Robert Allen Going Wild

One of the biggest thrills on this holiday for me (and there were LOADS!) was meeting and hanging out with Robert G Allen, author of Multiple Streams of Income, Multiple Streams of Internet Income, No Money Down and One Minute Millionaire among others.  He was there as a student, to learn how to use the internet to make sure that his next two books also go on the New York Times Best Seller List.

What a nice man!  Who know has a signed copy of MY book (along with Bob Proctor!).   How funny life can be sometimes……Bob got one of the hotseats and learned about Twitter (follow Bob at http://www.twitter.com/bestsellerbob ) and Ustream among other things, and I’ve just emailed him with more details about running a competition on YouTube like we did just before Christmas.  Secure your cabin for next year, at http://www.themoneygym.com/holidays – can you really afford NOT to come?

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Fully Financed Deposit Anyone? Government Practically Gives You Yours!

There has never been a better time to buy property, using more alternative methods, if you are flexible and have some nerve.  And I’m not talking about risk here, but the nerve to look and then take action outside the box.

In addition to the excellent model of securing your next home for todays lower prices on an option to buy in the future, while living in said future home and having your rent deducted from the eventual purchase price (aka rent to own or rent2own) you now have another very attractive alternative.

We have recently heard about a brilliant – and not very well publicised yet – scheme that the government have launched, to help first time buyers get onto the housing ladder – totally different from shared ownership schemes and which means that you can CHOOSE the property you want to live in, and then get help to buy it  Anywhere!

Open Market HomeBuy is a low-cost government-backed home-ownership programme that aims to help people to secure 100% funding of the value of their first home. It is a flexible equity loan scheme designed to help households earning up to a maximum household income of £60,000 a year to buy their own homes on the open market.

There are two Open Market HomeBuy products, which are designed specifically to help local authority and housing association tenants, key workers and others who are not able to afford to buy a suitable home in an area where they live or work without assistance.

Both products are available throughout England and have been designed to suit a wide range of personal circumstances.

MyChoiceHomeBuy / Ownhome

Ownhome is provided by a partnership between Places for People and the Co-operative Bank and is part-funded by the Government. Places for People is an equity loan provider in its own right.

Key features of Open Market HomeBuy

• You can choose between two distinct products, MyChoiceHomeBuy and Ownhome;
• You can borrow between 15% and 50% of the value of the property at a low, or no, interest rate;
• If you qualify for a mortgage of £110,000, for example, you could potentially purchase a property worth up to the current national house price average of £220,000;
• If you took up MyChoiceHomeBuy, you could get your conventional mortgage from a range of lenders; and
• If you opted for the Ownhome product, you would have a five-year interest-free period on your equity loan.

For both products, when repaying the equity loans, you would have to share any increase in the property’s value with the equity loan provider.

READ MORE HERE >>>

There are private initiatives doing a similar thing, and there is a company in Manchester, established 16 years ago, who offer a similar service to first time buyers, except that the interest amount paid on the deposit loaned is EVEN LESS!

And they offer a similar service to investors.

Why would they do that, and how do they make their money, I can hear you ask?

I’m like you – I ALWAYS want to know how folks make their profit and once I do, I feel a whole lot more comfortable.

By buying large job lots of property, wholesale, from the banks and building societies where they are repossessing, and then selling onto investors at a profit – but still essentially at wholesale prices.  That’s how.

Find out more about that here >>>

Exciting time ahead in property methinks.

Property For £1 – My First One!

Welcome to the world of buying UK property for just £1.  Here is the first deal I have done, within 3 weeks too!  This is fast and fun……and the best thing is, you are helping people who can’t sell (without beating them down on the price) and helping people who can’t buy due to not having enough deposit, or being able to qualify for a mortgage.  Here’s the info: 

Charming 2 Bedroom Cottage To Let in Littlehampton, West Sussex.

Stop!  Think about this for a second……….why rent when you can buy?

I am offering a lovely two bedroom cottage in Littlehampton to let, on a “Rent 2 Buy” or premium rental basis.  If you are a first time buyer but can’t afford the normal deposit, or get a mortgage in today’s market, this could be perfect for you! 

Click here for a 4 minute, streaming video, tour around the property….

[youtube:http://www.youtube.com/watch?v=olzAhu5_XEc]

The house is offered at £220,000 and you simply pay a 5% deposit, and then instalments of £1283 per month, and this lovely cottage could be yours in 2-3 years.  No mortgage required but you will need to provide work references and some other financial details.

Close to Central Littlehampton, with great road and rail links across West Sussex, in a very quiet private road, and a lovely secluded walled and gated garden – perfect for children.  The whole cottage faces South/West and is very light and sunny.  Fully refurbished thoughout, the cottage has a living room with open fire and beamed ceiling, double glazing and gas central heating.  There are two good sized bedrooms, lovely refitted modern kitchen with modern wood units and integrated cooker/hob, a hall/dining room, bathroom with white suite and seperate toilet upstairs.

Have a look at the video and if you would like to view this cottage, call me for more details on 01273 910986.  Stop paying dead rent and take your first step on the property ladder.

