I don’t see the down side...good on him for being well-informed.
Wish I had known about this deal!
“Leigh Lowrie, who lives nearby, said: ‘What paperwork is it and how is it legally binding if he doesn’t legally own the house? He just squats there.”
They are just pissed they didn’t think of it first.
Let's say the house is only worth $200,000. Somebody is out $200,000 with little to no recourse. Just because this guy broke in and moved in an old couch. And you see no down side?
So the guy with 200K on the line has no rights? Multiply that by a million. Do you still see no down side?
What about the neighboring property owners? Do you think this guy is going to keep up the property? What do you think is going to happen to the value of their properties? Would you like a squatter with no "skin in the game" living next door to you? Multiply that by a million.
Do you see the down side? If stuff like this becomes the norm, its all over. Sell ALL your real estate, gather your guns and your family and head for the hills.