How to pitch creative financing to sellers?
AL · Member since 2010 · 522 posts · 31 votes
How to pitch creative financing to sellers?
Most Popular Reply
Quote from @Antonio Bodley:
Quote from @Account Closed:
Quote from @Antonio Bodley:
What do I say in my postcards to pitch creative financing to sellers like subject to with low equity, pre-foreclosures, and expired listings? The same goes for phone scripts. What do I say?
Using Subject To, to Get "Free" Properties
https://www.biggerpockets.com/forums/311/topics/1060320-usin...I don't know about that, in a recent thread I started on here (https://www.biggerpockets.com/forums/921/topics/1139443-due-...) Pace commented that the solution to the bank enforcing their due on sale clause was "Either A: revert to a lease option with the option price being the mortgage balance when the option is executed... or B: Use an executory contract instead of SubTo. Land Contract. Contract for Deed. Agreement for Sale etc.". But those aren't adequate solutions to DOS, and when I pointed that none of those things actually work for DOS and asked him to clarify, he never replied. Even if they did work in preventing DOS, none are actually viable alternatives to subto because if the existing owner gets any liens or judgments, they will attach to the property which is a big additional risk for the buyer that they would not have with subto. Nor did he comment later on in the thread when it came out that his "subto insurance company" "Equity Assurance" that he previously recommended people use to hedge against having the loan called, doesn't actually appear to be a real company...
30 Replies
- Investor · Scottsdale Austin Tuktoyaktuk · Member since 2021 · 4k+ posts · 4k+ votes3yIt's a little more complicated than that. If you want to start doing creative financing, I'd suggest you look at
Quote from @Antonio Bodley:
What do I say in my postcards to pitch creative financing to sellers like subject to with low equity, pre-foreclosures, and expired listings? The same goes for phone scripts. What do I say?
Using Subject To, to Get "Free" Properties
https://www.biggerpockets.com/forums/311/topics/1060320-usin... - AL · Member since 2010 · 522 posts · 31 votes3yWhat are your solutions for all of the pitfalls? Pace Morby and Ron Legrand seems to know how to overcome all the pitfalls you listed.
Quote from @Account Closed:
It's a little more complicated than that. If you want to start doing creative financing, I'd suggest you look atQuote from @Antonio Bodley:
What do I say in my postcards to pitch creative financing to sellers like subject to with low equity, pre-foreclosures, and expired listings? The same goes for phone scripts. What do I say?
Using Subject To, to Get "Free" Properties
https://www.biggerpockets.com/forums/311/topics/1060320-usin... - Investor · Scottsdale Austin Tuktoyaktuk · Member since 2021 · 4k+ posts · 4k+ votes3y
Quote from @Antonio Bodley:
What are your solutions for all of the pitfalls? Pace Morby and Ron Legrand seems to know how to overcome all the pitfalls you listed.Quote from @Account Closed:
It's a little more complicated than that. If you want to start doing creative financing, I'd suggest you look atQuote from @Antonio Bodley:
What do I say in my postcards to pitch creative financing to sellers like subject to with low equity, pre-foreclosures, and expired listings? The same goes for phone scripts. What do I say?
Using Subject To, to Get "Free" Properties
https://www.biggerpockets.com/forums/311/topics/1060320-usin...Ron Legrand knows them, Pace Morby does not. He is relatively new to this concept. Have you signed up for one of their courses and taken them?
- AL · Member since 2010 · 522 posts · 31 votes3yI am not signed up to their courses, but I do watch a lot of Pace Morby's YouTube videos and joined his Facebook group that discusses creative financing. I heard Pace program is extremely expensive to join. I want to learn how to do subject to the right way without having to go broke to learn creative finance real estate.
Quote from @Account Closed:
Quote from @Antonio Bodley:
What are your solutions for all of the pitfalls? Pace Morby and Ron Legrand seems to know how to overcome all the pitfalls you listed.Quote from @Account Closed:
It's a little more complicated than that. If you want to start doing creative financing, I'd suggest you look atQuote from @Antonio Bodley:
What do I say in my postcards to pitch creative financing to sellers like subject to with low equity, pre-foreclosures, and expired listings? The same goes for phone scripts. What do I say?
Using Subject To, to Get "Free" Properties
https://www.biggerpockets.com/forums/311/topics/1060320-usin...Ron Legrand knows them, Pace Morby does not. He is relatively new to this concept. Have you signed up for one of their courses and taken them?
Quote from @Account Closed:
Quote from @Antonio Bodley:
What are your solutions for all of the pitfalls? Pace Morby and Ron Legrand seems to know how to overcome all the pitfalls you listed.Quote from @Account Closed:
It's a little more complicated than that. If you want to start doing creative financing, I'd suggest you look atQuote from @Antonio Bodley:
What do I say in my postcards to pitch creative financing to sellers like subject to with low equity, pre-foreclosures, and expired listings? The same goes for phone scripts. What do I say?
Using Subject To, to Get "Free" Properties
https://www.biggerpockets.com/forums/311/topics/1060320-usin...Ron Legrand knows them, Pace Morby does not. He is relatively new to this concept. Have you signed up for one of their courses and taken them?
Funny enough, I know both of them. They both know what they’re doing.
Pace is one of the smartest investors out there who can actually do what he says he can do. Now is he doing it to the same degree as he was doing it?
Probably not, but that’s because he is pushing so hard on building his brand. (In a good way)
That being said, NO ONE has a perfect record of overcoming objections.
The bottom line is, in order to consistently succeed with offers consisting of creative financing, you have to be solving the seller’s problem. Otherwise, why else would they do anything other than sell their property for less than retail through traditional means.
So in your post cards, address the problems not the solutions (other than yourself)
Ex: foreclosure, problem tenants, job transfer, need to sell in order to buy another house, estate, divorce, etc..
- Investor · Scottsdale Austin Tuktoyaktuk · Member since 2021 · 4k+ posts · 4k+ votes3y
Quote from @David Dey:
Quote from @Account Closed:
Quote from @Antonio Bodley:
What are your solutions for all of the pitfalls? Pace Morby and Ron Legrand seems to know how to overcome all the pitfalls you listed.Quote from @Account Closed:
It's a little more complicated than that. If you want to start doing creative financing, I'd suggest you look atQuote from @Antonio Bodley:
What do I say in my postcards to pitch creative financing to sellers like subject to with low equity, pre-foreclosures, and expired listings? The same goes for phone scripts. What do I say?
Using Subject To, to Get "Free" Properties
https://www.biggerpockets.com/forums/311/topics/1060320-usin...Ron Legrand knows them, Pace Morby does not. He is relatively new to this concept. Have you signed up for one of their courses and taken them?
Funny enough, I know both of them. They both know what they’re doing.
Pace is one of the smartest investors out there who can actually do what he says he can do. Now is he doing it to the same degree as he was doing it?
Probably not, but that’s because he is pushing so hard on building his brand. (In a good way)
That being said, NO ONE has a perfect record of overcoming objections.
The bottom line is, in order to consistently succeed with offers consisting of creative financing, you have to be solving the seller’s problem. Otherwise, why else would they do anything other than sell their property for less than retail through traditional means.
So in your post cards, address the problems not the solutions (other than yourself)
Ex: foreclosure, problem tenants, job transfer, need to sell in order to buy another house, estate, divorce, etc..
If Pace Morby is so good, why is he buying properties at ARV or even higher? Why then is he adding a second "gator" lien on top of that? Yes, it may be a "no money down" property for him, but at what risk and cost to the seller and the "gator lender"? That is not creative finance, that is simply over buying and exposing others to unacceptable risk to benefit Pace Morby.
CONTRACTOR
Overleveraging is not creative finance.
Oh, and since you know Pace Morby could you ask him to pay back the people he ripped off? He will sleep better. . . . maybe.
https://azroc.my.site.com/AZRoc/s/contractor-search?licenseI...
LICENSEBusiness Entity Name AZ Contracting Group LLC City and State Tempe, AZ, 85282
Phone (480) 239-1066 Status / Action Revoked Status Last Changed On: 2021-07-27 Class & Description
Issued / Renewal
Entity TypeLLCFirst Issued2016-02-24Renewed Through2020-02-29
Name : Pace Jordan Morby
Position : Member
Other Positions : MEMBER
7Disciplined CasesHelp0Resolved / Settled CasesHelpFor more information on these complaints, please click here.ADDITIONAL COMPLAINT INFORMATIONTYPE COMPLAINT ID OUTCOME CLOSED DATE (IF CLOSED) Disciplined - 2019-04542 - Legal – Revoked 2019-12-09 Disciplined - 2019-00552 - Legal - Revocation 2019-07-08 Disciplined - 2019-01410 - Legal – Revoked 2019-07-26 Disciplined - 2019-01649 - Legal - Revocation 2019-09-03 Disciplined - 2018-05708 - Legal - Revocation 2019-04-25 Disciplined - 2018-21 - Legal - Revocation 2019-04-25 Disciplined - 2018-4172 - Legal - Revocation 2019-04-26 - AL · Member since 2010 · 522 posts · 31 votes3y
Quote from @Account Closed:
Quote from @David Dey:
Quote from @Account Closed:
Quote from @Antonio Bodley:
What are your solutions for all of the pitfalls? Pace Morby and Ron Legrand seems to know how to overcome all the pitfalls you listed.Quote from @Account Closed:
It's a little more complicated than that. If you want to start doing creative financing, I'd suggest you look atQuote from @Antonio Bodley:
What do I say in my postcards to pitch creative financing to sellers like subject to with low equity, pre-foreclosures, and expired listings? The same goes for phone scripts. What do I say?
Using Subject To, to Get "Free" Properties
https://www.biggerpockets.com/forums/311/topics/1060320-usin...Ron Legrand knows them, Pace Morby does not. He is relatively new to this concept. Have you signed up for one of their courses and taken them?
Funny enough, I know both of them. They both know what they’re doing.
Pace is one of the smartest investors out there who can actually do what he says he can do. Now is he doing it to the same degree as he was doing it?
