home.

    Profile photo of Property watcherProperty watcher
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    After reading the Consumer Protection press release , all I can say is that the bit about using the events to sell courses could apply to any of the gazzilian spriukers that visit WA. They must surely have looked at these too? So why the special singling out?  Me thinks that a few toes at the Consumer Protection were trod on recently.

    Profile photo of Paul DobsonPaul Dobson
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    Hi Rick

    Thanks for your post.  As a full time vendor financier and one of your ex students I found it fascinating.  Good luck to you and the WA law society for backing that young fellow.

    It's always been interesting to me to see how vested interests react to new ideas that threaten the status quo ;-)

    Cheers, Paul

    Paul Dobson | Vendor Finance Institute
    http://www.vendorfinanceinstitute.com.au
    Email Me | Phone Me

    An alternative way to finance your home.

    Profile photo of Tamara43Tamara43
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    I'm sure Rick mentioned on one of his podcasts that the WA Government implemented a Rent to Own scheme in the 1940's for people who couldn't afford to buy property. Perhaps this government needs to go back to their predecessors to work out what an Option is!

    Profile photo of rickottonrickotton
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     Hello its Rick Otton here with a little more accurate information re WA…Western Australia passed legislation that people need a real estate license in order buy, sell or trade a property option .

    I had an informal chat with the commissioner  as I was concerned every property developer and property speculator in WA would now need to be licensed . The state passed the legislation which also surprised many in the legal fraternity as it was never debated or challenged and many wondered if it would be upheld by the supreme court . Then a student used a cardboard box and written on it was "buy my house $500 a week"….The state charged the student with "misleading and deceptive advertising " because he did not technically own all of the house " therefore the box should have said "buy this house" WA  decided to charge the student and I rightly or wrongly felt   I would lend a hand to get this resolved in the supreme court once and for all. This started 18 months ago and then I released the book "How to buy a house for a dollar" that pointed out you build property portfolios by picking up existing property debt by a token dollar or pound moving between solicitors to act as the glue to hold the transaction together the same as Merrill Lynch did to buy Bank of America.

     WA was concerned that if people didn't understand the concepts they may be mislead into believing they could purchase the entire house for a dollar coin. I suggested pulling all materials from WA to resolve the issue but as the strategies in the book were legal in WA they requested it be withdrawn from sale for a period of two years and I refrain from teaching strategies contained within the book for the same two year period.  I agreed as well as to provide more information to remove all doubt about how buying for a dollar works.

     When I started 23 years ago in my quest to change the way people buy and sell properties it was because many of the established systems and methods were hundreds or years outdated and never questioned or challenged.

    I started the vendor finance association of Australia and as its founding President for 8 years I successfully lobbied Govt and taxing agencies for better legislative and tax treatment on the various types of strategies and was paramount in making vendor finance a more mainstream toolset which many make a living from today. Like any business I try to get it right every time but sometimes the market tells me I didn't so I'm constantly readjusting to market conditions an take the feedback whether it be good or bad…No other state or territory has questioned my book  it has been voted one of the best financial titles by both money magazine and the Dymock book shop chain

    Unfortunately I'm rarely on forums and apologise that probably my silence has no doubt created concerns but I have attempted to make amends here. R

    Profile photo of Danielle.AllanDanielle.Allan
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    Heard the guy rick does the Podcasts with has gone Bankrupt

    Ben Chislet is the guy isnt it. Does his bootcamps to.

    https://www.afsa.gov.au/creditors/creditor-meetings/chislett-benjamin

    Danielle

    Profile photo of House Buyer SolutionsHouse Buyer Solutions
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    Danielle.Allan wrote:
    Heard the guy rick does the Podcasts with has gone Bankrupt

    Ben Chislet is the guy isnt it. Does his bootcamps to.

    https://www.afsa.gov.au/creditors/creditor-meetings/chislett-benjamin

    Danielle

    Danielle, this information may or may not be true. In any case I fail to see what relation between naming and shaming someone publicly on a forum and what the legal situation of a court case against a 19year old boy has to do with anything.

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