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Beyond Traditional Buying: Exploring Creative Real Estate Financing Techniques
Here’s a glimpse of what you’ll learn:
Chris Prefontaine shares his 30-year real estate journey
The real estate revenue model Chris teaches to help his students find deals
How Smart Real Estate Coach helps people buy properties
What is the 3 Paydays system about?
The difference between rent-to-own and contract for deed
How to structure investment deals without taking on personal debt or credit exposure
Finding creative real estate opportunities through referrals and virtual assistants
Chris discusses their Wicked Smart Community real estate coaching program
In this episode…
Conventional real estate investment methods often involve high risks and massive debt burdens. What if there were more creative, less conventional ways to build a real estate portfolio without the traditional financial strain? Could innovative real estate financing techniques be the answer to sustainable wealth building?
According to Chris Prefontaine, a seasoned real estate investor with over 30 years of experience, the answer is a resounding yes. Chris emphasizes the power of non-traditional investment strategies such as "subject to" deals and his signature 3 Paydays system. These methods not only minimize personal financial risk but also offer continuous cash flow and potential long-term gains. By focusing on creative financing, investors can navigate the complexities of the market, adapt to economic changes, and secure profitable deals with structured, predictable returns.
In this episode of The Same Day Podcast, host Yoni Schmidt talks with Chris Prefontaine, Founder and Chairman of Smart Real Estate Coach, about redefining the approach to real estate investments. They talk about the effectiveness of innovative financing, the benefits of the 3 Paydays system, and strategies for risk minimization.
Resources mentioned in this episode:
Keyrenter Property Management in Tulsa | Oklahoma City | Arkansas
Keyrenter Property Management email address: info@keyrenterpmc.com
“Scaling a Business: The Power of Networking” with Brandon Neth on The Same Day Podcast
“How To Compete in the Banking Industry: Relationship-Based and Customer-Centric Service” with Jared Goldfarb on The Same Day Podcast
“From Sale to Closing: Fine-Tuning the Home-Building Process” with Noah Bleicher on The Same Day Podcast
Sponsor for this episode...
Keyrenter Property Management:
This episode is brought to you by Keyrenter Property Management.
Keyrenter Property Management is a full-service property management company that helps clients buy, renovate, and operate real estate assets.
The team helps clients build wealth while taking the headache out of property management.
That’s why, no matter what rental you have — single-family homes, condos, townhomes, or apartments — they can give you the management solutions you need.
To learn more about their services, go to https://keyrenterpmc.com/ or send them an email at info@keyrenterpmc.com.
Episode Transcript
Intro 0:05
Welcome to The Same Day Podcast where we discuss driving incremental business growth and other topics related to real estate, property management and entrepreneurship. Now to the show at hand.
Yoni Schmidt 0:20
Hello, there. Yoni Schmidt here, hosting today's episode of The Same Day Podcast where I connect with top business and real estate leaders. Past guests include Brandon Neth, an entrepreneur and real estate investors self managing landlord and Tulsa Oklahoma. Jared Goldfarb, vice president of BancFirst, Noah Bleicher Director of Operations at Capital Homes. Today's episode is brought to you by Keyrenter Property Management. At Keyrenter Property Management. We are a full service property management company helping our clients buy, renovate and operate real estate assets. We help our clients build wealth while taking the headache out of property management. That's why no matter what rental you have single family home condos, townhomes apartments, we have the management solutions for you, go to keyrenterpmc.com or email us at keyrenterpmc.com. Welcome to today's episode where we have the privilege of speaking with Chris Prefontaine, a towering figure in the real estate investment landscape. Chris, the chairman and founder of Smart Real Estate Coach has dedicated over three decades to mastering and reshaping the real estate world. His innovative approach to acquisitions and creative real estate deals, empowers real estate investors, and has significantly altered the way many view and engage with the market as a four times best-selling author of Real Estate On Your Terms, Forbes business council member and three times, Inc. 5000. honoree, Chris has not only achieved personal success, but has also committed himself to guiding others to financial freedom and success in real estate investing. His passion for education has led him to coach many around North America sharing strategies that debunk traditional real estate myths and offer more accessible path to wealth building. Beyond his professional accolades. Chris's dedication to philanthropy and his involvement with organizations like the Wounded Warrior Project speaks volumes about his character and commitment to making a positive impact in the world. Today, Chris joins us to share his journey insights and strategies for success in real estate investing, offering inspiration and practical advice for anyone looking to make their mark in the industry. Join us as we delve into the conversation with Chris Prefontaine, a true innovator and a mentor in the field of real estate. Welcome to the show. Thank you for being here, Chris.
