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Ep 050: Smart investors buy with terms | Chris Prefontaine
03:05 – Chris shares one of his interesting real estate investment stories. In the middle of the night they shoveled 6 inches of crap in a basement.
04:00 – Chris introduces himself and talks about his background. In 1991, Chris was doing in-field buildings, in 1995 he bought a realty executives franchise, and in 2000 he started doing his own investments and coaching people.
06:42 – Chris talks about how they do deals with their students. Chris saw that there was an enormous gap in the industry between training or going to a seminar and the day a student actually makes a deal.
08:20 – Chris shares one of the wildest terms they have ever come across in real estate. This one has been in their inventory and they still don’t understand why the seller did it.
13:01 – Chris breaks down the different types of financing he has done. For example, for a lease-purchase they install a tenant buyer who needs time, who is pre-qualified and mortgage ready, and at the end of the term their tenant buyer gets financing.
18:03 – The majority of Chris’s deals are in his possession for 3 to 5 years and are recession proof. Recession proof is one of the hot words right now in the real estate industry.
19:13 – Chris talks about what a “wrap” is. Wrap is just another mortgage with a new person.
20:05 – Chris talks about his real estate business and how it’s all working. They are doing a total of 12 to 15 deals a month.
22:03 – Chris talks about some issues with purchase lease agreements their students run into and how they tackle those issues. “We’ve hit a lot of speed bumps and weathered a lot of storms so that the agreements are living and breathing documents just like our training is so it’s constantly changing,” says Chris.
24:33 – Chris talks about why he focuses on exit strategy and principle. On the principle side it creates a lot of things like wealth says Chris.
26:23 – Connect to Chris via his podcast www.smartrealestatecoachpodcast.com or go to www.freesrecbook.com
27:43 – “Find some niche in real estate that you can get passionate about then find someone in that niche that is still operating in it and where you want to be and lastly commit to it for 36 months. Follow that person and you can have a phenomenal experience life wise” says Chris.
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