Probably not, but that’s because he is pushing so hard on building his brand. (In a good way)
That being said, NO ONE has a perfect record of overcoming objections.
The bottom line is, in order to consistently succeed with offers consisting of creative financing, you have to be solving the seller’s problem. Otherwise, why else would they do anything other than sell their property for less than retail through traditional means.
So in your post cards, address the problems not the solutions (other than yourself)
Ex: foreclosure, problem tenants, job transfer, need to sell in order to buy another house, estate, divorce, etc..
If Pace Morby is so good, why is he buying properties at ARV or even higher? Why then is he adding a second "gator" lien on top of that? Yes, it may be a "no money down" property for him, but at what risk and cost to the seller and the "gator lender"? That is not creative finance, that is simply over buying and exposing others to unacceptable risk to benefit Pace Morby.
CONTRACTOR
Overleveraging is not creative finance.
Oh, and since you know Pace Morby could you ask him to pay back the people he ripped off? He will sleep better. . . . maybe.
https://azroc.my.site.com/AZRoc/s/contractor-search?licenseI...
LICENSEBusiness Entity Name AZ Contracting Group LLC City and State Tempe, AZ, 85282
Phone (480) 239-1066 Status / Action Revoked Status Last Changed On: 2021-07-27 Class & Description
Issued / Renewal
Entity TypeLLCFirst Issued2016-02-24Renewed Through2020-02-29
Name : Pace Jordan Morby
Position : Member
Other Positions : MEMBER
7Disciplined CasesHelp0Resolved / Settled CasesHelpFor more information on these complaints, please click here.ADDITIONAL COMPLAINT INFORMATIONTYPE COMPLAINT ID OUTCOME CLOSED DATE (IF CLOSED) Disciplined - 2019-04542 - Legal – Revoked 2019-12-09 Disciplined - 2019-00552 - Legal - Revocation 2019-07-08 Disciplined - 2019-01410 - Legal – Revoked 2019-07-26 Disciplined - 2019-01649 - Legal - Revocation 2019-09-03 Disciplined - 2018-05708 - Legal - Revocation 2019-04-25 Disciplined - 2018-21 - Legal - Revocation 2019-04-25 Disciplined - 2018-4172 - Legal - Revocation 2019-04-26 How did you find this information about Pace Morby? What is the best way for a newbie to learn how to make monthly income like subject to without going broke to buy one of Pace Morby's courses? I am part of Pace Morby's Facebook group and all of his students say Pace Morby is the real deal? Are they all lying? By the way, Pace Morby is good buddies with Jerry Norton, is Jerry a fraud too?
- First, just to be clear if my post came out like I was attacking you personally, I apologize. When I said “funny thing,” I actually meant it as funny ha-ha, not as an attack on you personally.
Quote from @Account Closed:
Quote from @David Dey:
Quote from @Account Closed:
Quote from @Antonio Bodley:
What are your solutions for all of the pitfalls? Pace Morby and Ron Legrand seems to know how to overcome all the pitfalls you listed.Quote from @Account Closed:
It's a little more complicated than that. If you want to start doing creative financing, I'd suggest you look atQuote from @Antonio Bodley:
What do I say in my postcards to pitch creative financing to sellers like subject to with low equity, pre-foreclosures, and expired listings? The same goes for phone scripts. What do I say?
Using Subject To, to Get "Free" Properties
https://www.biggerpockets.com/forums/311/topics/1060320-usin...Ron Legrand knows them, Pace Morby does not. He is relatively new to this concept. Have you signed up for one of their courses and taken them?
Funny enough, I know both of them. They both know what they’re doing.
Pace is one of the smartest investors out there who can actually do what he says he can do. Now is he doing it to the same degree as he was doing it?
Probably not, but that’s because he is pushing so hard on building his brand. (In a good way)
That being said, NO ONE has a perfect record of overcoming objections.
The bottom line is, in order to consistently succeed with offers consisting of creative financing, you have to be solving the seller’s problem. Otherwise, why else would they do anything other than sell their property for less than retail through traditional means.
So in your post cards, address the problems not the solutions (other than yourself)
Ex: foreclosure, problem tenants, job transfer, need to sell in order to buy another house, estate, divorce, etc..
If Pace Morby is so good, why is he buying properties at ARV or even higher? Why then is he adding a second "gator" lien on top of that? Yes, it may be a "no money down" property for him, but at what risk and cost to the seller and the "gator lender"? That is not creative finance, that is simply over buying and exposing others to unacceptable risk to benefit Pace Morby.
CONTRACTOR
Overleveraging is not creative finance.
Oh, and since you know Pace Morby could you ask him to pay back the people he ripped off? He will sleep better. . . . maybe.
https://azroc.my.site.com/AZRoc/s/contractor-search?licenseI...
LICENSEBusiness Entity Name AZ Contracting Group LLC City and State Tempe, AZ, 85282
Phone (480) 239-1066 Status / Action Revoked Status Last Changed On: 2021-07-27 Class & Description
Issued / Renewal
Entity TypeLLCFirst Issued2016-02-24Renewed Through2020-02-29
Name : Pace Jordan Morby
Position : Member
Other Positions : MEMBER
7Disciplined CasesHelp0Resolved / Settled CasesHelpFor more information on these complaints, please click here.ADDITIONAL COMPLAINT INFORMATIONTYPE COMPLAINT ID OUTCOME CLOSED DATE (IF CLOSED) Disciplined - 2019-04542 - Legal – Revoked 2019-12-09 Disciplined - 2019-00552 - Legal - Revocation 2019-07-08 Disciplined - 2019-01410 - Legal – Revoked 2019-07-26 Disciplined - 2019-01649 - Legal - Revocation 2019-09-03 Disciplined - 2018-05708 - Legal - Revocation 2019-04-25 Disciplined - 2018-21 - Legal - Revocation 2019-04-25 Disciplined - 2018-4172 - Legal - Revocation 2019-04-26
I don’t know anything about the history of the company or if he did any of the things you say. All of my dealings with him have been good. If you are one of the people he owes money to, he’s pretty collectible now.
I do stand by my statement though, as Pace is still one of the smartest investors I have met. (Speaking to his grasp of creative financing)
No he does not have as many years experience as Ron when he was actively investing. (Neither of them hold a candle to Pete Fortunato, the godfather of creative and has forgotten more than they have learned) But Pace is a student of the game. He is immensely intelligent and absolutely can do what he says he can do.
Obviously this doesn’t make him perfect. Who doesn’t have any skeletons in their closet? I don’t know a single person who was perfect except my Savior. (This doesn’t negate that if he owes you money, you don’t have every right to collect it) I would just be cautious in throwing stones from a glass house.
As to the reason you would buy a house at retail or sometime a little above, may be because the interest and holding cost is so low.
It could be for personal use.
It could be as a loss leader into another deal.
it could be for tax purposes.
it could truly be to help someone out of a hard position.
it could be for appreciation. (Such as purchasing in the path of progress)
Again, I am showing these options as principles. Not necessarily Pace’s deals.
If you haven’t, look up Pete Fortunato’s house diagram for all the benefits of a house. It lists all the different reasons someone might buy the house. Also, and this is the cool thing, Pete doesn’t limit himself to one end buyer/user for the same house. Ex: he may sell the house’s equity to one person, sell the use or occupancy of it to another.
There are many variations of what you can piece out from the same house to other parties. The point is that creative isn’t limited to just one thing. Purchase price.
I hope this post comes out in the spirit it is meant, not as an attack but as clarification. Also, for the benefit of this author who is looking for answers he can utilize. - Rental Property Investor · Wichita Falls, TX · Member since 2018 · 353 posts · 80 votes3y
Quote from @David Dey:
First, just to be clear if my post came out like I was attacking you personally, I apologize. When I said “funny thing,” I actually meant it as funny ha-ha, not as an attack on you personally.Quote from @Account Closed:
Quote from @David Dey:
Quote from @Account Closed:
Quote from @Antonio Bodley:
What are your solutions for all of the pitfalls? Pace Morby and Ron Legrand seems to know how to overcome all the pitfalls you listed.Quote from @Account Closed:
It's a little more complicated than that. If you want to start doing creative financing, I'd suggest you look atQuote from @Antonio Bodley:
What do I say in my postcards to pitch creative financing to sellers like subject to with low equity, pre-foreclosures, and expired listings? The same goes for phone scripts. What do I say?
Using Subject To, to Get "Free" Properties
https://www.biggerpockets.com/forums/311/topics/1060320-usin...Ron Legrand knows them, Pace Morby does not. He is relatively new to this concept. Have you signed up for one of their courses and taken them?
Funny enough, I know both of them. They both know what they’re doing.
Pace is one of the smartest investors out there who can actually do what he says he can do. Now is he doing it to the same degree as he was doing it?
Probably not, but that’s because he is pushing so hard on building his brand. (In a good way)
That being said, NO ONE has a perfect record of overcoming objections.
The bottom line is, in order to consistently succeed with offers consisting of creative financing, you have to be solving the seller’s problem. Otherwise, why else would they do anything other than sell their property for less than retail through traditional means.
So in your post cards, address the problems not the solutions (other than yourself)
Ex: foreclosure, problem tenants, job transfer, need to sell in order to buy another house, estate, divorce, etc..
If Pace Morby is so good, why is he buying properties at ARV or even higher? Why then is he adding a second "gator" lien on top of that? Yes, it may be a "no money down" property for him, but at what risk and cost to the seller and the "gator lender"? That is not creative finance, that is simply over buying and exposing others to unacceptable risk to benefit Pace Morby.
CONTRACTOR
Overleveraging is not creative finance.
Oh, and since you know Pace Morby could you ask him to pay back the people he ripped off? He will sleep better. . . . maybe.
https://azroc.my.site.com/AZRoc/s/contractor-search?licenseI...
