01 Dec Misconceptions About Your Down Payment, with Nick Prefontaine and Zachary Beach
In this episode of Not Just A Transaction, hosts Nick and Zachary discuss the misconceptions surrounding down payments on a home. They explain why the majority of Pre Property Solutions buyers do not need to make an additional down payment when they get a loan. They also share some of the rare scenarios where a buyer would need to put additional money down. Nick and Zach also explain how buyers build equity into their homes during the lease term.
Glossary of Special Terms Used in this Episode:
- Down payment – An initial payment made when purchasing a home.
What you’ll learn about in this episode:
- Why most buyers who work with Pre Property Solutions do not need to put down an additional down payment
- How you make payments during your lease that contribute to your down payment and help increase the odds of you securing a loan
- What rare scenarios would cause a buyer to need to come up with an additional down payment
- Why buyers can’t just pay their down payment at the end of the lease before getting a loan
- Why your monthly rent does not go towards your down payment, and how it doesn’t lead to success
- Pre Property Solutions website: https://www.prepropertysolutions.com/
- Contact Us: https://www.prepropertysolutions.com/contact/
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.