18 | Creative Financing Using Seller Motivations with Chris Prefontaine

Today's guest on the Making Money in Multifamily Real Estate Show is Chris Prefontaine

Chris is a real estate investor with over 27 years experience in the field. He is the founder of the Smart Real Estate Coach and host of the Smart Real Estate Coach podcast. He lives in Newport, Rhode Island with his wife Kim and their family. Chris operates a family business with his son, Nick, his daughter Kayla, his son in law, Zach.

In this episode we cover:

Chris’ business model of buying properties via lease purchase or owner financing Why his ideal transaction is buying a seller financed property that’s owned outright How he has expanded his team via coaching The three paydays he gets from the properties he buys How he qualifies a renter to make a win-win situation Where he finds these deals in the first place with sellers willing to do seller financing

Quotes from the episode:

“The first one is, when I type a property, I'm going to put in a tenant buyer. This is not a renter who has some glorified ambition to buy a house. This is something that legitimately, like a self-employed person who wasn't reporting taxes or not enough income and taxes, so they might need some time, some seasoning, the bank calls it, or at someone that got a divorce or a death in the family, a legitimate credit ding, but they can afford the house in every other way except for credit. That's a prime candidate for us or someone again, that just needs time to get qualified, but they already make great money.” “We seek leads in the expired listings that didn't sell with realtors, the for sale by owner listings. They are out there on their own trying it and the for rent by owners, very, very easy prospect list. Those are the three places we live without doing mailings or anything. We have virtual assistants call them and then we call the cream of the crop. Now, what do we look for in there? I want to stress, Dave, these are not people that are all stressed out. Do we get some people stressed out? Literally go take my home. I can't afford... Yeah, but the free and clear for example, in other scenarios are just people looking for a different, better, more lucrative path. And so what do we look for motivation wise? Well, it's no different than like an auto mechanic or a doctor or an attorney. We solve problems and the problem can be just money. Hey, we want all the money, right? We provide solutions for people that are not there conventionally. “

Reach out to Chris:

Website: http://smartrealestatecoach.com/ Free book: http://freesrecbook.com/

*****Thank you so much for listening to the Making Money in Multifamily Real Estate Show! This show covers everything to do with Multifamily Real Estate Investing to help you, the listener, become an expert in your real estate ventures. The host, Dave Morgia, brings on guests who are already experts in their respective fields to discuss what principles and practices they follow that have helped them achieve their success so far.