LICENSEBusiness Entity Name AZ Contracting Group LLC City and State Tempe, AZ, 85282
Phone (480) 239-1066 Status / Action Revoked Status Last Changed On: 2021-07-27 Class & Description
Issued / Renewal
Entity TypeLLCFirst Issued2016-02-24Renewed Through2020-02-29
Name : Pace Jordan Morby
Position : Member
Other Positions : MEMBER
7Disciplined CasesHelp0Resolved / Settled CasesHelpFor more information on these complaints, please click here.ADDITIONAL COMPLAINT INFORMATIONTYPE COMPLAINT ID OUTCOME CLOSED DATE (IF CLOSED) Disciplined - 2019-04542 - Legal – Revoked 2019-12-09 Disciplined - 2019-00552 - Legal - Revocation 2019-07-08 Disciplined - 2019-01410 - Legal – Revoked 2019-07-26 Disciplined - 2019-01649 - Legal - Revocation 2019-09-03 Disciplined - 2018-05708 - Legal - Revocation 2019-04-25 Disciplined - 2018-21 - Legal - Revocation 2019-04-25 Disciplined - 2018-4172 - Legal - Revocation 2019-04-26
I don’t know anything about the history of the company or if he did any of the things you say. All of my dealings with him have been good. If you are one of the people he owes money to, he’s pretty collectible now.
I do stand by my statement though, as Pace is still one of the smartest investors I have met. (Speaking to his grasp of creative financing)
No he does not have as many years experience as Ron when he was actively investing. (Neither of them hold a candle to Pete Fortunato, the godfather of creative and has forgotten more than they have learned) But Pace is a student of the game. He is immensely intelligent and absolutely can do what he says he can do.
Obviously this doesn’t make him perfect. Who doesn’t have any skeletons in their closet? I don’t know a single person who was perfect except my Savior. (This doesn’t negate that if he owes you money, you don’t have every right to collect it) I would just be cautious in throwing stones from a glass house.
As to the reason you would buy a house at retail or sometime a little above, may be because the interest and holding cost is so low.
It could be for personal use.
It could be as a loss leader into another deal.
it could be for tax purposes.
it could truly be to help someone out of a hard position.
it could be for appreciation. (Such as purchasing in the path of progress)
Again, I am showing these options as principles. Not necessarily Pace’s deals.
If you haven’t, look up Pete Fortunato’s house diagram for all the benefits of a house. It lists all the different reasons someone might buy the house. Also, and this is the cool thing, Pete doesn’t limit himself to one end buyer/user for the same house. Ex: he may sell the house’s equity to one person, sell the use or occupancy of it to another.
There are many variations of what you can piece out from the same house to other parties. The point is that creative isn’t limited to just one thing. Purchase price.
I hope this post comes out in the spirit it is meant, not as an attack but as clarification. Also, for the benefit of this author who is looking for answers he can utilize.So how does one find deals Subto that make sense? Or what is your advice besides explaining who was the grandfather of creative financing. I am in the same boat. Pace's gold is in his 8k Subto community were there are deals and money to be lent out. Even if you don't know much just joining and having access to his transaction coordinators and group with deals is gold in itself. I have not joined but would like to at some point so I can expand from 11 rentals to 15 or 20.
Quote from @Nathan Frost:
Quote from @David Dey:
First, just to be clear if my post came out like I was attacking you personally, I apologize. When I said “funny thing,” I actually meant it as funny ha-ha, not as an attack on you personally.Quote from @Account Closed:
Quote from @David Dey:
Quote from @Account Closed:
Quote from @Antonio Bodley:
What are your solutions for all of the pitfalls? Pace Morby and Ron Legrand seems to know how to overcome all the pitfalls you listed.Quote from @Account Closed:
It's a little more complicated than that. If you want to start doing creative financing, I'd suggest you look atQuote from @Antonio Bodley:
What do I say in my postcards to pitch creative financing to sellers like subject to with low equity, pre-foreclosures, and expired listings? The same goes for phone scripts. What do I say?
Using Subject To, to Get "Free" Properties
https://www.biggerpockets.com/forums/311/topics/1060320-usin...Ron Legrand knows them, Pace Morby does not. He is relatively new to this concept. Have you signed up for one of their courses and taken them?
Funny enough, I know both of them. They both know what they’re doing.
Pace is one of the smartest investors out there who can actually do what he says he can do. Now is he doing it to the same degree as he was doing it?
Probably not, but that’s because he is pushing so hard on building his brand. (In a good way)
That being said, NO ONE has a perfect record of overcoming objections.
The bottom line is, in order to consistently succeed with offers consisting of creative financing, you have to be solving the seller’s problem. Otherwise, why else would they do anything other than sell their property for less than retail through traditional means.
So in your post cards, address the problems not the solutions (other than yourself)
Ex: foreclosure, problem tenants, job transfer, need to sell in order to buy another house, estate, divorce, etc..
If Pace Morby is so good, why is he buying properties at ARV or even higher? Why then is he adding a second "gator" lien on top of that? Yes, it may be a "no money down" property for him, but at what risk and cost to the seller and the "gator lender"? That is not creative finance, that is simply over buying and exposing others to unacceptable risk to benefit Pace Morby.
CONTRACTOR
Overleveraging is not creative finance.
Oh, and since you know Pace Morby could you ask him to pay back the people he ripped off? He will sleep better. . . . maybe.
https://azroc.my.site.com/AZRoc/s/contractor-search?licenseI...
LICENSEBusiness Entity Name AZ Contracting Group LLC City and State Tempe, AZ, 85282
Phone (480) 239-1066 Status / Action Revoked Status Last Changed On: 2021-07-27 Class & Description
Issued / Renewal
Entity TypeLLCFirst Issued2016-02-24Renewed Through2020-02-29
Name : Pace Jordan Morby
Position : Member
Other Positions : MEMBER
7Disciplined CasesHelp0Resolved / Settled CasesHelpFor more information on these complaints, please click here.ADDITIONAL COMPLAINT INFORMATIONTYPE COMPLAINT ID OUTCOME CLOSED DATE (IF CLOSED) Disciplined - 2019-04542 - Legal – Revoked 2019-12-09 Disciplined - 2019-00552 - Legal - Revocation 2019-07-08 Disciplined - 2019-01410 - Legal – Revoked 2019-07-26 Disciplined - 2019-01649 - Legal - Revocation 2019-09-03 Disciplined - 2018-05708 - Legal - Revocation 2019-04-25 Disciplined - 2018-21 - Legal - Revocation 2019-04-25 Disciplined - 2018-4172 - Legal - Revocation 2019-04-26
I don’t know anything about the history of the company or if he did any of the things you say. All of my dealings with him have been good. If you are one of the people he owes money to, he’s pretty collectible now.
I do stand by my statement though, as Pace is still one of the smartest investors I have met. (Speaking to his grasp of creative financing)
No he does not have as many years experience as Ron when he was actively investing. (Neither of them hold a candle to Pete Fortunato, the godfather of creative and has forgotten more than they have learned) But Pace is a student of the game. He is immensely intelligent and absolutely can do what he says he can do.
Obviously this doesn’t make him perfect. Who doesn’t have any skeletons in their closet? I don’t know a single person who was perfect except my Savior. (This doesn’t negate that if he owes you money, you don’t have every right to collect it) I would just be cautious in throwing stones from a glass house.
As to the reason you would buy a house at retail or sometime a little above, may be because the interest and holding cost is so low.
It could be for personal use.
It could be as a loss leader into another deal.
it could be for tax purposes.
it could truly be to help someone out of a hard position.
it could be for appreciation. (Such as purchasing in the path of progress)
Again, I am showing these options as principles. Not necessarily Pace’s deals.
If you haven’t, look up Pete Fortunato’s house diagram for all the benefits of a house. It lists all the different reasons someone might buy the house. Also, and this is the cool thing, Pete doesn’t limit himself to one end buyer/user for the same house. Ex: he may sell the house’s equity to one person, sell the use or occupancy of it to another.
There are many variations of what you can piece out from the same house to other parties. The point is that creative isn’t limited to just one thing. Purchase price.
I hope this post comes out in the spirit it is meant, not as an attack but as clarification. Also, for the benefit of this author who is looking for answers he can utilize.So how does one find deals Subto that make sense? Or what is your advice besides explaining who was the grandfather of creative financing. I am in the same boat. Pace's gold is in his 8k Subto community were there are deals and money to be lent out. Even if you don't know much just joining and having access to his transaction coordinators and group with deals is gold in itself. I have not joined but would like to at some point so I can expand from 11 rentals to 15 or 20.
Great question.
Sub2 should be a tool in the tool box, not the full toolbox itself.
I put it this way, “if the only tool you have in your toolbox is a hammer, all you will be good for is nails.”
So what you’re really looking for is motivation.
Why would someone NEED to look for a quick sale, a creative option, a cash offer, etc?
The answer is, they have a problem.
While there are a myriad of problems out there, they almost always will fall into 4 categories I call the four “D’s.”
Death: Someone inherits a house along with all its benefits AND its responsibilities. (Many will be more open to creative or lower cash offers in order to realize the benefit of the estate as they didn’t earn the equity)
Divorce: This is an area where emotions rule. Many will be more concerned with ending the relationship than maximizing the profit.Disaster: This could be financial such as loss of income, or immediate need to move. The other scenario could be natural disaster, such as the hurricanes in the east, tornados abd wild fires in the west, etc.
Detention: jail.
People look for lists such as tax delinquent, foreclosure, vacant, etc… and rightly so, as people without problems wouldn’t be on the lists, but the problems will almost always fall into these categories, and by knowing which you will know the motivation and will be able to utilize your tools.
Hope this helps.
- Rental Property Investor · Wichita Falls, TX · Member since 2018 · 353 posts · 80 votes3y
Quote from @David Dey:
Quote from @Nathan Frost:
Quote from @David Dey:
First, just to be clear if my post came out like I was attacking you personally, I apologize. When I said “funny thing,” I actually meant it as funny ha-ha, not as an attack on you personally.Quote from @Account Closed:
Quote from @David Dey:
Quote from @Account Closed:
Quote from @Antonio Bodley:
What are your solutions for all of the pitfalls? Pace Morby and Ron Legrand seems to know how to overcome all the pitfalls you listed.Quote from @Account Closed:
It's a little more complicated than that. If you want to start doing creative financing, I'd suggest you look atQuote from @Antonio Bodley:
What do I say in my postcards to pitch creative financing to sellers like subject to with low equity, pre-foreclosures, and expired listings? The same goes for phone scripts. What do I say?
