What it Takes to Be a Full-time Real Estate Investor with Chris Prefontaine
I have gotten the same question from a number of people recently who want to know what it takes to be a full-time real estate investor. They want to transition from part-time investing to full-time real estate investing, and I can’t think of someone better to talk about this than my guest today, Chris Prefontaine. Listen in as Chris gives you some of his best tips to make this transition. Let's dive in!
Chris has been in real estate for over 30 years, he is a 3-time best-selling author, and he has a wide range of experience that includes new construction as well as both residential and commercial real estate investing. Chris currently purchases 2-5 properties a month in his buying and selling business. He is also a coach, and the host of the popular podcast, the Smart Real Estate Coach.
[00:00 – 06:34] Opening Segment
- Chris shares his background and work
- How to become a full-time real estate investor
- Chris' business was built after the 2008 crash when he decided not to take out bank loans and risk exposure again
[06:35 – 15:36] Building a Business: Tips from a Real Estate Mentor
- How Chris became a coach and how coaches should be held accountable
- How people should match their investing strategies with their strengths and weaknesses
- Chris gives an example of a mentor who he did not agree with and why
- Why doing term deals can be a major advantage in the real estate market
[15:37 – 26:16] Protecting Your Business in a Changing Market
- The option that allows buyers to purchase the property without having to take on any financial burden
- Why sellers are willing to transfer the property to the buyer and leave the loan in their name
- Chris's outlook on how the market conditions have changed since the 2008 recession, and how this affects the way people should do business
[26:17 – 32:35] Closing Segment
- Don't sign bank debt personally
- Find an attorney who is an investor and smart, and have them tweak your contracts to make sure you're protected in case of market fluctuations
- Chris offers free resources that can help you to learn about real estate and make deals
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