Can we pay someone to find creative financing deal?

Investor · Minneapolis, MN · Member since 2022 · 10 posts · 9 votes

I have been considering Pace Morby's subto mentorship program for a total of $8800. This is a lifetime membership to the creative financing content and it does sound intriguing and valuable. That being said, I fall somewhere in the middle of wanting to execute these deals myself, or paying someone to do them on my behalf. Are there folks out there that are available for hire to find, write up a contract, and execute a subto or seller finance deal for a fee? Where do I start looking for these people?

If anyone has any connections in any state, please reach out!

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Doug Smith

Lender · Tampa, FL · Member since 2013 · 2k+ posts · 2k+ votes

I would think you could find an attorney to doc it for you for less than $8800. I know sub-to's are all the rage, but after 32 years of working as a banker/lender and doing scores of real estate investment deals, I've always felt sub-to's have a lot of holes. The title transfer is the tricky part in not triggering the due-on-sale clause in the existing mortgage. Normally, mortgages require their borrower (the seller) to disclose the transfer. I've always felt that "Let's just not tell the bank" is not only immoral and unethical as it violates a loan covenant, but could be construed as mortgage fraud, which is technically criminal. I'm not saying they will send the black helicopters for them, but you can't get a little bit pregnant. You could always do a contract for deed instead where the title doesn't transfer and, in the agreement, you agree to pay for the taxes, insurance, the mortgage, and other maintenance costs that you would have as the owner. That wouldn't likely violate loan covenants. I can't wait to see the keyboard warriors chime in with "accckkktuaaalllyyy..."

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Doug Smith
Lender · Tampa, FL · Member since 2013 · 2k+ posts · 2k+ votes
3y
I would think you could find an attorney to doc it for you for less than $8800. I know sub-to's are all the rage, but after 32 years of working as a banker/lender and doing scores of real estate investment deals, I've always felt sub-to's have a lot of holes. The title transfer is the tricky part in not triggering the due-on-sale clause in the existing mortgage. Normally, mortgages require their borrower (the seller) to disclose the transfer. I've always felt that "Let's just not tell the bank" is not only immoral and unethical as it violates a loan covenant, but could be construed as mortgage fraud, which is technically criminal. I'm not saying they will send the black helicopters for them, but you can't get a little bit pregnant. You could always do a contract for deed instead where the title doesn't transfer and, in the agreement, you agree to pay for the taxes, insurance, the mortgage, and other maintenance costs that you would have as the owner. That wouldn't likely violate loan covenants. I can't wait to see the keyboard warriors chime in with "accckkktuaaalllyyy..."
7 Reply
Eliott Elias
Investor · Austin, TX · Member since 2021 · 9k+ posts · 5k+ votes
3y
It sounds like you need an assistant or transaction coordinator.
1 Reply
Chris SeveneyBusiness Member
Moderator
Investor · VA · Member since 2015 · 21k+ posts · 19k+ votes
3y
Quote from @Clare Waldoch:

I have been considering Pace Morby's subto mentorship program for a total of $8800. This is a lifetime membership to the creative financing content and it does sound intriguing and valuable. That being said, I fall somewhere in the middle of wanting to execute these deals myself, or paying someone to do them on my behalf. Are there folks out there that are available for hire to find, write up a contract, and execute a subto or seller finance deal for a fee? Where do I start looking for these people?

If anyone has any connections in any state, please reach out!

Before dropping close to $10k, I recommend jumping in facebook groups etc. on the topics as I think there is a lot that can be learned from those sites. I have not taken the training so not commenting on the training, but I think before dropping that much cash, I would turn over every free stone available.
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Clare Waldoch
OP
Investor · Minneapolis, MN · Member since 2022 · 10 posts · 9 votes
3y
Thank you. There is lots of information available for free, of which I'm not entirely sure what to digest and what to ignore. What criteria would I search of within an attorney who is subto experienced?
1 Reply
Account Closed
Investor · NH · Member since 2023 · 54 posts · 25 votes
3y
Save the $8,800 for money to put down on a loan. If you have great credit and cash then focus on finding the correct deal in your area.
Anyone asking for $8,800 to "Mentor" should be avoided!
0 Reply
Christian EhlersBusiness Member
Real Estate Agent · NH & MA · Member since 2021 · 457 posts · 291 votes
3y
Hey Clare there are definitely people that will wholesale creative financing deals like you are talking about (subject to and seller finance) and you can definitely be an end buyer for one of these people. From what I've seen the wholesalers in Pace's mentorship are going to give preference to others already in their community first, but you can definitely make friends willing to sell you these deals!
[email protected]978-396-9939
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Account Closed
Investor · Scottsdale Austin Tuktoyaktuk · Member since 2021 · 4k+ posts · 4k+ votes
3y
Quote from @Clare Waldoch:

