When I Get To the End of My Lease Can I Use Uncle Frank Because He Does Loans and I Want to Give Him the Business?, with Nick Prefontaine

By October 20, 2021Uncategorized

Episode 48:

Episode Topic:

In this episode of Not Just A Transaction, host Nick Prefontaine discusses securing a loan before the rent-to-own agreement expiration date. He explains why Pre Property Solutions puts buyers in touch with lenders that are familiar with the process, and why you may want to avoid working with lenders you know that haven’t worked on unconventional deals.

Glossary of Special Terms Used in this Episode:

  • Rent-to-own – An agreement between a homeowner and a renter that gives a renter the option to purchase the rented property during or at the end of the rental period.
  • Lender – A bank, credit union, or other financial institution that provides mortgage loans to qualified buyers.
  • Deposit – An amount of money paid as an installment towards a purchase.

What you’ll learn about in this episode:

  • Why Pre Property Solutions reaches out 10-12 months before the expiration of an agreement to connect buyers with a lender
  • Why is it easier to work with a lender that is already familiar with rent-to-own deals
  • How buyers put themself at risk when they are not proactive about getting their loan
  • Why does Pre Property Solutions refer buyers to lenders even if they don’t get a referral fee
  • How many months could it take to secure a home loan from a lender

Resources:

Nick’s Bio:

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.