Chris Prefontaine – Smart Real Estate!
In this episode of The Millionaire’s Lawyer, JP and Chris Prefontaine discuss:
Real estate that is out in the “boonies” is really taking off right now; COVID has made everyone want to be out of the big major cities
Set your expectations, and your client’s expectations for the long term horizon, these deals are structured differently.
How Chris Prefontaine and his family structure the deal is more along with the “Rent to Own” template, monthly payments on the PRINCIPAL amount for X amount of months until paid off.
Need to make sure your accountant a Lawyer are in communications with each other because there is a complete different taxation process
- Online platform
- Evolves regularly
- Includes the legal forms
- Once the student gets around 10 deals they are more than welcome to stay with Chris and his team, or they can venture out on their own!
3 Pay Day events:
- Now – Downpayment
- Monthly – monthly payments to own the house
- Long Term payout
Everything comes down to skill sets; you can get 100 people to sell 70 houses in a month, and a different 100 people to only sell 40 – the big difference is what the people are better at. Chris has a book that touches on all the points so that you can work on what you need to.
Both JP and Chris believe that everyone needs to weather a few storms and look to those that have for guidance.
From this episode of The Millionaires Lawyer with Chris Prefontaine:
- Real estate is currently really active, and especially now with COVID, Chris’s method of transactions has really blown up.
- Do not sign personally, sign on terms
- There is plenty of real estate deals in your own area, there is no need to look elsewhere.