I have been considering Pace Morby's subto mentorship program for a total of $8800. This is a lifetime membership to the creative financing content and it does sound intriguing and valuable. That being said, I fall somewhere in the middle of wanting to execute these deals myself, or paying someone to do them on my behalf. Are there folks out there that are available for hire to find, write up a contract, and execute a subto or seller finance deal for a fee? Where do I start looking for these people?

If anyone has any connections in any state, please reach out!
Here ya go:
Using Subject To, to Get "Free" Properties

https://www.biggerpockets.com/forums/311/topics/1060320-using-subject-to-to-get-free-properties-a-quick-guideline

1 Reply
Ryan Archer
Member since 2023 · 7 posts · 4 votes
3y
Quote from @Clare Waldoch:

I have been considering Pace Morby's subto mentorship program for a total of $8800. This is a lifetime membership to the creative financing content and it does sound intriguing and valuable. That being said, I fall somewhere in the middle of wanting to execute these deals myself, or paying someone to do them on my behalf. Are there folks out there that are available for hire to find, write up a contract, and execute a subto or seller finance deal for a fee? Where do I start looking for these people?

If anyone has any connections in any state, please reach out!

Curious if you ended up doing the Mentorship or not.
1 Reply
Clare Waldoch
OP
Investor · Minneapolis, MN · Member since 2022 · 10 posts · 9 votes
3y
I have joined the creative financing bootcamp through bigger pockets. It was a cost of roughly $500 dollars for a 10 week course. It has been insightful, we are on week 5 and now that the basics are established, are going deeper into the details of acquiring/analyzing/structuring deals.

2 Reply
Justin Rush
Investor · Tacoma, WA · Member since 2020 · 43 posts · 49 votes
3y

@Clare Waldoch Do you have a status update? DM me to talk more. I am working on getting my first deal under way, looking for JV to get at LEAST 10 doors by EOY. I am finding it very difficult to find a TC that isn't apart of a 'Guru' mastermind... pushing me towards paying the $11k for the given program.
1 Reply
Justin Rush
Investor · Tacoma, WA · Member since 2020 · 43 posts · 49 votes
3y
Quote from @Eliott Elias:

It sounds like you need an assistant or transaction coordinator.

I am running into issues with finding qualified, honest, and rockstar TCs. Could you please point me in the right direction?
1 Reply
Clare Waldoch
OP
Investor · Minneapolis, MN · Member since 2022 · 10 posts · 9 votes
3y
@Justin Rush I have looked into two different websites that offer "ready made" deals if you will. Personally, I am looking for creative finance deals. Specifically subject to and/or seller finance. They are both wholesaling companies of some degree. One is called KeyGlee and the other is called New Western. I have given my information to KeyGlee as to what kind of properties and area that I am looking for. Still waiting to hear back from New Western. As far as a transaction coordinator goes, I don't know if these folks working at KeeGlee or New Western have a team of TC's or not. I will hopefully be finding out soon. I would be needing one to help with my deals as well.
1 Reply
Justin Rush
Investor · Tacoma, WA · Member since 2020 · 43 posts · 49 votes
3y

@Clare Waldoch Keep me updated if you do not mind. I feel like the issue I am facing is in the past 3 years, BP forums was flooded with short-term, make a dollar, and split persons. Still trying to find a wholesaler who has done 'Wholesaling' more than 6 months and actually has a track record.
1 Reply
Justin Rush
Investor · Tacoma, WA · Member since 2020 · 43 posts · 49 votes
3y

