23 Feb Why Can’t We Make A Deal with Your Current Landlord?, with Nick Prefontaine and Zachary Beach
In this episode of Not Just a Transaction, hosts Nick Prefontaine and Zachary Beach chat about if Original Real Estate can make deals with your landlord so that you can rent-to-own the property. During the episode, they explain why they only work with properties that they control and challenges that may arise with your home deposit.
Glossary of Special Terms Used in this Episode:
- Equity – The difference in value between a home’s fair market value and the amount of outstanding debt on the home through mortgages or other types of liens.
- Down payment – An initial payment made when purchasing a home.
- 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 the rent that you’ve been paying for years in your current rental wouldn’t count towards your deposit if you now decided to purchase the home
- Why Original Real Estate can only offer rent-to-own deals on the properties that they control
- How agreeing on a deposit price with a current tenant and Original Real Estate can be challenging
- Why a landlord may not be interested in a rent-to-own deal, and what additional steps are required even if they are interested
- Why does any buyer, including tenants, have to be vetted by the Original Real Estate process
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 team at Original Real Estate 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 personal 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.