Using Subject To, to Get "Free" Properties
https://www.biggerpockets.com/forums/311/topics/1060320-usin...Ron Legrand knows them, Pace Morby does not. He is relatively new to this concept. Have you signed up for one of their courses and taken them?
Funny enough, I know both of them. They both know what they’re doing.
Pace is one of the smartest investors out there who can actually do what he says he can do. Now is he doing it to the same degree as he was doing it?
Probably not, but that’s because he is pushing so hard on building his brand. (In a good way)
That being said, NO ONE has a perfect record of overcoming objections.
The bottom line is, in order to consistently succeed with offers consisting of creative financing, you have to be solving the seller’s problem. Otherwise, why else would they do anything other than sell their property for less than retail through traditional means.
So in your post cards, address the problems not the solutions (other than yourself)
Ex: foreclosure, problem tenants, job transfer, need to sell in order to buy another house, estate, divorce, etc..
If Pace Morby is so good, why is he buying properties at ARV or even higher? Why then is he adding a second "gator" lien on top of that? Yes, it may be a "no money down" property for him, but at what risk and cost to the seller and the "gator lender"? That is not creative finance, that is simply over buying and exposing others to unacceptable risk to benefit Pace Morby.
CONTRACTOR
Overleveraging is not creative finance.
Oh, and since you know Pace Morby could you ask him to pay back the people he ripped off? He will sleep better. . . . maybe.
https://azroc.my.site.com/AZRoc/s/contractor-search?licenseI...
LICENSEBusiness Entity Name AZ Contracting Group LLC City and State Tempe, AZ, 85282
Phone (480) 239-1066 Status / Action Revoked Status Last Changed On: 2021-07-27 Class & Description
Issued / Renewal
Entity TypeLLCFirst Issued2016-02-24Renewed Through2020-02-29
Name : Pace Jordan Morby
Position : Member
Other Positions : MEMBER
7Disciplined CasesHelp0Resolved / Settled CasesHelpFor more information on these complaints, please click here.ADDITIONAL COMPLAINT INFORMATIONTYPE COMPLAINT ID OUTCOME CLOSED DATE (IF CLOSED) Disciplined - 2019-04542 - Legal – Revoked 2019-12-09 Disciplined - 2019-00552 - Legal - Revocation 2019-07-08 Disciplined - 2019-01410 - Legal – Revoked 2019-07-26 Disciplined - 2019-01649 - Legal - Revocation 2019-09-03 Disciplined - 2018-05708 - Legal - Revocation 2019-04-25 Disciplined - 2018-21 - Legal - Revocation 2019-04-25 Disciplined - 2018-4172 - Legal - Revocation 2019-04-26
I don’t know anything about the history of the company or if he did any of the things you say. All of my dealings with him have been good. If you are one of the people he owes money to, he’s pretty collectible now.
I do stand by my statement though, as Pace is still one of the smartest investors I have met. (Speaking to his grasp of creative financing)
No he does not have as many years experience as Ron when he was actively investing. (Neither of them hold a candle to Pete Fortunato, the godfather of creative and has forgotten more than they have learned) But Pace is a student of the game. He is immensely intelligent and absolutely can do what he says he can do.
Obviously this doesn’t make him perfect. Who doesn’t have any skeletons in their closet? I don’t know a single person who was perfect except my Savior. (This doesn’t negate that if he owes you money, you don’t have every right to collect it) I would just be cautious in throwing stones from a glass house.
As to the reason you would buy a house at retail or sometime a little above, may be because the interest and holding cost is so low.
It could be for personal use.
It could be as a loss leader into another deal.
it could be for tax purposes.
it could truly be to help someone out of a hard position.
it could be for appreciation. (Such as purchasing in the path of progress)
Again, I am showing these options as principles. Not necessarily Pace’s deals.
If you haven’t, look up Pete Fortunato’s house diagram for all the benefits of a house. It lists all the different reasons someone might buy the house. Also, and this is the cool thing, Pete doesn’t limit himself to one end buyer/user for the same house. Ex: he may sell the house’s equity to one person, sell the use or occupancy of it to another.
There are many variations of what you can piece out from the same house to other parties. The point is that creative isn’t limited to just one thing. Purchase price.
I hope this post comes out in the spirit it is meant, not as an attack but as clarification. Also, for the benefit of this author who is looking for answers he can utilize.So how does one find deals Subto that make sense? Or what is your advice besides explaining who was the grandfather of creative financing. I am in the same boat. Pace's gold is in his 8k Subto community were there are deals and money to be lent out. Even if you don't know much just joining and having access to his transaction coordinators and group with deals is gold in itself. I have not joined but would like to at some point so I can expand from 11 rentals to 15 or 20.
Great question.
Sub2 should be a tool in the tool box, not the full toolbox itself.
I put it this way, “if the only tool you have in your toolbox is a hammer, all you will be good for is nails.”
So what you’re really looking for is motivation.
Why would someone NEED to look for a quick sale, a creative option, a cash offer, etc?
The answer is, they have a problem.
While there are a myriad of problems out there, they almost always will fall into 4 categories I call the four “D’s.”
Death: Someone inherits a house along with all its benefits AND its responsibilities. (Many will be more open to creative or lower cash offers in order to realize the benefit of the estate as they didn’t earn the equity)
Divorce: This is an area where emotions rule. Many will be more concerned with ending the relationship than maximizing the profit.Disaster: This could be financial such as loss of income, or immediate need to move. The other scenario could be natural disaster, such as the hurricanes in the east, tornados abd wild fires in the west, etc.
Detention: jail.
People look for lists such as tax delinquent, foreclosure, vacant, etc… and rightly so, as people without problems wouldn’t be on the lists, but the problems will almost always fall into these categories, and by knowing which you will know the motivation and will be able to utilize your tools.
Hope this helps.
This definitely helped. What is best way to find those lists? So go to say Batchleads or Privy and use the search tools for those categories and find the deal?
- Probate leads. (Probates daily is a company that offers)
Quote from @Nathan Frost:
Quote from @David Dey:
Quote from @Nathan Frost:
Quote from @David Dey:
First, just to be clear if my post came out like I was attacking you personally, I apologize. When I said “funny thing,” I actually meant it as funny ha-ha, not as an attack on you personally.Quote from @Account Closed:
Quote from @David Dey:
Quote from @Account Closed:
Quote from @Antonio Bodley:
What are your solutions for all of the pitfalls? Pace Morby and Ron Legrand seems to know how to overcome all the pitfalls you listed.Quote from @Account Closed:
It's a little more complicated than that. If you want to start doing creative financing, I'd suggest you look atQuote from @Antonio Bodley:
What do I say in my postcards to pitch creative financing to sellers like subject to with low equity, pre-foreclosures, and expired listings? The same goes for phone scripts. What do I say?
Using Subject To, to Get "Free" Properties
https://www.biggerpockets.com/forums/311/topics/1060320-usin...Ron Legrand knows them, Pace Morby does not. He is relatively new to this concept. Have you signed up for one of their courses and taken them?
Funny enough, I know both of them. They both know what they’re doing.
Pace is one of the smartest investors out there who can actually do what he says he can do. Now is he doing it to the same degree as he was doing it?
Probably not, but that’s because he is pushing so hard on building his brand. (In a good way)
That being said, NO ONE has a perfect record of overcoming objections.
The bottom line is, in order to consistently succeed with offers consisting of creative financing, you have to be solving the seller’s problem. Otherwise, why else would they do anything other than sell their property for less than retail through traditional means.
So in your post cards, address the problems not the solutions (other than yourself)
Ex: foreclosure, problem tenants, job transfer, need to sell in order to buy another house, estate, divorce, etc..
If Pace Morby is so good, why is he buying properties at ARV or even higher? Why then is he adding a second "gator" lien on top of that? Yes, it may be a "no money down" property for him, but at what risk and cost to the seller and the "gator lender"? That is not creative finance, that is simply over buying and exposing others to unacceptable risk to benefit Pace Morby.
CONTRACTOR
Overleveraging is not creative finance.
Oh, and since you know Pace Morby could you ask him to pay back the people he ripped off? He will sleep better. . . . maybe.
https://azroc.my.site.com/AZRoc/s/contractor-search?licenseI...
LICENSEBusiness Entity Name AZ Contracting Group LLC City and State Tempe, AZ, 85282
Phone (480) 239-1066 Status / Action Revoked Status Last Changed On: 2021-07-27 Class & Description
Issued / Renewal
Entity TypeLLCFirst Issued2016-02-24Renewed Through2020-02-29
Name : Pace Jordan Morby
Position : Member
Other Positions : MEMBER
7Disciplined CasesHelp0Resolved / Settled CasesHelpFor more information on these complaints, please click here.ADDITIONAL COMPLAINT INFORMATIONTYPE COMPLAINT ID OUTCOME CLOSED DATE (IF CLOSED) Disciplined - 2019-04542 - Legal – Revoked 2019-12-09 Disciplined - 2019-00552 - Legal - Revocation 2019-07-08 Disciplined - 2019-01410 - Legal – Revoked 2019-07-26 Disciplined - 2019-01649 - Legal - Revocation 2019-09-03 Disciplined - 2018-05708 - Legal - Revocation 2019-04-25 Disciplined - 2018-21 - Legal - Revocation 2019-04-25 Disciplined - 2018-4172 - Legal - Revocation 2019-04-26
I don’t know anything about the history of the company or if he did any of the things you say. All of my dealings with him have been good. If you are one of the people he owes money to, he’s pretty collectible now.
