SLO’s come into their own

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Well it really is amazing how many SLO opportunities are out there currently. I’d kind of written them off as too hard initially but since learning Roger Hardies spin on them and with the market turning, man it’s like shooting fish in a barrel.

I met a lovely family today needing to exit their property and briefly discussed SLOing their property as a way of paying them more money for the property and providing immediate debt relief. They were overjoyed to think such a thing was possible.

Until interest rates drop there are going to be lots of people needing help, we need to be helping them.

As an aside I was also reminded of the need for really being careful when you are doing property, especially if you are not a seasoned investor. The people i met today had purchased a property to live in and their broker had said he had gotten them the mortgage and “I’ve given you 65K on flexi”.

Now these were an ESOL family and not experienced with mortgages etc. They thought what their broker had done was get them a mortgage and an additional 65K that they could use to top up their loan till they get on their feet. In reality he had simply left 65K floating so they had no additional funds to go on. They would never have bought on that basis and sadly have to leave after less than a year because of the financial pressure.

So when you are dealing with stressed vendors or helping people into their own homes make sure you are both transparent in your dealings AND that the other party completely understands what you are doing. Win ~ win or no deal!!

I’m in OZ till the 7th and not sure of my internet access so if I am blogless I apologise in advance and hope you will forgive me. I will make up for it on my return.

Stay Safe Dean Letfus @ www.massiveaction.co.nz (AKA Dean Leftus @ www.massiveaction.co.nz)

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