Chris Prefontaine 2:36
Yoni, I'm great and thanks for having me. I look forward to diving in and hopefully we can share some nuggets with those.
Yoni Schmidt 2:43
Yeah, beautiful. Thank you. Let's just dive right in. Chris with over 30 years in real estate, you know, can you share a little bit about your career, your journey? How did you start? Where did you know that passion come from and what first drew you to real estate?
Chris Prefontaine 2:57
Yeah, so I'll put emphasis to sleep with 30 years but I will tell you that I journeyed from building homes in the 90s to owning a brokerage meaning I had my my realtor hat on at that time never did that I sold that business to Coldwell Banker in 2000. And then from 2000 until the crash of oh eight I was operating with my own properties and coaching people throughout the United States and Canada. What that led to though Yoni it brought us right up to the 2008 crash and in the 2008 crash was pivotal why it kind of fast forward to the end because in that crash, I came out of that beat up financially beat up mentally but I said okay, what do we have to do to re engineer the business so we can still operate and never do that again, never be in trouble again. And that there was a few things that came out of that too in particular and of course, we're gonna give everybody the free book laid up and get into more detail because it was it was a bit of a horror story. But But two things came out of it one let's not ever sign personally in other words, pledge up personal guarantee for a loan so never borrow money and to don't pledge credit now my credit went from phenomenal to in the toilet so we didn't have a choice I didn't have a credit to pledge but it was a lesson to never do that again. And then third, let's not do a real estate transaction which everybody's used to and get paid once like build a house get paid sell a house get paid flip the house get paid once every January, you got to redo that right so we trademark federally the three paydays system, which allows you to get money now when you do a deal like a reduce to money, continuously cashflow and then long term wealth building and cash. So we've kind of that model to me is a good business model for any business, let alone a real estate deal. But it allows the investor to get off the treadmill so to speak and get paid three times on a deal. So fast forward to today, family company and myself, my son Nick, myself, Zach and a great team surrounding us now thankful. Post COVID We can be everywhere in the country, right? We don't have to be together anyone. So our team is spread out. We do our deals still in the New England area. But we also have as you alluded to hit the fastest growing companies United States in our coaching model because we are in the trenches only doing deals with students. So we have a revenue share model where we actually teach exactly what we do to them and their marketplace. And that's a really, really cool success model. So that's kind of where we are today. I can go back to any of that. But that's a 33 years and about three or four minutes.
Yoni Schmidt 5:19
Yeah, love that. So tell us a little bit I guess about, you know, we can go back and you know, reverse order. Tell us a little bit about the revenue share model, the system that you built that you invest with? Those that you also coach?
Chris Prefontaine 5:33
Yeah, so the model is simple. We have group coaching, we have one on one coaching, but they all lead to what doing deals, there's a lot of companies that, unfortunately, not a market really well in the real estate realm, right? So you get sold into this get rich, quick tomorrow thing. And then you have a course then you go, okay, great. Now what do I do, the real world happens, and then I don't know what to do. So we we actually bring people through our resource center. So you can call that our course. But it's not. It's an ever changing, living, breathing thing that it becomes a resource center and a teaching tool. And then while you're doing that, and because we teach you how to go find ourselves how to go talk to the sellers, etc. While you're doing that, you need help. That's just reality. Like, you can study the scripts all you want, you can study the deal structure, all you want, then you get into your deal, you need help. So we offer all kinds of support around that. And then we revenue share with them for a period of time. So we're literally in the deal with them walking out. So we have the same goal is that let's get this deal to the finish line. Versus here you go you only good luck, here's our course, you know, I hope you can do it on your own. And that doesn't, it doesn't really help people. We call it bridging the gap because people go to a course or a seminar. And then the gap is from there to the first deal. And I can't tell you how many people I've spoken with in the last 12 years since during the coaching, where they go, Yeah, I took this course. So I spent 10s of 1000s of dollars but didn't do a deal yet. That's awesome. So we're trying to bridge that gap and get that tighter and tighter.
