SUB TO Mentorship Program With Pace Morby Review
Hey BP,
I have been looking into doing the SUB TO creative finance mentorship with Pace Morby and was wondering if anyone has completed it or knows anyone who has been apart of it. I have heard a lot of good things about it but it fairly expensive and I am kinda on the fence on whether I should pull the trigger. I have also read many articles that have made me skeptical of gurus and paid mentorships. I'm not suggesting that Pace is phony but i'm just curious if there is anyone out there who can give me more insight into their experience with the program and whether or not its worth the investment.
-BA
I can't comment on this program but I can comment on real estate training programs generally. Most people are not committed to putting in the work. They pay the money, take the course, then either never do anything or give up before they get results. Stick around long enough and you'll see lots of folks come and go.
Honestly ask yourself - are you committed to putting in the work?
There's alot of truth in this statement. No matter how much money you pay, if you don't take action, results will never come.
Thanks for the response!
Im currently in it, and I will say you get way more than what you pay for. Pace over delivers and has been an invaluable source of information. Not only that you're apart of an amazing community. The sub groups within the current market Im in have also been helpful for me especially when I had questions. I'd say go for it!
@Pierre A. I had a consultation call for the mentorship program yesterday evening. It seems to good to be true. How long have you been in the program, and, if you don't mind me asking, what results have you had from it?
Do you feel like you are getting everything they said you would? I am really wanting to pull the trigger on it, but I am nervous!
@Chelsea Cummings check your PM
Originally posted by @Chelsea Cummings:@Pierre A. I had a consultation call for the mentorship program yesterday evening. It seems to good to be true. How long have you been in the program, and, if you don't mind me asking, what results have you had from it?
Do you feel like you are getting everything they said you would? I am really wanting to pull the trigger on it, but I am nervous!
I've done Sub To, Wraps and Lease Options for 30 years: here are some pointers to look for in any program teaching those techniques
1. If they say you need "No" money, Run and don't look back. You have to use money to give the seller "moving money", money to bring the loan current if they are behind, money for title reports, money for escrow, money for advertising, money for making the payments after you take ownership, money for repairs if needed, money for cleaning the property, money in reserve in case everything falls apart (just to mention the big ones, there are also Insurance, water, electricity, power, property taxes and so on). If you use VAs (virtual assistants) that costs money. You can't borrow money from a bank for the purposes of taking a property Subject To.
2. Depending on the market I can spend $5,000 in advertising to get a deal. Or, it can be $500 sometimes. The better neighborhoods and better markets take more money. The less expensive markets are more trouble afterwards.
3. I cash flow at least $500 a month or I won't take the deal. Houses have ongoing expenses. (roofs, water heaters, plumbing, electrical, updates, etc)
4. Yes, there is a Due on Sale clause and yes, there are at least 7 ways to deal with that effectively.
5. If you don't work at it, you won't buy a property. You have to make offers to buy a property. That means being on the phone, a lot. If you don't like people and you don't like being on the phone, do something else.
6. Record the Warranty Deed. Don't use a Quit Claim deed.
7. You are not doing anything wrong or questionable (if you do as I do) so you are proud to record your Deed and don't try to hide things in a "Trust".
8. Use disclosures with both the seller and the buyer (if you do as I do and sell to tenant buyers) and disclose everything, such as that the loan will not be paid off, that they understand they are selling the house, etc.)
9. Be fair. Make it a "win/win" for both the seller and you. If your goal is to retire on one house, "ferget about it. Ain't gonna happen". 10 houses cash flowing at $500 a month is $5000 a month income. That's a start. If you aren't committed to doing at least 10 houses, that is unfortunate for you.
10. When you talk to sellers, use "solution selling". You are there to solve a problem. Ask questions about why they are selling, are they moving locally or staying in town, etc. Try to solve their problem for them by taking over their debt, taking over their payments, give them some cash to move, and allow them time to move in a reasonable time frame.
11. Enter into joint ventures "very cautiously". People have "very different" opinions on how things should be run. You can waste a lot of time sorting issues out. If the mentor says they provide the funding, give them a scenario and ask them to walk you through point by point on who has ownership, how much are they putting in, how much are you putting in, what happens if the deal "goes south", etc. Ask them " say I found a property and the owner needs to move fast, he needs $5000 to move, the ARV is $260,000 the mortgage is $202,00, their payment is $1507 a month and they are 5 months behind." How would you handle that? How much money would I need to do the deal? How much would you put into the deal? What is the exit strategy? How much would we make on the deal? Who would have ownership?"
If they won't take time to go through the scenario to tell you how things work, they are the wrong mentor, obviously. Most "mentors" have only done 2 or maybe 3 Subject To deals so they probably can't answer with any specificity.