** Put your name and email in the box to the top right to get a Free Report on how “Rent2Own” works in the UK and join our priority Property List for 1 bed, 2 bed and 3 bed Worthing, Shoreham & Littlehampton properties**

Credit Repair With Rent2Own

For people who have a bad credit the rent to own home facility provides solace in the fact that they can repair their bad credit while in the process of buying the house. The rent to own home policy is a good one and helps the buyers purchase a house by renting it first.

Some people choose the option of a rent to own home in order to check out the neighborhood, before committing to the property. But there are other cash strapped people with bad credit for whom the rent to own home is the only way to buy their dream homes, because of the fact that they are unable to get home loans because of their bad credit.

There are a huge number of home owners who have found the home of their choice by the process of rent to own. Leasing the house before practically owning it is fast becoming the preferred choice of transaction among most people.

Suppose you have a bad credit history, then it is really hard to get finance from the banks to buy a house, under such a scenario the only option left is to go through the process of rent to own. In the process of rent to own contrary to the outright sales the buyer does not need to make a huge down payment at first, in fact the down payments are very small indeed. This makes it easier on the pocket for the first time investors as well, and the other fact that bout fifty percent of the rent paid by the prospective buyer is accredited to the rent credit account lowers the price of the house substantially.

People who have bad credit can always choose a leasing option where they have a longer option period , making it easier for them to repair their credit while being in the process of buying the house.

Courtesy :  Century 21 /HT Brown Realty

The good news is that Rent To Own (Rent2Own) is becoming more common in the UK, with a network of property investors who offer properties under this scheme growing all the time. 

Rick Otton, who pioneered the system in the USA and then Australia, mentored David Lee in the UK, and having got the process right over the last three years, David and Rick are now rolling out a tuition programme which is very exciting, and just right for the current market conditions.  First time buyers and novice property investors are struggling to get mortgages, and the Rent To Own / House For A Pound techniques are allowing investors to turn negative cashflow properties into positive cashflow, and allowing first time buyers and aspiring property investors with no deposit and no credit rating to find out how to buy a property (or several) for next to nothing.  This is not “no money down” but damn close to it!

The Money Gym sees this as a perfect complement to long term investing, and so we will be presenting the concept at our next Property workshop on 14th June.  Find out more here http://www.TheMoneyGym.com/mgpresents/property2.htm

Playing Property Snakes & Ladders

The rather interesting headline in todays Worthing Property Weekly was…”A Return To A More Steady Market”

Damn, damn, damn!  We all wanted another year of doom and gloom about house prices – never have there been so many empty houses with motivated sellers and prices being slashed.

The article goes on to say “The property market is correcting itself rather than heading for a spectacular crash, according to the National Association of Estate Agents.  It based it’s claims on information contained in the latest report by the Royal Institute of Chartered Surveyors…….The house price falls are modest and the picture is still patchy with some areas of the country finding it tougher than others….credit crunch affected confidence….underlying factors that support property market remain:  low unemployment, historically low interest rates and a pent up demand for houses.”

As I say, Damn, Damn, Damn!  I was rather hoping for those 15-30% drops my friends (non-property investing) boyfriend is confidently predicting and I told you about last week.  On her usual entertaining note, Judith has written about her personal rather up and down property investing story here.

“My history with property investing is somewhat checkered to say the least. In 1979 my Dad lent me £500 towards buying my first home which cost £9,000 and on which Ken Livingstone, then Leader of the GLC, gave me a 100% mortgage. I sold the flat in 1983 for £21,000 and bought a house costing £43,000. I sold that in a sealed bid in 1987 for about £85,000 and bought a house for £125,000 and then rented it out in 1990 as an HMO (house of multiple occupancy) even before we knew what such a thing was, and bought a flat to live in costing another £125,000. So at that point I owned two properties worth a quarter of a million, following nothing better than instinct, naivete and native cunning.

And then interest rates went to 18% and I struggled manfully with the cashflow of my business in difficult market conditions and to pay both mortgages for about three years until I finally caved in and in 1992 both my homes were re-possessed and I found myself in debt to the tune of about £300,000 and facing bankruptcy. Snakes and Ladders. Back to Zero. Er, make that £300k below zero.

So, if I suffered so badly in the last “crash”, how are things different now?  Why am I buying, buying, buying and more to the point, how am I doing it?”

(Nicola’s note:  Our next Money Gym Presents day is on Property, and not only will the best thing since vienetta Ice Cream be presenting there – Greg Ballard – but Judith and myself will be sharing the “Top Five All Time Ways To Make Money From Property” – find out more here.) 

Judith says:  One of those ways is something we only came across this year, but has blown us – and many of our Money Gym clients – away.  Dave & Rick’s Cashflow Investor plan means you don’t acquire more assets – or “slumbering giants” as I call them – and don’t get me wrong… you do need some slumbering giants.

But what if you have no equity to leverage, no inheritance to invest, no savings deposits and no good credit rating? How are YOU going to make large lumps of cash in the property lane of the Wealth Highway?

Read more..