If you're looking for new revenue streams, buying and selling on terms could be a profitable option for you. That's why I have brought on today's show the expert on terms deals!
Chris Prefontaine 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 Founder and CEO of SmartRealEstateCoach.com and host of the Smart Real Estate Coach Podcast.
Chris has been in real estate for almost 30 years. His experience ranges from constructing new homes in the '90s and owning a Realty Executive Franchise to running his own investments (commercial & residential) and coaching clients throughout North America.
During today's episode, Chris and I dive deep into buying and selling on terms. We cover everything from the market shift that is happening now, and how terms deals could make all the difference, to why traditional loans are getting harder and harder to obtain.
How COVID-19 has affected his business
How Chris reengineered his business after the 2008 crash going strictly with lease purchases, owner financing and subject to deals
The difference between rental property and property bought on terms
Getting over the banking mindset
The amount of time it takes to learn and implement a new skill
What opportunities are springing up with the shift in the market?
Who is best qualified to do terms investing?
The 3 paydays of Chris' terms strategy
With COVID-19, if you've pushed your terms with sellers, you might want to start giving increments
The best markets for terms investing
3 things to steer clear of if you're going to be successful in terms investing
How to find buyers (60% - 80% of the current buyer pool can't get traditional financing)
RMLO: Residential Mortgage Loan Officer - how to find them, and how to work with them
The potential legal issues with terms investing
The evolution of buying and selling on terms
What lease options will look like in 5 years (big-time growth!)
Why traditional loans are getting harder to obtain
What you should look out for when doing terms deals