You want a mentor that can be presented with any number of scenarios and outline the solution and show the results, on his feet without needing "time to think about it". "I'd have to think about that one" is an excuse for not knowing things he already should know..
12. Pay every payment on time or you are in big trouble. You can be sued by the seller for ruining their credit (no matter what some "guru" may tell you). You can be visited by the Atty General if you are cheating "vulnerable" sellers (foreclosures, handicapped, veterans, elderly and anyone else the Atty General deems vulnerable)
13. Treat it like a business. Track your hours, keep records of who got paid what. Keep records when collecting rents, etc.
14. Learn the local landlord tenant laws.
15. Most mentors are good for getting people energized - Good mentors work with you step by step to get a house or two and teach you how to move along on your own - Great mentors teach how to buy and manage the properties, set up "systems & methods", along with providing other high level contacts, tax planning, asset protection & generational wealth, strategies for changing markets, and changes in the law.
I don't know the individual you mentioned for possibly mentoring you, but these are some basics to find out from them before you put your hard earned money into a mentor.
Before you pay for a sub-to course, try cold-calling 500 people and ask them to sell you their house, but they have to keep the mortgage in their name and trust you to pay for it, while you let a stranger live in their house, and you'll close them out in 2 years.
That is the essence on the "buying" side of Sub-To. If you can't/won't do this, or can't/won't stomach the (often harsh) rejections and slurs against your integrity, then save your money and try another method. If you're able to do that, then perhaps the $$$ may be worth it.
@John Farady Thank you for sharing that in detail. You make very valid points especially when getting started in real estate in general. Those are absolutely a must to have when joining a mentorship program. In my opinion, Pace Morby (person teaching the course) has not only walked us through the steps, showed us his systems, gave us access to his team of lawyers, transaction coordinators, acquisition managers, and dispo managers. He has even went as far as calling our sellers and providing us with a list of motivated sellers for specific markets. He wants to see everyone win and not have any excuse not to succeed. That to me is priceless!!
@Erik W. That’s not quite how sub2 works. Look at it as another tool on your tool belt. Some deals won’t work for wholesale and this may solve their problem while creating a win-win. I would only present this option after they have exhausted or at least considered all other options first. There is also a performance deed in place that basically gives the house back to the original owner if I miss a payment or late one time. I feel like you’re going to face harsh rejections regardless when you’re cold calling 500 ppl and you’re looking to find wholesale deals. That’s part of the game and if you don’t have thick skin you may be offended by some peoples response. I wouldn’t let that deter you from actually taking action and calling.
Originally posted by @Pierre A.:Im currently in it, and I will say you get way more than what you pay for. Pace over delivers and has been an invaluable source of information. Not only that you're apart of an amazing community. The sub groups within the current market Im in have also been helpful for me especially when I had questions. I'd say go for it!
Thanks for the response Pierre.
You are the first person I have come across on BP that is actually in the course. I would love to ask you a couple more questions to get a better idea for what I could expect to get out of the course.
I am sending you a PM!
@Account Closed
John,
Thank you so much for taking the time to come up with that great response. I felt like every single point you mentioned had a lot of truth behind it and I have some more things to consider when evaluating my options.
Originally posted by @Erik W.:Before you pay for a sub-to course, try cold-calling 500 people and ask them to sell you their house, but they have to keep the mortgage in their name and trust you to pay for it, while you let a stranger live in their house, and you'll close them out in 2 years.
That is the essence on the "buying" side of Sub-To. If you can't/won't do this, or can't/won't stomach the (often harsh) rejections and slurs against your integrity, then save your money and try another method. If you're able to do that, then perhaps the $$$ may be worth it.
Thanks for bringing this up Eric.
I feel like everyone overlooks the fact that if you can't efficiently talk with someone over the phone then you are never going to get results.
At the end of the day, you can crunch numbers like a math whiz but if you cannot communicate with others then you are dead in the water.
@Pierre A., You'll notice if you read carefully, I never said that calling 500 people and having them reject you is how Sub2 works. I said "try this first".... "This" is not sub2. It's a basic primer in grind, work ethic, communication, and how to handle rejection. Guru courses are often very expensive, and something like 90% of people who buy the courses never take action. I'm simply putting the horse (taking action) in front of the cart (buying courses). If you're not willing to take action, then save your money and don't buy the course. A person willing to cold call 500 people is probably going to be willing to take action.
Read @Blaine Alger's comment. He gets what I was after.
