SUB TO Mentorship Program With Pace Morby Review
Investor · Waco TX / Conroe, TX · Member since 2017 · 376 posts · 228 votes
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
@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.
I was of this same mind frame and done several mentorships as well. I also had these same thoughts before joining. I joined because I watched Pace on his free youtube offerings and saw how much value and how knowledgeable he was and figured I would go for it. I have to be Crystal Clear...I am SOOOOOOO Fricken Glad I did. I am completely blown away by everything that Pace offers and by HOW much true value he actually brings. He has so over delivered on everything he promised originally. I need to let you know this is not just a mentorship program...this is a community and a family that truly wants to help each and every person out...we are one giant large team that collaborates and wants each other to succeed. You learn every aspect of creative finance...you learn mind set...you learn sales...you learn lead sourcing...Bro its just keeps going!!!!...you can literally talk to Pace personally on a zoom and bring up something that you come across that is a hurdle that may not be in the creative finance realm but is in the real estate realm and Pace will literally pay for an expert to come in and like an attorney or a CPA or title agent to help all of us to get better. Bro this is the best program that I have ever been a part of. I would totally go for it. If you have any doubts or more questions please reach out.
Pace is the best mentor on planet earth. Signing up for his mentorship was hands down the best decision I made in 2020.
Hi I am a student of the Pace Morby mentorship. I joined in July of 2020 not knowing anything about real estate investing. Pace's program is structured so perfectly that it helps beginners as well as those who are already experienced. He goes step by step from RE terms to wholesaling, to creative like Subto, seller financing and wraps. This mentorship is for life and is worth every dollar. I love it!! Everyone is so supportive and willing to help each other with any question. You will always feel supported. Best Mentoship ever!!!!!!!!!!!
Pace's mentorship is as legit as it gets. Tons of bonus content & he is the ultimate go giver. It's more than just a creative finance mentorship, he covers all things Real Estate. The other members in the community are equally giving with lots of people in the group that are doing deals with each other. This is much more comprehensive than I thought when I joined. So much value. Can't recommend enough!