In this Expert Insight Interview, Chris Prefontaine discusses buying and selling real estate on terms. Chris Prefontaine is the founder and CEO of smartrealestatecoach.com, host of the Smart Real Estate Coach Podcast, and author of Real Estate on Your Terms.
This Expert Insight Interview discusses:
- What it means to buy real estate on terms
- How and why people are getting involved in this niche
- Being prepared for major financial crises
Real Estate on Terms
Buying and selling real estate on terms can mean different things. Chris and his family company buy homes and other properties on either owner financing, lease purchase, or subject to existing financing, meaning it stays in the seller’s name even though they buy the property.
Neither of these options requires banks or the buyer signing personally, pledging assets. This means that Chris and his associates need never have a loan in their name. This route is beneficial for sellers who don’t need the cash right away because they will net more this way.
People today are less and less inclined to commit themselves to a company because they know that the next financial crisis could see them out the door, stuck with a big mortgage. Due to this, people are more open to other types of opportunities, such as working remotely in real estate.
A few of Chris’s employees were very successful in their fields but found themselves spending way too much time away. This motivated them to transition into the real estate business, allowing them to spend much more time with their families without sacrificing their incomes.
Expect the Unexpected
The COVID-19 crisis is unprecedented in many ways, but it is not the first financial crisis we’ve had in the last few decades. In fact, no matter how far into the past you look, you’re always going to find unexpected events shaking up the economy. This means we all have to be more discerning in where we choose to invest our money and energy.
Because of the interconnected nature of our world, today and the technology that we have, the appetites that people have for doing something special have never been greater. Many people out there want to be entrepreneurs, but just don’t know where to start, so the model outlined in this interview could be an excellent opportunity for them.
John is the Amazon bestselling author of Winning the Battle for Sales: Lessons on Closing Every Deal from the World’s Greatest Military Victories and Social Upheaval: How to Win at Social Selling. A globally acknowledged Sales & Marketing thought leader, speaker, and strategist. He is CSMO at Pipeliner CRM. In his spare time, John is an avid Martial Artist.