"Mentoring in the Trenches"
Real Estate Investing Expert
Episode 55: "Best Deals"
Listen to the Podcast Here:
Chris Prefontaine is real estate investor who has a passion for mentorship. He not only invests personally with his family business but also with students that he partners with throughout the whole deal making process. He joins Scott on Real Estate Nerds to hash out what his ‘best deal’ looked like as well as some bonus information on how to avoid ‘bad beats’. Scott and Chris talk about how important mentorship is in the real estate game and give advice on how to be successful. Chris also shares information on how to get his free e-book, “Real Estate On Your Terms”.
Mentoring in the Trenches
Chris talks about what his relationship with real estate in the rent-to-own world and how he works largely as a mentor.
[2:50] Chris begins talking about one of his best deals involving a debt-free seller who had already moved out of the house.
[4:23] Importance of building relationship with the seller. The crux of this relationship being, determining and solving their issue.
- Unhappy with the amount of stress
- Financial concern
- Need of expertise
[6:59] Chris owns and operates, NationalPropertyTeam.com
- Importance of having mentors that are still practicing
- They lock arms with you after training and are on ground 0 from the very beginning
[10:11] Executing well on the easy opportunities.
[11:30] Steps to avoiding bad deals:
- Expect and plan for the worst
- Learn and adapt as you go
- Have mentors
[15:05] Chris gives his parting advice:
- Success leaves clues.
- Dont get caught up with all the shiny objects.
- Commit to it for 3 years, not 2 or 3 months.
[20:10] Chris free book- Real Estate On Your Terms
Thank you for joining us on today’s episode of the Real Estate Nerds Podcast. For even more free educational resources on real estate investing and the law, check out the Royal Legal Solutions blog. You can also reach our host Scott Smith directly, connect with him on LinkedIn, subscribe to the Royal Legal Solutions YouTube channel, or join our investor community on Facebook.
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Hosted by Scott Smith, Lead Attorney and Founder of Royal Legal Solutions
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About Chris Prefontaine
Chris is the best-selling author of Real Estate on Your Terms: Create Continuous Cash Flow Now, Without Using Your Cash or Credit. He’s also the founder of SmartRealEstateCoach.com and the Smart Real Estate Coach Podcast.
Chris has been in real estate for over 25 years. His experience includes the construction of over 100 single family and duplex homes (mostly 1990’s and selectively to date), has owned a Realty Executives Franchise (Massachusetts 1994-2000) as broker / owner which maintained high per-agent standards and eventually sold to Coldwell Banker in 2000. The 2000’s included coaching ½ million and higher REALTORs® in order to scale & automate their business throughout the US and Canada. He also participated (and still does selectively) in doing condo conversions (multi-family homes to condos) and “raise the roof” projects (converting single family ranches to colonials in growth neighborhoods).
Chris has been a big advocate of constant education and participates regularly in high-end mastermind groups, as well as consults with private mentors. He runs his own buying and selling businesses with his family team, which buys 2-5 properties monthly, so they’re in the trenches every single week. They also help clients do the same thing around the country.
Chris and his family team have done over 80 million in real estate transactions. They mentor, coach, consult, and actually partner with students around the country (by application only) to do exactly what they do.
Connect with Chris via his email, website or phone number:
- 855-667-7336 x825
You can get a free copy of his ebook, Real Estate On Your Terms
and find more content from him on his podcast, Smart Real Estate Coach
When making business decisions that affect your long-term goals, like what types of investments to make with your retirement dollars and which vehicles to use, it really is best to be aware of all of your options. We frequently talk about the Solo 401(k) and Self-Directed IRA as tools for funding your retirement. But what about life insurance? And what about the stock market? What if we told you there is a tool that allows to to reap some benefits of both? It’s called Indexed Universal Life Insurance–and some investors have found it a useful addition to their retirement plans.
What Is Indexed Universal Life Insurance?
Indexed Universal Life Insurance (IUL) plans are a variety of permanent life insurance plan that features a cash-building element. One primary benefit of these plans is that the policy holder gets some of the gains of being associated with the stock market without all of the risk Wall Street is famous for. This is in no small part because of how these policies are designed. IULs earn in part because they are directly linked to a market index, such as the Dow or the S&P 500. Any gains remain within the policy, albeit a cap rate will limit how much you can make. However, you are protected during a particularly bad year for your index with an IUL. The worst case scenario with these plans is that you make nothing, but you never actually lose money no matter how poorly your index performs. The protection of your principal is actually derived in part from the same cap rate that limits your gains.
How much money do policyholders stand to make? Historically, returns run between 5-9%. The S&P Index has actually returned at 9-11%, but the upside limit on UILs stems from the account’s cap rate. For this reason, many advisors argue that the UIL can make a wise addition to a retirement or estate plan once more traditional and self-directed accounts are maxed out.
Tax Benefits of Indexed Universal Life Insurance (IUL) Plans
There are three key tax benefits of IULs. First, you may pay into the policy with pre-tax or after-tax funds. Withdrawals from the policy may be made tax-free if you are under 59 1/2. Such withdrawals are regarded as loans, with your death benefit serving as collateral. Any funds paid out to the beneficiary are also tax-free, including normal benefits upon your passing. This is true regardless of their value.
Ask the Experts at Royal Legal Solutions About Your Retirement Planning Options
Regardless of where you are in the retirement planning process, Royal Legal Solutions an assist you. We have extensive experience educating investors about self-directed investment options. Many of our investor-clients love our Solo 401k information, product, and compliance services. Our Self-Directed IRA services can also be helpful for retirement planning, as the SDIRA is yet another vehicle that allows you to diversify and take total control of your investments. To determine which of the available retirement planning strategies are best for you, consult with one of our experts at Royal Legal Solutions. You may also contact us with any questions you may have about your options.