I do stand by my statement though, as Pace is still one of the smartest investors I have met. (Speaking to his grasp of creative financing)
No he does not have as many years experience as Ron when he was actively investing. (Neither of them hold a candle to Pete Fortunato, the godfather of creative and has forgotten more than they have learned) But Pace is a student of the game. He is immensely intelligent and absolutely can do what he says he can do.
Obviously this doesn’t make him perfect. Who doesn’t have any skeletons in their closet? I don’t know a single person who was perfect except my Savior. (This doesn’t negate that if he owes you money, you don’t have every right to collect it) I would just be cautious in throwing stones from a glass house.
As to the reason you would buy a house at retail or sometime a little above, may be because the interest and holding cost is so low.
It could be for personal use.
It could be as a loss leader into another deal.
it could be for tax purposes.
it could truly be to help someone out of a hard position.
it could be for appreciation. (Such as purchasing in the path of progress)
Again, I am showing these options as principles. Not necessarily Pace’s deals.
If you haven’t, look up Pete Fortunato’s house diagram for all the benefits of a house. It lists all the different reasons someone might buy the house. Also, and this is the cool thing, Pete doesn’t limit himself to one end buyer/user for the same house. Ex: he may sell the house’s equity to one person, sell the use or occupancy of it to another.
There are many variations of what you can piece out from the same house to other parties. The point is that creative isn’t limited to just one thing. Purchase price.
I hope this post comes out in the spirit it is meant, not as an attack but as clarification. Also, for the benefit of this author who is looking for answers he can utilize.So how does one find deals Subto that make sense? Or what is your advice besides explaining who was the grandfather of creative financing. I am in the same boat. Pace's gold is in his 8k Subto community were there are deals and money to be lent out. Even if you don't know much just joining and having access to his transaction coordinators and group with deals is gold in itself. I have not joined but would like to at some point so I can expand from 11 rentals to 15 or 20.
Great question.
Sub2 should be a tool in the tool box, not the full toolbox itself.
I put it this way, “if the only tool you have in your toolbox is a hammer, all you will be good for is nails.”
So what you’re really looking for is motivation.
Why would someone NEED to look for a quick sale, a creative option, a cash offer, etc?
The answer is, they have a problem.
While there are a myriad of problems out there, they almost always will fall into 4 categories I call the four “D’s.”
Death: Someone inherits a house along with all its benefits AND its responsibilities. (Many will be more open to creative or lower cash offers in order to realize the benefit of the estate as they didn’t earn the equity)
Divorce: This is an area where emotions rule. Many will be more concerned with ending the relationship than maximizing the profit.Disaster: This could be financial such as loss of income, or immediate need to move. The other scenario could be natural disaster, such as the hurricanes in the east, tornados abd wild fires in the west, etc.
Detention: jail.
People look for lists such as tax delinquent, foreclosure, vacant, etc… and rightly so, as people without problems wouldn’t be on the lists, but the problems will almost always fall into these categories, and by knowing which you will know the motivation and will be able to utilize your tools.
Hope this helps.
This definitely helped. What is best way to find those lists? So go to say Batchleads or Privy and use the search tools for those categories and find the deal?
Pre foreclosure leads (foreclosures daily and no I’m not affiliated with them. You should also be able to get that list from batchleads)
code enforcement leads: abatement leads are the best as this isn’t where they fine you $100 a day. This is where the municipality actually abates the issue. (Mow the yard, board the doors, cover the pool) this is almost always a sign of abandonment.
tax deed and tax delinquent: again, people without problems pay their taxes and wouldn’t show up on the list.
Btw, if you’re willing to put in the sweat equity. All these leads are public records and will usually be fresher straight from the clerks office, tax collector, code enforcement, etc… - Rental Property Investor · Wichita Falls, TX · Member since 2018 · 353 posts · 80 votes3y
Quote from @David Dey:
Probate leads. (Probates daily is a company that offers)Quote from @Nathan Frost:
Quote from @David Dey:
Quote from @Nathan Frost:
Quote from @David Dey:
First, just to be clear if my post came out like I was attacking you personally, I apologize. When I said “funny thing,” I actually meant it as funny ha-ha, not as an attack on you personally.Quote from @Account Closed:
Quote from @David Dey:
Quote from @Account Closed:
Quote from @Antonio Bodley:
What are your solutions for all of the pitfalls? Pace Morby and Ron Legrand seems to know how to overcome all the pitfalls you listed.Quote from @Account Closed:
It's a little more complicated than that. If you want to start doing creative financing, I'd suggest you look atQuote from @Antonio Bodley:
What do I say in my postcards to pitch creative financing to sellers like subject to with low equity, pre-foreclosures, and expired listings? The same goes for phone scripts. What do I say?
Using Subject To, to Get "Free" Properties
https://www.biggerpockets.com/forums/311/topics/1060320-usin...Ron Legrand knows them, Pace Morby does not. He is relatively new to this concept. Have you signed up for one of their courses and taken them?
Funny enough, I know both of them. They both know what they’re doing.
Pace is one of the smartest investors out there who can actually do what he says he can do. Now is he doing it to the same degree as he was doing it?
Probably not, but that’s because he is pushing so hard on building his brand. (In a good way)
That being said, NO ONE has a perfect record of overcoming objections.
The bottom line is, in order to consistently succeed with offers consisting of creative financing, you have to be solving the seller’s problem. Otherwise, why else would they do anything other than sell their property for less than retail through traditional means.
So in your post cards, address the problems not the solutions (other than yourself)
Ex: foreclosure, problem tenants, job transfer, need to sell in order to buy another house, estate, divorce, etc..
If Pace Morby is so good, why is he buying properties at ARV or even higher? Why then is he adding a second "gator" lien on top of that? Yes, it may be a "no money down" property for him, but at what risk and cost to the seller and the "gator lender"? That is not creative finance, that is simply over buying and exposing others to unacceptable risk to benefit Pace Morby.
CONTRACTOR
Overleveraging is not creative finance.
Oh, and since you know Pace Morby could you ask him to pay back the people he ripped off? He will sleep better. . . . maybe.
https://azroc.my.site.com/AZRoc/s/contractor-search?licenseI...
LICENSEBusiness Entity Name AZ Contracting Group LLC City and State Tempe, AZ, 85282
Phone (480) 239-1066 Status / Action Revoked Status Last Changed On: 2021-07-27 Class & Description
Issued / Renewal
Entity TypeLLCFirst Issued2016-02-24Renewed Through2020-02-29
Name : Pace Jordan Morby
Position : Member
Other Positions : MEMBER
7Disciplined CasesHelp0Resolved / Settled CasesHelpFor more information on these complaints, please click here.ADDITIONAL COMPLAINT INFORMATIONTYPE COMPLAINT ID OUTCOME CLOSED DATE (IF CLOSED) Disciplined - 2019-04542 - Legal – Revoked 2019-12-09 Disciplined - 2019-00552 - Legal - Revocation 2019-07-08 Disciplined - 2019-01410 - Legal – Revoked 2019-07-26 Disciplined - 2019-01649 - Legal - Revocation 2019-09-03 Disciplined - 2018-05708 - Legal - Revocation 2019-04-25 Disciplined - 2018-21 - Legal - Revocation 2019-04-25 Disciplined - 2018-4172 - Legal - Revocation 2019-04-26
I don’t know anything about the history of the company or if he did any of the things you say. All of my dealings with him have been good. If you are one of the people he owes money to, he’s pretty collectible now.
I do stand by my statement though, as Pace is still one of the smartest investors I have met. (Speaking to his grasp of creative financing)
No he does not have as many years experience as Ron when he was actively investing. (Neither of them hold a candle to Pete Fortunato, the godfather of creative and has forgotten more than they have learned) But Pace is a student of the game. He is immensely intelligent and absolutely can do what he says he can do.
Obviously this doesn’t make him perfect. Who doesn’t have any skeletons in their closet? I don’t know a single person who was perfect except my Savior. (This doesn’t negate that if he owes you money, you don’t have every right to collect it) I would just be cautious in throwing stones from a glass house.
As to the reason you would buy a house at retail or sometime a little above, may be because the interest and holding cost is so low.
It could be for personal use.
It could be as a loss leader into another deal.
it could be for tax purposes.
it could truly be to help someone out of a hard position.
it could be for appreciation. (Such as purchasing in the path of progress)
Again, I am showing these options as principles. Not necessarily Pace’s deals.
If you haven’t, look up Pete Fortunato’s house diagram for all the benefits of a house. It lists all the different reasons someone might buy the house. Also, and this is the cool thing, Pete doesn’t limit himself to one end buyer/user for the same house. Ex: he may sell the house’s equity to one person, sell the use or occupancy of it to another.
There are many variations of what you can piece out from the same house to other parties. The point is that creative isn’t limited to just one thing. Purchase price.
I hope this post comes out in the spirit it is meant, not as an attack but as clarification. Also, for the benefit of this author who is looking for answers he can utilize.So how does one find deals Subto that make sense? Or what is your advice besides explaining who was the grandfather of creative financing. I am in the same boat. Pace's gold is in his 8k Subto community were there are deals and money to be lent out. Even if you don't know much just joining and having access to his transaction coordinators and group with deals is gold in itself. I have not joined but would like to at some point so I can expand from 11 rentals to 15 or 20.
Great question.
Sub2 should be a tool in the tool box, not the full toolbox itself.
I put it this way, “if the only tool you have in your toolbox is a hammer, all you will be good for is nails.”
So what you’re really looking for is motivation.
Why would someone NEED to look for a quick sale, a creative option, a cash offer, etc?
The answer is, they have a problem.
While there are a myriad of problems out there, they almost always will fall into 4 categories I call the four “D’s.”
Death: Someone inherits a house along with all its benefits AND its responsibilities. (Many will be more open to creative or lower cash offers in order to realize the benefit of the estate as they didn’t earn the equity)
Divorce: This is an area where emotions rule. Many will be more concerned with ending the relationship than maximizing the profit.Disaster: This could be financial such as loss of income, or immediate need to move. The other scenario could be natural disaster, such as the hurricanes in the east, tornados abd wild fires in the west, etc.