Yoni Schmidt 6:54
Yeah. And will you do deals with, I guess those who are part of the course and part of the program all over the United States? Where do you primarily focus? Is it also just in New England?
Chris Prefontaine 7:06
No, are United States and Canada, just a few people in Canada opening up some really cool pathways there. We do deals all over the United States, east, east or west coast. I mean, there are pockets that are more populated just by the way people came into us organically. But we do it all over the country. It doesn't matter where you are. It doesn't matter your price range, frankly, what matters is that you're coachable. And that you give yourself some time because one of the biggest challenges I see is mismanaged expectations. People come in because of that marketing out there social media. And they go Yeah, I'm gonna do a deal tomorrow. I gotta try this for 30 days. No, you got to put the blinders on. And don't try because you'll never do it. Commit for three years, and you'll have a great experience doesn't take three years to do your first deal. But if you commit to three years, when the roadblocks come, you'll let us coach you through that. I think it's super important.
Yoni Schmidt 7:54
What's the average time I guess for someone who's coming into it new and you know, eyes wide open and is eager, coachable and motivated. To get their first deal? Are we talking 2, 3, 6, 8, 10 months?
Chris Prefontaine 8:07
I'll give you the average. Because one of the things we obsess over is that exact metric you're asking about, which is we call it time to for SDLT TFD. We have some people that have broke records that 30 days, 32 days, 40 days, we have people that have taken 15 months because everybody's life is different, everyone's goals different, they might be okay with doing two deals a year are average, if you take every one of those, we don't try to skew the numbers. It's about 157 days. But again, like I have an attorney, I've given extreme example, I have an attorney in our program who runs a law office in Arizona, his goal is not to go out and do 20 deals and break records. His his goal is to supplement a deal or two. So if someone like that's going to take a year, they don't care how fast they go, right? I'll just go look, I need money. Now. I gotta leave my job. And so they get more aggressive. When you look at the averages of our deals. Just to give you a sense in some context, the average free payday deal ranges in our community from 45 grand all the way up to three and a 50 grand just for one deal. So these not small deal. So once people learn that skill set, it's a pretty big effect on their finances and their lifestyle for sure.
Yoni Schmidt 9:15
Yeah, definitely. I think it took me about eight months to get my first deal. I was working full time at the time that I was also getting my real estate license. And it can take a little bit of time, but don't get discouraged if you're out there and trying to find your first deal. Right? That's really you just got to work the system and and commit and dedicate yourself to it.
Chris Prefontaine 9:34
Yeah, you know what's great. I have I got another extreme example if I can just add this. There was a gentleman he actually lost his wife like the week he joined us it was a sad story. And then because that's kind of distracting it took him a full 12 months to get a deal. But then you got three deals you only three like within six weeks. They all were honored plus K deals all owner financing all $100,000 plus three to three paydays that's a game changer. So How many people would have quit at month seven, as you know, or month nine and not it that that's so important to know?
Yoni Schmidt 10:05
Yeah, you're right. You never know how close you are. So don't quit. Tell us a little bit about the 3 Paydays system. I'm really curious about that. And then I'd also like to delve into, you know, the creative ways that you help and mentor people find those opportunities. I might also have to just read the full book and learn for myself sign up for the course and join you in your efforts. But yeah, you know, I'm, I'm someone who's, I wouldn't say in my infancy, but I've been in real estate coming up probably on a full decade in the US. And I'm, I'm really interested in growing my portfolio and scale, right? Yeah. What's the three day or the three pay? What do you call it again? You said it, right. 3 Paydays. Yeah. Okay.