@Clare Waldoch Keep me updated if you do not mind. I feel like the issue I am facing is in the past 3 years, BP forums was flooded with short-term, make a dollar, and split persons. Still trying to find a wholesaler who has done 'Wholesaling' more than 6 months and actually has a track record.
1 Reply
Clare Waldoch
OP
Investor · Minneapolis, MN · Member since 2022 · 10 posts · 9 votes
3y
I concur! Shall keep you updated
1 Reply
Brent Matson
Austin, TX · Member since 2013 · 2 posts · 0 votes
3y
0 Reply
Misty Amburgy
Member since 2023 · 17 posts · 9 votes
3y
@Justin Rush have you found what you are looking for in a TC.
If not I may be able to help you out.
1 Reply
Lacey Burns
Member since 2019 · 26 posts · 7 votes
3y
I have a great TC- reach out please :)
1 Reply
Yocheved Beer
Member since 2022 · 72 posts · 10 votes
3y
Hi @Lacey Burns could you tell me who your tc is?
1 Reply
Mae Dungo
Investor · Nurse Practitioner/Real Estate Investor · Member since 2023 · 14 posts · 1 vote
3y
Quote from @Lacey Burns:

I have a great TC- reach out please :)

I need a TC please
0 Reply
Miron Briley
Real Estate Consultant · Dallas TX · Member since 2021 · 59 posts · 38 votes
3y
Hey y’all !

Our team wholesales around 8-10 subto deals monthly. My wife and I are pace subto mastermind students . We mainly focus in TX but can find deals nationwide . Our TC is phenomenal. Trained in many types of creative finance transaction

If I can help in any way please let me know .

Paces mentorship has not only given us the tools , but it's been mainly mindset issues that we've had to get past. Our goal is to consistently hit $100,000 monthly gross revenue , our team is mainly students from the mentorship that deeply understand DTI, due on sale, and other negotiations to close deals . My old mindset would not let this happen lol. I was constantly working against myself and not keeping focused. (Still working on that) but like I said , would love to be a resource for anyone
1 Reply
Yu Liu
Investor · Tallahassee · Member since 2019 · 249 posts · 93 votes
2y
You can find them on Creative Real Estate with Pace Morby
They're called transaction coordinators and I'm sure if you post on there, you can find a good number of them
0 Reply
Maurice Smith
Member since 2018 · 211 posts · 164 votes
2y
whats your reason for wanting specifically " creative financing" deals. Is it the cash your lacking, credit, or just trying to lock in a better rate with the seller? keep in mind, seller financing only really works if the property is free and clear, other wise you would just be doing a note carry ( were terms are usually more favoriable for the seller than the yare for the buyer. or you will be doing an assumble loan ( which requires you to bring more money into the deal).
9 k for some stuff you can learn on youtube, or better yet pay me half and i will teach you all you need to know lol. But all jokes aside, BP and youtube are a wealth of knowledge you can learn alot. But nothing comes close to actually getting out there and doing it and learning from trial and error
0 Reply
Clare Waldoch
OP
Investor · Minneapolis, MN · Member since 2022 · 10 posts · 9 votes
2y
@Maurice Smith The reason I would like to land a creative deal is due to the 7.5% + interest rate of the current market; I can not make any property cash flow from the start. My credit score is excellent, and I have the cash for a downpayment, although I think that would be thrown to the wind if I bought using traditional sale methods and a bank. I am comfortable with carrying a note and working on terms. I have a list of terms and specifications written out.
0 Reply
Maurice Smith
Member since 2018 · 211 posts · 164 votes
2y
Quote from @Clare Waldoch:

@Maurice Smith The reason I would like to land a creative deal is due to the 7.5% + interest rate of the current market; I can not make any property cash flow from the start. My credit score is excellent, and I have the cash for a downpayment, although I think that would be thrown to the wind if I bought using traditional sale methods and a bank. I am comfortable with carrying a note and working on terms. I have a list of terms and specifications written out.

Yea rates are horriable right now. Just did a cash out refi, was able to take out a little over 200k. But my rate went from 3.625 up to 8.75, Thankfully still cashflowing close to $1000/ month. However, it dose seem like were slowly going into a buyers market ( based on the days on market and sales invetory rising around the country) which means more bargaining power for us buyers. If you dont find any luck with the seller financing, You can always request the seller to buy your rate down especially if they are motivated to sale.
Good luck
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