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#2 All Forums Contributor
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Originally posted by @Erik W.:@Pierre A., You'll notice if you read carefully, I never said that calling 500 people and having them reject you is how Sub2 works. I said "try this first".... "This" is not sub2. It's a basic primer in grind, work ethic, communication, and how to handle rejection. Guru courses are often very expensive, and something like 90% of people who buy the courses never take action. I'm simply putting the horse (taking action) in front of the cart (buying courses). If you're not willing to take action, then save your money and don't buy the course. A person willing to cold call 500 people is probably going to be willing to take action.
Read @Blaine Alger's comment. He gets what I was after.
Or knock on 500 doors.. belly to belly is how you score those deals.
@John Farady
I’m following this thread with great interest. I appreciate you taking the time to lay out all these great points! It helps us noobs keep anchored in reality as we shape our strategies. I’ve watched some of Pace’s videos and have appreciated the detail. Also have lots of wuestions about it as it seems like an area that could easily get one in trouble. Yet also an excellent tool if used correctly. Seems like you’ve been doing well with it.
@John Farady
Thanks for your comment. That was fire!
I’ve actually been looking into as well.
Hello all, I have also looked into Pace morby's Sub 2 mentorship program. I have followed Pace through some of his YouTube channel videos. Pace seems to be a straight up legit guy who actually wants to help people succeed. He is surrounded by a lot of the big heavy wholesale hitters in the Arizona/Phoenix market, and what's great about those guys/gals is even though they are all competitors they still share information with each other to help each other exceed further in their business. I believe it comes down to the "give" mentality and you'll be given back 10x. The cost of the course is $7,800. I think it comes down to what others are saying that if you take serious action, you will see the fruits of your labor. I am still investigating other avenues of similar mentorships before I commit.
Hello I have been in real estate and banking for over 30 years. I have been licensed, certified, sued and prosecuted. I still invest successfully today. I will say this to all willing to listen.
This is the best business in the world! However good information is free. It only cost you your most precious asset, time. Robert Kiosoki, Ron Legrande, FlipMan, Papa Tony, Max Maxwell, and Chris Haskins all give away free content on wholesaling and sub to. That is because they are stewards and great at what they do. If you are serious and studious you will not spend a lot initially getting started. If you are not educated please don't try to do any creative real estate without being armed with correct current legal information. Every state is different and none of your overpriced newcomer lately barely educated fake gurus will bail you out when you get jammed for being uninformed. I know nothing about this guy or say nothing against him. FYI from someone who knows first hand a goat experience after decades operating in four states.
@Jamie Johnson I just had a call last night with someone from Pace's program. I was interested in the 'no excuses mastermind event'. On the call Joseph outlined 4 different levels for the above mentioned program I am interested in.
1 - Core pgm is $7800 (6 weeks video course, contracts, exit strategies, marketing, scaling, JV pgm, FB groups, daily Zoom calls with Pace, etc)
2-Standard pgm is $10,800 includes all above but will include the expanded version which will be 11 weeks and will include topics like Astroflipping, probate, etc. Includes 3 months VA and CRM free. Also get 1 free transaction coordinator to do your paperwork.
3- Mastermind is $19,000 includes all above, transaction coordinator for paperwork for all your deals and you get to go to Phoenix and spend 2 days with Pace in person.
4 - Mastermind event in Phoenix only is $10,000. Event is November 6 and 7 2020.
The mentorship program is life time access and they work with your business, not an individual. This means if you hire others in your business they will mentor them as well at no cost.
Hope this info helps answer some questions. I have a follow up call today. Best of luck to all!
Deb
-
Insurance Agent Florida (#G066703)
- Experior Financial Group
How much is the Pace Morby mentorship program?
Originally posted by @Lavon Ivy:Hello I have been in real estate and banking for over 30 years. I have been licensed, certified, sued and prosecuted. I still invest successfully today. I will say this to all willing to listen.
I would’ve voted for your post twice but it only let me vote for it once.
This is the best business in the world! However good information is free. It only cost you your most precious asset, time. Robert Kiosoki, Ron Legrande, FlipMan, Papa Tony, Max Maxwell, and Chris Haskins all give away free content on wholesaling and sub to. That is because they are stewards and great at what they do. If you are serious and studious you will not spend a lot initially getting started. If you are not educated please don't try to do any creative real estate without being armed with correct current legal information. Every state is different and none of your overpriced newcomer lately barely educated fake gurus will bail you out when you get jammed for being uninformed. I know nothing about this guy or say nothing against him. FYI from someone who knows first hand a goat experience after decades operating in four states.
I'll just give a plug for Pace's mentorship program. Best money I've ever spent on training. It's already paid for itself.
@deb s. so the mentorship lifetime access means you have access to them or just to the online training?