Chris Prefontaine 10:56
So remember what we're this was born, this was born because I was frustrated, being on a treadmill. And then every January going, I gotta reset the clock and do all that, again, like very transactional, right? very lucrative, but very transactional. So so the three paydays was born from that what it is, is when we exit a property, let's say you're a buyer, you're a buyer who has some cash, but you're not financial yet. Okay? And you're not finance because a number of things, you could have just changed your job, you could start a new business that's big. Now, most COVID, you could have had a divorce or life challenge and your credit went down, like whatever the reason is, you need time. So you come forward, you secure all of our properties with a down payment is non refundable, that's our pay day one. Day two is we're paying something on that property, either, if it's owner financing, we're paying monthly to the owner, to pass it on. If it's a lease purchase, we're paying the bank. But either way, we have some outgo, you're gonna pay us a monthly lease payment while you're getting your finances in order, and there's gonna be a Delta there a spread, and we're gonna keep that that's paid a two, and then pay the three is, throughout the term of these deals, there is principal pay down obviously, that we're not paying that, you know, you're in the house, you're paying that, and then his markup and the price. So for our failing company, I'll give you some real metrics. It's not as high as some of the students because our price range is a little lower. Our average pay was around 2627 grand, our average at two is $308 per month per property. net net, and our average paid three somewhere around 35,000. Now, I say that a lot on February 23 of this year, we closed a payday three at $317,000. So that's an anomaly. So yeah, I give you the averages that are lower.
Yoni Schmidt 12:34
Yeah. Beautiful. So basically, it you're, you're finding someone who needs a house, but they're not buying the house from you necessarily. They're they're renting it from me, right?
Chris Prefontaine 12:49
Oh, yeah, they're branching out it's not an option. It's a definitive cash out date or the default.
Yoni Schmidt 12:54
Yeah. Can you talk to us a little bit about I guess the difference between the rent to own and the contract for deed? You know, avenues.
Chris Prefontaine 13:04
Yeah. So a contract for deed is nothing more than like a vehicle for owner financing it's just a little more protected for the seller right? Because the deed sits in escrow technically. Whereas rental oh no deed transfers, they literally are in a lease arrangement where the definitive date on or before which they're going to go get conventional financing and buy it now great question because I like your I like the land contract idea if I have a house and I don't have a term that's short term like three, four or five years to know when the clock ticking. If I have a seven or 10 year or or I have the house and I own it sub two, so I own it for 20 or 30 years. I like then financing the buyer however, with a land contract however, I like price the buyer after we put them through some sort of give them a carrot to get successfully through some hoops meaning you're on a ranch all now Mr. Buyer. And if you make all your payments for a year, if you eventually get your deposit up to 20%, then I will owner finance you or lay a contract financing.
Yoni Schmidt 14:01
Hmm. Interesting. What do you what do you see the benefits? I guess of each of those you said the contract for deed is a little bit more protective for the seller, right? Because it's held with an escrow company typically and you know, only at the time that you have completed payments, you'll receive that NEET exam on the on the other end. Are there any benefits to either the buyer or the seller?
Chris Prefontaine 14:29
Well, the buyer I'm sure we'd rather have the land contract, right because they have the it's more like ownership, they're in the house, and I'm good with that I'm good would set them up to win if we I have just my personal preference, a little history of payments in the 20% skin of the game. So I don't have a default if I if I don't have that I'm also gonna rent to own them because I can just evict them if there's a default versus trying to go through a whole process.
Yoni Schmidt 14:55
And do you have to own that house? Entirely outright to do do these kinds of deals? Or is this something that you're just working closely with relationships that you have with a bank, and they're letting you do this? Because I know that sometimes lenders don't necessarily love that. And they may they may call back a note.