Detention: jail.
People look for lists such as tax delinquent, foreclosure, vacant, etc… and rightly so, as people without problems wouldn’t be on the lists, but the problems will almost always fall into these categories, and by knowing which you will know the motivation and will be able to utilize your tools.
Hope this helps.
This definitely helped. What is best way to find those lists? So go to say Batchleads or Privy and use the search tools for those categories and find the deal?
Pre foreclosure leads (foreclosures daily and no I’m not affiliated with them. You should also be able to get that list from batchleads)
code enforcement leads: abatement leads are the best as this isn’t where they fine you $100 a day. This is where the municipality actually abates the issue. (Mow the yard, board the doors, cover the pool) this is almost always a sign of abandonment.
tax deed and tax delinquent: again, people without problems pay their taxes and wouldn’t show up on the list.
Btw, if you’re willing to put in the sweat equity. All these leads are public records and will usually be fresher straight from the clerks office, tax collector, code enforcement, etc…Here is my county where I search for Lisa Perdens. Which selection would be for abatement, see right side menu?
https://wichitacountytx-recorder.tylerhost.net/recorder/eagl...
Quote from @Nathan Frost:
Quote from @David Dey:
Probate leads. (Probates daily is a company that offers)Quote from @Nathan Frost:
Quote from @David Dey:
Quote from @Nathan Frost:
Quote from @David Dey:
First, just to be clear if my post came out like I was attacking you personally, I apologize. When I said “funny thing,” I actually meant it as funny ha-ha, not as an attack on you personally.Quote from @Account Closed:
Quote from @David Dey:
Quote from @Account Closed:
Quote from @Antonio Bodley:
What are your solutions for all of the pitfalls? Pace Morby and Ron Legrand seems to know how to overcome all the pitfalls you listed.Quote from @Account Closed:
It's a little more complicated than that. If you want to start doing creative financing, I'd suggest you look atQuote from @Antonio Bodley:
What do I say in my postcards to pitch creative financing to sellers like subject to with low equity, pre-foreclosures, and expired listings? The same goes for phone scripts. What do I say?
Using Subject To, to Get "Free" Properties
https://www.biggerpockets.com/forums/311/topics/1060320-usin...Ron Legrand knows them, Pace Morby does not. He is relatively new to this concept. Have you signed up for one of their courses and taken them?
Funny enough, I know both of them. They both know what they’re doing.
Pace is one of the smartest investors out there who can actually do what he says he can do. Now is he doing it to the same degree as he was doing it?
Probably not, but that’s because he is pushing so hard on building his brand. (In a good way)
That being said, NO ONE has a perfect record of overcoming objections.
The bottom line is, in order to consistently succeed with offers consisting of creative financing, you have to be solving the seller’s problem. Otherwise, why else would they do anything other than sell their property for less than retail through traditional means.
So in your post cards, address the problems not the solutions (other than yourself)
Ex: foreclosure, problem tenants, job transfer, need to sell in order to buy another house, estate, divorce, etc..
If Pace Morby is so good, why is he buying properties at ARV or even higher? Why then is he adding a second "gator" lien on top of that? Yes, it may be a "no money down" property for him, but at what risk and cost to the seller and the "gator lender"? That is not creative finance, that is simply over buying and exposing others to unacceptable risk to benefit Pace Morby.
CONTRACTOR
Overleveraging is not creative finance.
Oh, and since you know Pace Morby could you ask him to pay back the people he ripped off? He will sleep better. . . . maybe.
https://azroc.my.site.com/AZRoc/s/contractor-search?licenseI...
LICENSEBusiness Entity Name AZ Contracting Group LLC City and State Tempe, AZ, 85282
Phone (480) 239-1066 Status / Action Revoked Status Last Changed On: 2021-07-27 Class & Description
Issued / Renewal
Entity TypeLLCFirst Issued2016-02-24Renewed Through2020-02-29
Name : Pace Jordan Morby
Position : Member
Other Positions : MEMBER
7Disciplined CasesHelp0Resolved / Settled CasesHelpFor more information on these complaints, please click here.ADDITIONAL COMPLAINT INFORMATIONTYPE COMPLAINT ID OUTCOME CLOSED DATE (IF CLOSED) Disciplined - 2019-04542 - Legal – Revoked 2019-12-09 Disciplined - 2019-00552 - Legal - Revocation 2019-07-08 Disciplined - 2019-01410 - Legal – Revoked 2019-07-26 Disciplined - 2019-01649 - Legal - Revocation 2019-09-03 Disciplined - 2018-05708 - Legal - Revocation 2019-04-25 Disciplined - 2018-21 - Legal - Revocation 2019-04-25 Disciplined - 2018-4172 - Legal - Revocation 2019-04-26
I don’t know anything about the history of the company or if he did any of the things you say. All of my dealings with him have been good. If you are one of the people he owes money to, he’s pretty collectible now.
I do stand by my statement though, as Pace is still one of the smartest investors I have met. (Speaking to his grasp of creative financing)
No he does not have as many years experience as Ron when he was actively investing. (Neither of them hold a candle to Pete Fortunato, the godfather of creative and has forgotten more than they have learned) But Pace is a student of the game. He is immensely intelligent and absolutely can do what he says he can do.
Obviously this doesn’t make him perfect. Who doesn’t have any skeletons in their closet? I don’t know a single person who was perfect except my Savior. (This doesn’t negate that if he owes you money, you don’t have every right to collect it) I would just be cautious in throwing stones from a glass house.
As to the reason you would buy a house at retail or sometime a little above, may be because the interest and holding cost is so low.
It could be for personal use.
It could be as a loss leader into another deal.
it could be for tax purposes.
it could truly be to help someone out of a hard position.
it could be for appreciation. (Such as purchasing in the path of progress)
Again, I am showing these options as principles. Not necessarily Pace’s deals.
If you haven’t, look up Pete Fortunato’s house diagram for all the benefits of a house. It lists all the different reasons someone might buy the house. Also, and this is the cool thing, Pete doesn’t limit himself to one end buyer/user for the same house. Ex: he may sell the house’s equity to one person, sell the use or occupancy of it to another.
There are many variations of what you can piece out from the same house to other parties. The point is that creative isn’t limited to just one thing. Purchase price.
I hope this post comes out in the spirit it is meant, not as an attack but as clarification. Also, for the benefit of this author who is looking for answers he can utilize.So how does one find deals Subto that make sense? Or what is your advice besides explaining who was the grandfather of creative financing. I am in the same boat. Pace's gold is in his 8k Subto community were there are deals and money to be lent out. Even if you don't know much just joining and having access to his transaction coordinators and group with deals is gold in itself. I have not joined but would like to at some point so I can expand from 11 rentals to 15 or 20.
Great question.
Sub2 should be a tool in the tool box, not the full toolbox itself.
I put it this way, “if the only tool you have in your toolbox is a hammer, all you will be good for is nails.”
So what you’re really looking for is motivation.
Why would someone NEED to look for a quick sale, a creative option, a cash offer, etc?
The answer is, they have a problem.
While there are a myriad of problems out there, they almost always will fall into 4 categories I call the four “D’s.”
Death: Someone inherits a house along with all its benefits AND its responsibilities. (Many will be more open to creative or lower cash offers in order to realize the benefit of the estate as they didn’t earn the equity)
Divorce: This is an area where emotions rule. Many will be more concerned with ending the relationship than maximizing the profit.Disaster: This could be financial such as loss of income, or immediate need to move. The other scenario could be natural disaster, such as the hurricanes in the east, tornados abd wild fires in the west, etc.
Detention: jail.
People look for lists such as tax delinquent, foreclosure, vacant, etc… and rightly so, as people without problems wouldn’t be on the lists, but the problems will almost always fall into these categories, and by knowing which you will know the motivation and will be able to utilize your tools.
Hope this helps.
This definitely helped. What is best way to find those lists? So go to say Batchleads or Privy and use the search tools for those categories and find the deal?
Pre foreclosure leads (foreclosures daily and no I’m not affiliated with them. You should also be able to get that list from batchleads)
code enforcement leads: abatement leads are the best as this isn’t where they fine you $100 a day. This is where the municipality actually abates the issue. (Mow the yard, board the doors, cover the pool) this is almost always a sign of abandonment.
tax deed and tax delinquent: again, people without problems pay their taxes and wouldn’t show up on the list.
Btw, if you’re willing to put in the sweat equity. All these leads are public records and will usually be fresher straight from the clerks office, tax collector, code enforcement, etc…Here is my county where I search for Lisa Perdens. Which selection would be for abatement, see right side menu?
https://wichitacountytx-recorder.tylerhost.net/recorder/eagl...
Honestly the simplest thing to do would be to call the code enforcement dept for ALL cities in your farming territory AS WELL AS THE COUNTIES. (Who handle the unincorporated areas)
simply do a public records request and ask them to provide you with both administrative and abatement liens.For an extra fresh list, find out who they subcontract for to do the abatements and pay them for a list when they get it. (this way you get the list before it is a lien and public record)
- Investor · Scottsdale Austin Tuktoyaktuk · Member since 2021 · 4k+ posts · 4k+ votes3y
Quote from @David Dey:
Quote from @Nathan Frost:
Quote from @David Dey:
Quote from @Account Closed:
Quote from @David Dey:
Quote from @Account Closed:
Quote from @Antonio Bodley:
What are your solutions for all of the pitfalls? Pace Morby and Ron Legrand seems to know how to overcome all the pitfalls you listed.Quote from @Account Closed:
It's a little more complicated than that. If you want to start doing creative financing, I'd suggest you look atQuote from @Antonio Bodley:
What do I say in my postcards to pitch creative financing to sellers like subject to with low equity, pre-foreclosures, and expired listings? The same goes for phone scripts. What do I say?
Using Subject To, to Get "Free" Properties
https://www.biggerpockets.com/forums/311/topics/1060320-usin...
