Chris Prefontaine, founder and CEO of SmartRealEstateCoach.com and host of the Smart Real Estate Coach Podcast, is a 3-time best-selling author of Real Estate on Your Terms, The New Rules of Real Estate Investing, and Moneeka Sawyer’s Real Estate Investing for Women. He’s also the With nearly 30 years of experience, it’s safe to say, you won’t want to miss this episode. Watch now!
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Inside Real Estate Episode Highlight
“How to buy and sell on terms? – Lease purchase and owner financing. Lease purchase is great for new people because all we’re doing is we’re putting, let’s say, Sal, it’s your property, and we’re putting this under agreement. And we’re doing it with like a $10 deposit. That’s what’s built into our agreement. 10 bucks. And it says essentially, we make it contingent upon finding our buyer, so we don’t have to take on any payments upfront, but it says essentially, once we’re ready to fill that home with our tenant buyer, we’re going to stop paying Sal’s underlying debt, if he has some, and that’s our lease payment, the mortgage payment directly to the mortgage company. Then we’re going to collect that plus some spread from our buyer while they’re in the home. That’s just one payday. There’s two other ones is three paydays every deal. First payday is nonrefundable down payment, second is the monthly spread, and third is the back end. So we’ve actually trademarked that; it’s a very cool system for cash flow.” -Chris Prefontaine, Smart Real Estate Coach