Many moons ago, when Dinosaurs roamed the earth, I did a law degree.
And, I remember my property law teacher’s class well.
You see, he was a real character.
He had to record the classes for off campus students.
And, he’d often swear at noisy people outside the lecture room.
“Shut the f#$k up” he’d scream.
Now, one of the off campus students had complained about him swearing.
So the moment he swore, he’d say “well this recordings f#8ked”.
And turn off the recording.
I wonder if they even got any of the recordings?
Anyway, one of the pieces of law he taught was Ádverse Possession.
The way that works in NSW is if you live in someone else’s property for 12 years the real owners lose their rights over it.
So anyway, this law doesn’t get used much – for obvious reasons.
But there’s a house in Redfern that a Chinese born investor bought in 1991.
Now he hasn’t been seen for 9 years since returning to China in 2007.
So, now a young banker is living in the house – and trying to pick it up for free!
The neighbours aren’t impressed.
After all, this young whipper snapper is trying to get a house for free when they paid $1.3 million + for theirs.
Anyway, we’ll see how it works out.
I don’t like his chances – because part of the law states, that the owner has to know you are there – but doesn’t do anything about it.
You can’t activate adverse possession sneakily!
But here’s what is possible.
It’s possible to find properties with effectively ‘free blocks of land’ in the backyard….
You can then put an extra dwelling in – or sell the land to someone else.
This can be one of the fastest ways to get ahead financially.
You’ve just got to know where to look and how to get these blocks at discounted prices.
That’s what Nhan is going to talk about on tonight’s webcast.