Ron Legrand knows them, Pace Morby does not. He is relatively new to this concept. Have you signed up for one of their courses and taken them?Funny enough, I know both of them. They both know what they’re doing.
y so, as people without problems wouldn’t be on the lists, but the problems will almost always fall into these categories, and by knowing which you will know the motivation and will be able to utilize your tools.
When we talk about "Subject To", the question isn't "What Pain Point are we addressing for the Seller" the Question is: "What's the worst way this can go wrong"?
The judge is not amused when you tell him "oops" or say "I didn't think that would happen".
A lawsuit takes about $25,000, considerably more in some cases and a year and a half if it's only civil. That is, if you are Accused of doing things wrongly, you can be sued. That doesn't mean you did anything wrong, but you have to go through the entire lawsuit to prove it. Why go into battle with a rifle and only one bullet?
Here's One example I just responded to
Someone asked how to buy a hoime for personal use, using Subject To.
I said "What do you do if you move in and the bank calls the loan in 6 months.
Someone said:
here is what you do if its called. Pretty simple really.
1. cut a check payoff the loan
2. refi the property pay off the loan
3. sell the property pay off the loan
4. further negotiation with the lender which could include a payment to reduce the principal IE modification.
I respondedHis problem is "I am looking for a subject to deal to get my first home as a primary residence."
1. Most new investors don't have $350,000 cash to write a check, to pay off the loan, if the Due on Sale clause is invoked.2. Most lenders won't refi a loan that has only 6 months seasoning, especially if it is in someone else's name and then they would probably do 80% LTV at most. Where does the rest of the money come from? Most people who want to buy a personal residence using "Subject To" lack something that lenders want in order to qualify for traditional lending. (credit score, income DTI, accepted appraisal, repairs) so they won't qualify anyway.
3. Since you are given 30 days to cure a Due on Sale in most instances, selling is out of the question. You can't list, find a buyer, and close in 30 days, especially in this market.
4. Hard Money Lenders won't lend on a personal residence.
5. The lender might negotiate, but when the interest rate is 2.5% on their money and they now can get 8%, they are incentivised to call the note and leave the original borrower hanging. Often times, the borrower who sells on “Subject To” has been a problem borrower anyway (lates, loan mods, etc)
If the lender calls the note, and forecloses, that shows up on the seller's credit report. I'd probably sue someone that did that to me, after assuring me they were going to "take care of things". Plenty of attorneys wil take that suit. Look for bank fraud, wire fraud and equity skimming to be in the legal complaint.I predict a lot of lawsuits coming out of this Subject To mainia. I call it "The Attorney Full Employment" Phase of the "Subject To" mainia. I think the Attorneys General of several states will take interest.
I've watched a few of the videos, it's demonstrably Bad Training, False Hopes, Overleveraging, unsophisticated lenders ("gator lenders" formerally known as "gap" lenders and "bridge loans" who get burned) and that will lead to disasters and more legislation. It will probably spill over to wholesaling, because in the minds of banks and regulators, the two techniques fall into the same category.
"Subject To" is legal when done legally and wisely, but "legally and wisely" is not what I'm seeing happening in the creative financing space right now.
- In light of your perspective, I kinda agree.
Quote from @Account Closed:
Quote from @David Dey:
Quote from @Nathan Frost:
Quote from @David Dey:
Quote from @Account Closed:
Quote from @David Dey:
Quote from @Account Closed:
Quote from @Antonio Bodley:
What are your solutions for all of the pitfalls? Pace Morby and Ron Legrand seems to know how to overcome all the pitfalls you listed.Quote from @Account Closed:
It's a little more complicated than that. If you want to start doing creative financing, I'd suggest you look atQuote from @Antonio Bodley:
What do I say in my postcards to pitch creative financing to sellers like subject to with low equity, pre-foreclosures, and expired listings? The same goes for phone scripts. What do I say?
Using Subject To, to Get "Free" Properties
https://www.biggerpockets.com/forums/311/topics/1060320-usin...
Ron Legrand knows them, Pace Morby does not. He is relatively new to this concept. Have you signed up for one of their courses and taken them?Funny enough, I know both of them. They both know what they’re doing.
y so, as people without problems wouldn’t be on the lists, but the problems will almost always fall into these categories, and by knowing which you will know the motivation and will be able to utilize your tools.
When we talk about "Subject To", the question isn't "What Pain Point are we addressing for the Seller" the Question is: "What's the worst way this can go wrong"?
The judge is not amused when you tell him "oops" or say "I didn't think that would happen".
A lawsuit takes about $25,000, considerably more in some cases and a year and a half if it's only civil. That is, if you are Accused of doing things wrongly, you can be sued. That doesn't mean you did anything wrong, but you have to go through the entire lawsuit to prove it. Why go into battle with a rifle and only one bullet?
Here's One example I just responded to
Someone asked how to buy a hoime for personal use, using Subject To.
I said "What do you do if you move in and the bank calls the loan in 6 months.
Someone said:
here is what you do if its called. Pretty simple really.
1. cut a check payoff the loan
2. refi the property pay off the loan
3. sell the property pay off the loan
4. further negotiation with the lender which could include a payment to reduce the principal IE modification.
I respondedHis problem is "I am looking for a subject to deal to get my first home as a primary residence."
1. Most new investors don't have $350,000 cash to write a check, to pay off the loan, if the Due on Sale clause is invoked.2. Most lenders won't refi a loan that has only 6 months seasoning, especially if it is in someone else's name and then they would probably do 80% LTV at most. Where does the rest of the money come from? Most people who want to buy a personal residence using "Subject To" lack something that lenders want in order to qualify for traditional lending. (credit score, income DTI, accepted appraisal, repairs) so they won't qualify anyway.
3. Since you are given 30 days to cure a Due on Sale in most instances, selling is out of the question. You can't list, find a buyer, and close in 30 days, especially in this market.
4. Hard Money Lenders won't lend on a personal residence.
5. The lender might negotiate, but when the interest rate is 2.5% on their money and they now can get 8%, they are incentivised to call the note and leave the original borrower hanging. Often times, the borrower who sells on “Subject To” has been a problem borrower anyway (lates, loan mods, etc)
If the lender calls the note, and forecloses, that shows up on the seller's credit report. I'd probably sue someone that did that to me, after assuring me they were going to "take care of things". Plenty of attorneys wil take that suit. Look for bank fraud, wire fraud and equity skimming to be in the legal complaint.I predict a lot of lawsuits coming out of this Subject To mainia. I call it "The Attorney Full Employment" Phase of the "Subject To" mainia. I think the Attorneys General of several states will take interest.
I've watched a few of the videos, it's demonstrably Bad Training, False Hopes, Overleveraging, unsophisticated lenders ("gator lenders" formerally known as "gap" lenders and "bridge loans" who get burned) and that will lead to disasters and more legislation. It will probably spill over to wholesaling, because in the minds of banks and regulators, the two techniques fall into the same category.
"Subject To" is legal when done legally and wisely, but "legally and wisely" is not what I'm seeing happening in the creative financing space right now.
There very likely will be a bit of lawsuits and even legislation that will be in acted as a result of unwise students who just see this as a get rich quick scheme and the latest toy.
As you said, “legally and wisely,”and for many this is like giving a loaded gun to a toddler.
This is why I said in a separate post that this industry as a whole should be run more like the “real estate professional business,” 2 years under a broker before you go venture out on your own.
However we don’t blame the hammer for an incompetent carpenter.
The tool itself is valid. And there are ways to mitigate or out right eliminate many of the issues that can call the mortgage due.
The legal steps to cover the issues regarding the parties from sue on sale is another conversation, however the number one way, is to keep your word. Pay the bill. - Investor · Scottsdale Austin Tuktoyaktuk · Member since 2021 · 4k+ posts · 4k+ votes3y
Quote from @Antonio Bodley:
Quote from @Account Closed:
Quote from @David Dey:
Quote from @Account Closed:
Quote from @Antonio Bodley:
Quote from @Account Closed:
It's a little more complicated than that. If you want to start doing creative financing, I'd suggest you look atQuote from @Antonio Bodley:
What do I say in my postcards to pitch creative financing to sellers like subject to with low equity, pre-foreclosures, and expired listings? The same goes for phone scripts. What do I say?
Using Subject To, to Get "Free" Properties
https://www.biggerpockets.com/forums/311/topics/1060320-usin...Are they all lying? By the way, Pace Morby is good buddies with Jerry Norton, is Jerry a fraud too?
That's actually too broad of a question, so I will use one example instead:
What you have to look out for, in joining theirs or anyone's group, is paying a lot of money in order to be able to "bring deals" that you get "paid" for. From the information in the groups I follow and the comments made, few people actually find a "deal" that is "acceptable" to them as buyers.
They are using the group as "bird dogs", instead of teaching people how to find deals and close and maintain deals for themselves.
I liken them to teaching people how to go scavenge for wheat droppings in a field, work hard & bag it up, bring it to the feudal lord and the feudal lord will give you a half handful of the bag of wheat. And tomorrow you will do it all over again. And then they tax you on the ground you scavenge.
And of course, if that is how someone chooses to live their life, I guess that's up to them. But, that is not real estate investing. That's just a poor paying job.
People can be taught, but it needs to be one on one, handholding, to learn things well enough to make a living at it and to prosper. To avoid doing the wrong things and how to deal with mistakes and setting up systems & procedures. Kind of like this
https://www.biggerpockets.com/forums/311/topics/1146250-how-...
That's what I and many others provide, but you won't get it with these guys. That isn't their business plan. Ask Pace Morby or Jerry Norton if the fees you pay them give you "one on one training" with them, for a year. - AL · Member since 2010 · 522 posts · 31 votes3yI just might ask if Pace does one on one training in his creative financing group on Facebook. All his students swears his information works, so they will more than likely vouch for him.
