02 Dec What Does Rent-to-Own Mean for Home Buyers?, with hosts Nick Prefontaine and Zachary Beach
In 2003, Nick Prefontaine was in a snowboarding accident that left him in a coma for over 3 weeks. The doctors told his parents that he probably wouldn’t walk, talk, or eat on his own again. Less than 3 months later, he was running out of Franciscan Children’s hospital. Now Nick speaks to groups that benefit from his message of overcoming adversity.
Nick grew up in the real estate industry and got started at an early age. Most notably, he was knocking on Pre-Foreclosure doors at 16, doing up to 50 doors a day. This experience helped shape Nick’s real estate career. When someone opens the door you better have something compelling to say.
Now, Nick specializes in working with lease purchase buyers to get them into a home and on the path to home ownership. That includes working with them throughout the entire deal which ends in them being able to get their own loan. Getting buyers to the finish line is something Nick and the entire Pre Property Solutions team take pride in. That is something that separates them from their competition. Regardless of a buyer’s credit situation, he looks at their complete financial picture and comes up with a plan to get them into a home.
Zachary is an Amazon Best-Selling Author of The New Rules of Real Estate Investing and revised edition of Real Estate On Your Terms. He has been an authority in real estate for 7 years now and has personally completed hundreds of real estate transactions and has mentored investors to complete thousands of transactions.
At the age of 25, Zachary decided to leave the world of bartending and personally training and jump into the family business. Now he is an equal partner and runs the acquisitions department, focusing on helping sellers accomplish their goal of selling their property.
If Zachary is not working, you will find enjoying the outdoors or spending time with his wife Kayla and two kids Remi and Bellamy. His passion for family and business is what keeps him motivated and excited to take on each day.
What you’ll learn about in this episode:
- How “rent-to-own” works, and why it can be beneficial to anyone who needs time to build credit and become mortgage-ready
- Why upwards of 80% of today’s homebuyers wouldn’t qualify for a traditional mortgage from a bank, and why poor credit isn’t the only obstacle to qualifying for a mortgage
- How the global pandemic has caused banks to become even more hesitant to approve loans, making it even more difficult for potential buyers in today’s market
- Zachary shares a case study of a buyer that would’ve qualified for a bank loan before the pandemic but got denied, and how the Pre Property team made the deal happen
- Why Nick and Zachary’s goal is to set buyers and sellers up for success and help them get to the finish line even in the current, challenging climate
- Why many people are successful, stable prospects who make ideal homebuyers, even if they don’t qualify for bank loans today
- What happens when a rent-to-own buyer is placed into a property and isn’t able to make it to the finish line
- Why communication between the Pre Property team, buyers and sellers is the key to tackling challenges and coming up with solutions to problems
- Why being flexible with a higher down payment can help you separate yourself from others competing for a home, and why 10% down is ideal
- How a down payment as low as 3% of the selling price is possible but can cost you in the long run, and how offering 10% can benefit you as the buyer