Chris Prefontaine 15:17
Okay, so two things there that you said they're super important. One is if I'm doing a rent to own with a with a buyer, there is no due on sale clause with the rent on. If I sell it on a financing or land contract or a rapper or anything like that, and the deed transfers. Yeah, technically, there's a due on sale. But I can tell you, and this isn't legal advice, right. I'm not an attorney, I just tell you 33 years what we've done, there's a way to buy the homes as an investor in in a particular trust environment. I mean, a land trust in the right beneficiary interest, all that there's a way to do that to protect yourself from any due on sale clause, in most cases. And the key is you only you pay the bill, if you pay the bill, the bank doesn't want the house. Right. Right. That's it's so key perborate Understand that. Again, that's just been my experience. What I would tell you more importantly is find an attorney that does all day do we have in our community, but find an attorney, if you're not in our community, that's all they do, is substitute purchases and land contracts in the you'll find it very simple and clear. If you call an attorney who's never done it, you're going to be frustrated and you're going to be fogging, it's not going to be the same.
Yoni Schmidt 16:25
Yeah, that's, that's great. Um, I guess you mentioned earlier in the conversation, a few things related to two things that you should never do when you're putting together a deal. And one of them was, you're never taking on the debt yourself. And the second is, you're you don't have credit exposure. Right. So talk to us about this. Are these like, non recourse loans? How do you structure those types of avenues.
Chris Prefontaine 16:56
So we never take out a loan, if I'm going to buy your house owner financing, and you become the bank, I make payments to you every single month. Sidenote, we typically make principal only payments, so that 0% In this market, and that's really good. So so there is no there is no recourse loans, we don't sign personally doesn't matter who we're doing this with, if we're doing a subject to purchase, so I buy your house, the loan stays in your name, I buy the house, we're not on that loan, we're not assuming it, we're paying it on your behalf, there's a big difference. And assuming if I apply, I get approved, I've signed personally. And then on a lease purchase, of course, no deed transfers, I'm just paying again, the cells on the line loan on their behalf. Those never alone being takeout. There's never personal signature being done for a personal guarantee ever. So give you a picture, or paint a picture of that going into COVID, February of 20. We had 72 properties, our family business, not the rest of the students had 72 or three properties in some form of contract going on with rental home programs. We had a total of two or three defaults total, because he's in buyers, not renters, unlike a lot of landlords had headaches during that number one, number two, we were on anyone else personally. So I didn't go to sleep at night going Oh man, what a swap out like we're not on him. So you have a different environment than than me pre op, where I was on everything personally, and it was a nightmare.
Yoni Schmidt 18:14
Yeah, that's a really interesting lesson, I guess that you took from 2008 and the mortgage backed security crisis. Can you tell us a little bit about rent to own and then maybe we'll talk a little bit about the book and the program. Not rent to own but sorry, subject to which is one one thing that I'm personally very, you know, interested in in particularly interested in?
Chris Prefontaine 18:38
Yes, a subject to just means if you've ever bought a house for the listener, and you you got to the closing table, and there was a settlement statement on one of the lines was the bank who was providing you the loan, so the new money, that you buy the house the same way, but the loan stays in the seller's name, even though you're buying the house. And on that line, instead of saying, you know, Bank of America and it's the new level, it says subject to the existing loan with and then the balance is due that day you close. So let me give you an example. We just did a house we're in the process of closing it in Florida, it was referred to us. The kids are young kids, they're not in trouble. They're not behind, they just need to move to Texas, they need closure. If they sell on the open rocket with a relative they know the numbers the comps of the cops if they sell on the open rocket, though, if they sell quickly before they have to leave, they'll maybe net somewhere around 12 or 18 grand. The way I purchased the property I said I'll buy it subject to the existing loan of 319. It's worth about 380 I'll buy it with the loan in place and I'll give you $31,000 on or before four years, no payments, no interest, so they get a lock in 31 Instead of getting 12 or 18 Today in WWE is going to stay in their name and I will make payments on their behalf as I put my rental buyer in that in that house that I now wow that's a good A deal? Well, here's the punchline if the interest rates 2.6% 2.6. So this is why in this market people say, I don't know if it's the right time to buy it. No, it's the best time to buy be super clear on that. For the listener, you can get homes at zero to four or 5%. Right now, zero to four or 5%. You can't do that on the open market. This is the best time to be in creative real estate. Right?
