How to Invest Without Banks Using Lease Purchases with Chris Prefontaine
Chris Prefontaine – 3-time best-selling author and CEO of Smart Real Estate Coach talks to Neil and Brittany Henderson, hosts of The Road to Family Freedom podcast. Chris talks about how the 2008 real estate crash shaped his real estate investing strategy so that he now buys and sells investment properties with no banks. He now uses, and teaches others to use, a strategy called Lease Purchase, to control an asset, and then either hold it as a long term rental, or sell it using another lease purchase agreement.
Key Lessons Learned: Manage your expectations on your first few deals. So many people want or expect to hit a home run with their first deal, but what they should be trying to do is just get in a deal and learn.
How did they acquire their knowledge or what knowledge did they need to acquire? Mindset is such an important aspect of the real estate investing business. Getting over your limiting beliefs around how much money you can make, and whether you can successfully negotiate a sale with a seller.
How much money did it take to get started? It varies greatly, but the biggest cost is typically going to be marketing and closing costs to set up the Lease Purchase agreement. On average, probably about $4,000 to $10,000.
How much time does it take now? About 20 hours a week for minimal results.
Could they do this strategy from anywhere in the world? Maybe, but you would definitely need a partner of some sort to act as boots on the ground.
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