Quote from @Account Closed:
Quote from @Antonio Bodley:
Quote from @Account Closed:
Quote from @David Dey:
Quote from @Account Closed:
Quote from @Antonio Bodley:
Quote from @Account Closed:
It's a little more complicated than that. If you want to start doing creative financing, I'd suggest you look atQuote from @Antonio Bodley:
What do I say in my postcards to pitch creative financing to sellers like subject to with low equity, pre-foreclosures, and expired listings? The same goes for phone scripts. What do I say?
Using Subject To, to Get "Free" Properties
https://www.biggerpockets.com/forums/311/topics/1060320-usin...Are they all lying? By the way, Pace Morby is good buddies with Jerry Norton, is Jerry a fraud too?
That's actually too broad of a question, so I will use one example instead:
What you have to look out for, in joining theirs or anyone's group, is paying a lot of money in order to be able to "bring deals" that you get "paid" for. From the information in the groups I follow and the comments made, few people actually find a "deal" that is "acceptable" to them as buyers.
They are using the group as "bird dogs", instead of teaching people how to find deals and close and maintain deals for themselves.
I liken them to teaching people how to go scavenge for wheat droppings in a field, work hard & bag it up, bring it to the feudal lord and the feudal lord will give you a half handful of the bag of wheat. And tomorrow you will do it all over again. And then they tax you on the ground you scavenge.
And of course, if that is how someone chooses to live their life, I guess that's up to them. But, that is not real estate investing. That's just a poor paying job.
People can be taught, but it needs to be one on one, handholding, to learn things well enough to make a living at it and to prosper. To avoid doing the wrong things and how to deal with mistakes and setting up systems & procedures. Kind of like this
https://www.biggerpockets.com/forums/311/topics/1146250-how-...
That's what I and many others provide, but you won't get it with these guys. That isn't their business plan. Ask Pace Morby or Jerry Norton if the fees you pay them give you "one on one training" with them, for a year. - Investor · Scottsdale Austin Tuktoyaktuk · Member since 2021 · 4k+ posts · 4k+ votes3y
Quote from @Antonio Bodley:
I just might ask if Pace does one on one training in his creative financing group on Facebook. All his students swears his information works, so they will more than likely vouch for him.Quote from @Account Closed:
Quote from @Antonio Bodley:
Quote from @Account Closed:
Quote from @David Dey:
Quote from @Account Closed:
Quote from @Antonio Bodley:
Quote from @Account Closed:
It's a little more complicated than that. If you want to start doing creative financing, I'd suggest you look atQuote from @Antonio Bodley:
What do I say in my postcards to pitch creative financing to sellers like subject to with low equity, pre-foreclosures, and expired listings? The same goes for phone scripts. What do I say?
Using Subject To, to Get "Free" Properties
https://www.biggerpockets.com/forums/311/topics/1060320-usin...Are they all lying? By the way, Pace Morby is good buddies with Jerry Norton, is Jerry a fraud too?
That's actually too broad of a question, so I will use one example instead:
What you have to look out for, in joining theirs or anyone's group, is paying a lot of money in order to be able to "bring deals" that you get "paid" for. From the information in the groups I follow and the comments made, few people actually find a "deal" that is "acceptable" to them as buyers.
They are using the group as "bird dogs", instead of teaching people how to find deals and close and maintain deals for themselves.
I liken them to teaching people how to go scavenge for wheat droppings in a field, work hard & bag it up, bring it to the feudal lord and the feudal lord will give you a half handful of the bag of wheat. And tomorrow you will do it all over again. And then they tax you on the ground you scavenge.
And of course, if that is how someone chooses to live their life, I guess that's up to them. But, that is not real estate investing. That's just a poor paying job.
People can be taught, but it needs to be one on one, handholding, to learn things well enough to make a living at it and to prosper. To avoid doing the wrong things and how to deal with mistakes and setting up systems & procedures. Kind of like this
https://www.biggerpockets.com/forums/311/topics/1146250-how-...
That's what I and many others provide, but you won't get it with these guys. That isn't their business plan. Ask Pace Morby or Jerry Norton if the fees you pay them give you "one on one training" with them, for a year.I would love to hear that Pace Morby does "one on one" training for a year and what the cost is. That would be entertaining.
Everybody is a genious in real estate until the market drops. We haven't hit "the market drops" just yet. But, it will. You can be sued for up to 7 years from the time you violate the agreement when you tell someone you will take over their mortgage. And at that point the attorneys look at every transaction you've had your hands on. You can also cheat on your IRS taxes, until you get caught. You don't know what you don't know, and apparently Pace Morby doesn't know a lot of things that can go wrong.
Anyway, do whatever your're going to do.
Problems don't show up right away in a bad Subject To. But they will eventually show up. And long after you've forgotten you even did that. Avoid the problems.
Practice legal and wise Subject To.
https://www.biggerpockets.com/forums/50/topics/1141525-subto...and take a look at this for a real perspective - 3rd post down
https://www.biggerpockets.com/forums/48/topics/1147097-succe...
Quote from @Antonio Bodley:
What are your solutions for all of the pitfalls? Pace Morby and Ron Legrand seems to know how to overcome all the pitfalls you listed.Quote from @Account Closed:
It's a little more complicated than that. If you want to start doing creative financing, I'd suggest you look atQuote from @Antonio Bodley:
What do I say in my postcards to pitch creative financing to sellers like subject to with low equity, pre-foreclosures, and expired listings? The same goes for phone scripts. What do I say?
Using Subject To, to Get "Free" Properties
https://www.biggerpockets.com/forums/311/topics/1060320-usin...I don't know about that, in a recent thread I started on here (https://www.biggerpockets.com/forums/921/topics/1139443-due-...) Pace commented that the solution to the bank enforcing their due on sale clause was "Either A: revert to a lease option with the option price being the mortgage balance when the option is executed... or B: Use an executory contract instead of SubTo. Land Contract. Contract for Deed. Agreement for Sale etc.". But those aren't adequate solutions to DOS, and when I pointed that none of those things actually work for DOS and asked him to clarify, he never replied. Even if they did work in preventing DOS, none are actually viable alternatives to subto because if the existing owner gets any liens or judgments, they will attach to the property which is a big additional risk for the buyer that they would not have with subto. Nor did he comment later on in the thread when it came out that his "subto insurance company" "Equity Assurance" that he previously recommended people use to hedge against having the loan called, doesn't actually appear to be a real company...
- Investor · Scottsdale Austin Tuktoyaktuk · Member since 2021 · 4k+ posts · 4k+ votes3y
Quote from @Steve K.:
Quote from @Antonio Bodley:
Quote from @Account Closed:
Quote from @Antonio Bodley:
What do I say in my postcards to pitch creative financing to sellers like subject to with low equity, pre-foreclosures, and expired listings? The same goes for phone scripts. What do I say?
Your Points: "none are actually viable alternatives to subto because if the existing owner gets any liens or judgments, they will attach to the property which is a big additional risk for the buyer that they would not have with subto. Nor did he comment later on in the thread when it came out that his "subto insurance company" "Equity Assurance" that he previously recommended people use to hedge against having the loan called, doesn't actually appear to be a real company..."
That's an excellent example how Pace Morby deals with the difficult questions. He doesn't answer them because he has no answers. Quote from @Account Closed:
Quote from @Steve K.:
Quote from @Antonio Bodley:
Quote from @Account Closed:
Quote from @Antonio Bodley:
What do I say in my postcards to pitch creative financing to sellers like subject to with low equity, pre-foreclosures, and expired listings? The same goes for phone scripts. What do I say?
Your Points: "none are actually viable alternatives to subto because if the existing owner gets any liens or judgments, they will attach to the property which is a big additional risk for the buyer that they would not have with subto. Nor did he comment later on in the thread when it came out that his "subto insurance company" "Equity Assurance" that he previously recommended people use to hedge against having the loan called, doesn't actually appear to be a real company..."
That's an excellent example how Pace Morby deals with the difficult questions. He doesn't answer them because he has no answers.I'm sure these types of answers work fine in a private FB group where nobody knows any better and asking the wrong questions can apparently get you kicked out. Not so much on here where follow-up questions and critical thinking is allowed.
- Real Estate Broker · Minneapolis, MN · Member since 2011 · 5k+ posts · 6k+ votes3y
Quote from @Antonio Bodley:
What do I say in my postcards to pitch creative financing to sellers like subject to with low equity, pre-foreclosures, and expired listings? The same goes for phone scripts. What do I say?
Seriously.... is that a Joke?
You pitch your PA, via a post-card?
- AL · Member since 2010 · 522 posts · 31 votes3yI do a lot of direct mail and wanted to know what to put on the postcards for people that are in pre-foreclosure. I have used postcards many times and have gotten some call backs from quite a few people. It wasn't a lot, but I did get some responses from those postcards.
Quote from @James Hamling:
Quote from @Antonio Bodley:
What do I say in my postcards to pitch creative financing to sellers like subject to with low equity, pre-foreclosures, and expired listings? The same goes for phone scripts. What do I say?
Seriously.... is that a Joke?
You pitch your PA, via a post-card?
- Investor · VA · Member since 2015 · 21k+ posts · 19k+ votes3y
Quote from @Antonio Bodley:
I do a lot of direct mail and wanted to know what to put on the postcards for people that are in pre-foreclosure. I have used postcards many times and have gotten some call backs from quite a few people. It wasn't a lot, but I did get some responses from those postcards.Quote from @James Hamling:
Quote from @Antonio Bodley:
What do I say in my postcards to pitch creative financing to sellers like subject to with low equity, pre-foreclosures, and expired listings? The same goes for phone scripts. What do I say?
Seriously.... is that a Joke?
You pitch your PA, via a post-card?
Has anyone told you trying to buy at pre-foreclosure in todays economic environment is going to have a very low success rate. Why, because when someone has $200k in equity but are behind on their mortgage, where can they move too? Oh wait, get an apartment, thats more than their current mortgage. Buy a house, nope no credit. They will file BK. How do I know this, because we buy and sell notes and every borrower that is behind is either
1. filing BK
2. getting HAF funds.
FC rates on borrowers who are living is almost nil.
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