Yoni Schmidt 20:24
Beautiful. Tell us how do you find these creative opportunities like subject to property?
Chris Prefontaine 20:29
Yeah, so that was a referral. But it's not like we get inundated with referrals. Mostly it's, we have virtual assistants who will call on expired listings that didn't sell with relatives, they'll call on for sale by owners, nothing different than a lot of investors, they'll call in for rent by owners, that usually generates only enough leads in their kind of backyard to get property conversations going. The virtual assistants will call if the cell is open to learning more than we call so it's we're talking to the cream, right? If someone says, Well, Chris, I want to get so many leads in my marketplace based on those resources that we there's a there's a program that feeds that to them every day, but they don't have enough leads in there, we can go to niche lists like free and clear properties, free and clear properties of our tremendous because remember I said earlier, when we do a free and clear property owner financing, we make principal only payments monthly, no interest, whose homes I'm talking 99% of the time. So free and clear are great people who say Well, there are other a lot of those out there. In the last decade, the the amount of free and clear properties United States went from 33% to 39, then increased. That's a big part of homes you condition. And in in when you find that free and clear properties, it's not like you find 10 A month. But when you do find those, I will tell you that if it's always a 200,000 purchase, if it's at least a four year term, and you structure monthly payment of at least $900 principal, the way our three paydays work, it's six figures every time. So how about if you go find three of these this year, right, and you get six figure deals, it's a game changer.
Yoni Schmidt 21:59
So at least $200,000 At least $900 in monthly rent, and at least the third one is.
Chris Prefontaine 22:06
Monthly, first nine or monthly or higher is the principal payment you're paying to the seller every month when you find that deal to because they're on a financing you? Yes, there it is. So for years now I entered into an agreement. four year term.
Yoni Schmidt 22:20
Yeah. Wow. And beautiful. So subject to being clear, those are, you know, two that you're really focused on. Yeah, your favorite. When someone comes into your program, you know, they read the book, they come into the comment to the remind me the name, it's called Smart Real Estate. Right?
Chris Prefontaine 22:42
Yeah. Smart Real Estate Coach in the community is called The Wicked Smart Community.
Yoni Schmidt 22:45
Yeah. Yeah, Wicked Smart Community, can what can they expect? Can they expect a full, you know, supportive community, you know, that will provide them with the resources and the knowledge and just the tools to go out and hunt for these opportunities and close these opportunities. I know you've basically built everything. Right. So it's all in place for those that you are coaching and mentoring. Yes, that includes the contracts themselves the context to an attorney. Tell us what is that?
Chris Prefontaine 23:16
Yeah, in the quantum leap system, we call it QoS, home study course there, and then I'll talk about the sport with it. The one of the modules is like 11, or 12. Modules pack full. But mod 11 is all the contracts we use. And over the years, they change, they evolve, they we get a tweak, we pay for the legal and we update them in the course. So those are all in there, as well as our checklists internally, because we do deal still. And we might find, you know, an error or a risk. So we'll change the checklist. I'll post that all the lead sources, everything you and I talked about is in there. Yes. And then what we do, because of what I said at the beginning of your show, I think that it's awful that there's companies out there that just don't support. So every Thursday, as of today, were you and I talking on a Thursday, every Thursday at four o'clock for 50 minutes, we call the wicked spot sit down. It's free right now. And it has been since Gosh, 2017 yourself. And you can come on with deals, you can come on just to listen in come on with questions about the course you have that one connect, it's definitive with us. Awesome. And of course, we offer advisory calls. So you can go okay, I'm kind of through mud floor. And I'm a little confused with this and you can get on with us and we can help you through that. It'd be a family member or one of the coaches or one of the advisors. So yes, the supports there. And then if you decide to say hey, I want to get more aggressive, I want to do deals and you guys well then it's a whole different level where you're on the phone with coaches, you know, nonstop depending on how fast or slow you're running with deals.
