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DreamNation Real Estate Episode 50 – Chris Prefontaine: Buying and Selling Real Estate on Terms

Are you someone who wants to start out on real estate but doesn’t know how and where to start? Utilize your knowledge, find out your niche and associate yourself with people that will help you start on and improve your skills and real estate portfolio.

For today’s episode, we have Smart Real Estate Coach Podcast’s host, Chris Prefontaine, to provide the know-how when it comes to buying and selling real estate on terms, as well as the importance of having a coach throughout your real estate journey.

Chris is the founder and CEO of Smart Real Estate Coach and has already been in the real estate industry for nearly 30 years. From constructing homes to owning a Realty Executive franchise, he now runs his own buying and selling businesses with his family team.

Here’s What You Missed

Benefits from selling and buying on terms

  • “I can get people to their price and give them all their equity, as long as I get the term I want, so that I have the principal pay down to what X amount of years.” (06:47)
  • “So the more they give, the more we have cash flow, but the more invested they get in the home and the win for them, if they do end up going for financing, they look better. So it was setting them up to win and get a better loan if you think about it.” (10:49)

Downsides of sandwich leasing and owner financing

  • “Sometimes the longer the term you give them, it’s good for you, but you give them more time for life to happen.” (12:39)
  • “…generally speaking, divorce happens, a job loss happens, things happen, and buyers can fall off, 2 to 5% of the deals per year.” (12:49)

Ways to prospect motivated sellers

  • “We do a few things. So we have virtual assistance dialing all the expireds, the fisbos and the for rent by owners.” (15:00)
  • “They can also buy a list the old school. You can buy a list for like 50, 60, 70 bucks and import it into your system.” (15:22)

Getting to know all niches versus focusing on one

  • “You could become that master transaction engineer once you get to know all the niches, that the challenges for the new people is it’s so easy to get messed up or tripped up by the shiny object because there’s a lot of shiny objects in real estate.” (16:39)
  • “Get really good at one niche for three years, then start to say, all right, how can I make this better? How can I make my portfolio better, more lucrative, more longterm? “ (16:55)

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Getting started in real estate

  • So the lease purchase is an easy entry. There’s a $10 deposit built into all our agreements and you’re not taking title and you’re not paying closing costs.” (22:02)
  • “Find a niche you like, that you can get behind, that you really go, you know what? I like that. I can help people.” (22:52)
  • “Put your blinders out for 36 months and don’t deviate from what they say.” (23:12)

Having a mentor and paying for a coach

  • “People are so afraid to pay like 5 or 10 grand or a hundred grand or 200 grand. I know a guy who pays 200 grand a year for a coach. Let me tell you, the return on that is immeasurable in my opinion.” (32:04)
  • “Mindset. It’s a whole mental game. It’s a belief.” (32:43)

Quotes and Advice from our host and guest:

  • “There’s pivot after pivot after pivot. There’s a deal after deal always.” – Chris (21:09)
  • “The normal is it does take time, even just time to get the seller on board. Sometimes it takes a couple of weeks before they get back to you.” – Casanova (25:12)
  • “Now I’ll never have no coach or accountability partner. It’s so important.” – Chris (29:32)
  • “But the fact is somebody has already done it or something like it, like success leaves clues. So why not just go get them?” – Chris (31:57)
  • “You are the only thing in your way right now. Literally, you are the only thing in your way.” – Chris (38:00)

 

Buying and Selling Real Estate on Terms

 

Books, Mentions, and Links:

Chris Prefontaine

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