Ask NCET: Residential lease-purchase and trade shows
NCET exists to encourage and empower entrepreneurs in Nevada and foster an environment in which high-growth entrepreneurial companies could succeed and flourish. In this spirit of community and growth, we’ve launched a monthly column, where we answer your questions (big or small). Send your questions to ask@NCET.org.
This month, our board members are sharing their expertise on real estate and networking.
How does a residential lease-purchase work? Does it make financial sense?
A lease-purchase is an agreement where a buyer agrees to lease a home for a period of time with the intent to ultimately buy the house. Sometimes the terms of the purchase are well defined – timeframe and price. Often the transaction is more open-ended. From the perspective of the buyer, this allows the buyer time to improve his credit rating and/or save the down payment, allowing the buyer time to secure financing for the purchase. A lease-purchase makes great sense for a buyer not ready to buy.
From the seller perspective, there are many questions. Does the buyer have good or bad credit? Will he ultimately be able to be approved for a loan?
In this strong market, a lease-purchase is very rare. Sellers believe they can sell their house in a reasonable timeframe, so why accept a lease? In a down market, more sellers are willing to accept a lease-purchase. While the Northern Nevada real estate market is quite strong, some realty companies are finding success in structuring lease-purchases, so ask your realtor if they can help you.
Jock Ochiltree is a realtor at eXp Realty. Jock has substantial experience with lease-purchases. He’s a long-term veteran of high tech and NCET’s VP of Tech Wednesday.
I hear a lot about attending trade shows. Are they worth the time and money?
Absolutely! If you select the right one, a trade show offers the opportunity to network, attend educational sessions and to visit exhibitors. Plan your visit before you attend by checking out the trade show’s website or brochures. Decide in advance which educational sessions you want to attend and which exhibitors you wish to visit. Create a schedule and a checklist to take with you to ensure you accomplish your goals. Bring business cards and a professionally produced name tag.
Networking is still by far one of the most valuable aspects of a trade show. At trade shows, you can network with three different groups – exhibitors, speakers and fellow attendees.
With speakers, prioritize those you most want to meet, and then prepare to meet them AFTER their presentation.
When networking with fellow attendees, make a point of meeting a broad cross-section of the trade show audience.
Exhibitors invest a lot of time and money to appear at trade shows and they recover that investment by making as many quality connections as possible. So be respectful of their time.
Everyone who attends a trade show needs different things. Whatever your needs are, come to the trade show with specific written goals. With a bit of preparation and organization, you’ll maximize the return on the time you’ve invested in attending that trade show.
Dave Archer is the president and CEO of NCET, Northern Nevada’s largest member-supported non-profit that produces educational and networking events to help people explore businesses and technology.
Have a business or technology question? Send it to ask@NCET.org and if selected, NCET’s panel of business and technology experts will answer it in our new monthly column.