Yoni Schmidt 24:41
Beautiful. Tell us a little bit about the book right Real Estate On Your Terms. It's a free book that you have graciously and generously given to all of our audience.
Chris Prefontaine 24:56
Listeners here today. Yeah, so you can go to Amazon we come not to On your show, right? They can just, I'll give you a link and you can put it in the show notes. It's wickedsmartbooks.com/keyrenter1. So keyrenter1, the book goes through sort of a through z, starting from my story to lead generation to how you speak, to sell as to how deals are structured. And then we kind of interspace spouse, the bunch of students, and they were their deals. So you could get the sense of okay, it's not just these, this family company, it's the students in different areas of the country, different backgrounds, different walks of life, different challenges, so they can see themselves fitting in there. And then of course, some some resources and whatnot in there.
Yoni Schmidt 25:40
Beautiful. And if anyone wants to, you know, check out the courses in the, in the modules, Wicked Smart, right, is the name.
Chris Prefontaine 25:51
They can just go generically, so Yoni to smartrealestatecoach.com, they can check out the QoS course there, they can see us in our virtual world live events, but if they go to the main site, they'll get what they need there. And I'll tell you what I'll do too you and I had a totally different connection with respect to my trips to Israel, one of the things I did, I'll do this, i I'll i personally, not the team would be happy to do a strategy call with anyone who wants to from your show, just go to our smartrealestatecoach.com/chris3paul, that's going to go right to my account is not going to go to someone else, I'm happy to chat with you, my team will probably love me for doing that. But I hopefully I can help some people.
Yoni Schmidt 26:35
We'll put that in, in the, in the links below. And I'm gonna have to sign up for one of those so that I can, you know, learn a little bit more about subject to and being clear, because those definitely sound like very, too, you know, great opportunities. Tell us, Chris, what's one thing that you would leave our listeners with, you know, something that, you know, your the best business advice that you've ever received is something inspirational? You know, we already know what the two things that you shouldn't do, are right, don't don't sign for the debt. And the second is essentially, never have the credit, risk exposure.
Chris Prefontaine 27:17
Yeah, I would tell you this, first of all, general statement, and I'll give you a really clear three step thing, but generally speaking, please, please, please do not listen, tell the media, that if I listened to the media in 2013, I would have never went back into real estate and created what we created. So know that society is not full of people who go out and do whatever it takes to accomplish a goal. So when the media screaming and 90% of people are running, go into real estate and go into it aggressively. This is the time to double down right now. And do this three things real quick, and you'll have success with it. Number one, pick a niche in real estate. They're all great. I'm biased to creative, but there's a lot of great niches in real estate, as God knows, too. So pick one you can get behind and you can morally ethically get by it. Number two, pick a a group or a mentor or a coach or a local support group. That has been where you want to be, right. I've been through many, many ups and downs in the real estate market life challenges, et cetera. If that fits your style, and you go, yeah, that sounds like that's a great if not find someone that you can relate to. And that is well rounded and fits with what you want to accomplish. And then third, this is the key, put the blinders on for 36 months, as he said, to begin to show up 36 months blinders on. It's not easy, but do whatever the group or that mentor that CO directs you to do, you will have success. It's when you get off of those three steps that you want to have success. So that's the best thing I can leave.
Yoni Schmidt 28:35
Yeah, wonderful advice. Truly, I really appreciate you being here today. Thank you so much. And I hope everyone out there listening, download the book. And don't forget that, you know, Chris has generously offered to have a strategy call with you. So book that time and it's gone. Thanks so much, Chris. Have a great day.
Chris Prefontaine 28:58
You too.
Outro 29:02
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