02 Feb Pitfalls Working with Lenders Who Are Not Familiar with Our Rent to Own Program, with Nick Prefontaine and Zachary Beach
In this episode of Not Just A Transaction, hosts Nick Prefontaine and Zachary Beach chat about the pitfalls that occur when working with lenders who are not familiar with the Pre Property Solutions rent-to-own program. They explain a current situation a buyer who chose their own lender is facing. Nick and Zach also share why they have spent time developing relationships with lenders.
Glossary of Special Terms Used in this Episode:
- Lender – A bank, credit union, or other financial institution that provides mortgage loans to qualified buyers.
- Rent-to-Own – An agreement between a homeowner and a renter that gives a renter the option to purchase the rented property before the end of the rental period.
What you’ll learn about in this episode:
- Why Pre Property Solutions refers buyers to specific lenders, even though they aren’t getting a kickback
- What happens when a lender can’t close a deal when their underwriters have never seen this type of agreement
- How not working with the lenders that Pre Property Solutions has built a relationship with can cause home buyers unnecessary stress
- What experience is Nick currently facing with a buyer who initially chose to find their own lender for their rent-to-own property
- What is the difference between lenders that Pre Property Solutions recommends and other traditional lenders
- 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 homeownership. 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 him 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.