Pace Morby's Subto Mentorship is the BEST!
Real Estate Agent · Henderson, NV · Member since 2014 · 1 post · 8 votes
Pace Morby's Subto Mentorship is the BEST!
Most Popular Reply
Member since 2022 · 5 posts · 8 votes
4yHi @Darrell Gibson I’m considering this mentorship also. How many deals have you closed while doing this program? I’ve seen a lot of rave reviews, but wondering how much everyone is actually doing. It’s one thing to learn and get information, application and results are a what I’m interested in. I appreciate your input!
71 Replies
- Realtor · Boulder, CO · Member since 2016 · 3k+ posts · 5k+ votes2y
Quote from @Luis Ramos:
@steve
@Steve K.I have done 6 wraps, 1 sub to. I joined June 2023. Steve, I can send you HUD statements to prove it. Bigger pockets keeps taking down my post claiming its self promotion. Pace sub to is the REAL DEAL.
That's awesome! Can you share the details on those deals (especially purchase price compared to comps/appraised value)? What are your thoughts about the potential risks mentioned above in this thread such as the seller filing bankruptcy or the bank calling the loan due on sale? By the way Pace himself was on a similar thread to this that I started a few months back and his strategy for avoiding the due on sale clause was completely wrong, then when I pointed that out and asked him to explain, he stopped replying. I thought that was weird. Here's the thread: https://www.biggerpockets.com/forums/921/topics/1139443-due-...
The reason your posts have been getting taken down is because for awhile there, back in September last year the forums were inundated with dozens of Pace students posting the exact same thing word for word and it was clearly self-promotional (and super annoying). Apparently he paid them or required them to come on here and say things like that he's a go-giver and provides way more value then we'll ever know and stuff like that. It was weird to me because I had never heard of the guy before personally and it wasn't a good intro. Made me question why someone would be so insecure to need to do that.
- Member since 2018 · 28 posts · 23 votes2y
Sale Price All in Cost 330000 169000 Baywood 320000 185000 Howell 175000 131000 Morning Glory 285000 210000 Garfield 285000 211000 Huntsman 440000 252000 Goodhue - Member since 2018 · 28 posts · 23 votes2y
Pace teaches several strategies with due on sale.
first of all, negotiate with bank to find out a payment schedule. If does not work, then deed back the property to seller and using a title company perform an executory contract. Secondly, if this fails, he offers insurance through Equity Assurance that basically pay offs the underlying note through refinance. If this fails, then perform a land trust strategy. By the way, we have a discord private channel where you post your questions and other members answer and provide constructive feedback.
Pace has not compensated for making this post. I just want the truth to be known to the world. Bigger pockets is acting like a Deep State actor in my opinion by censoring critical information.
- Real Estate Consultant · Evergreen, CO · Member since 2018 · 1k+ posts · 736 votes2yProbably because it is. Very few believe anything coming out of that group. Maybe you'll get your Lambo one day.
Quote from @Luis Ramos:
@steve
@Steve K.I have done 6 wraps, 1 sub to. I joined June 2023. Steve, I can send you HUD statements to prove it. Bigger pockets keeps taking down my post claiming its self promotion. Pace sub to is the REAL DEAL.
- Realtor · Boulder, CO · Member since 2016 · 3k+ posts · 5k+ votes2ySearch these forums for “Equity Assurance”.
Quote from @Luis Ramos:
Pace teaches several strategies with due on sale.
first of all, negotiate with bank to find out a payment schedule. If does not work, then deed back the property to seller and using a title company perform an executory contract. Secondly, if this fails, he offers insurance through Equity Assurance that basically pay offs the underlying note through refinance. If this fails, then perform a land trust strategy. By the way, we have a discord private channel where you post your questions and other members answer and provide constructive feedback.
Pace has not compensated for making this post. I just want the truth to be known to the world. Bigger pockets is acting like a Deep State actor in my opinion by censoring critical information.
- Investor · VA · Member since 2015 · 21k+ posts · 19k+ votes2y
“He offers insurance that basically pays off the note”
There is no insurance company on the planet that would insure that.
He may give you a personal loan. But if you are a member how about asking for a copy of that insurance policy - love to see what it says and who has ever gotten insurance…
7e investments53 Reviews - Realtor · Boulder, CO · Member since 2016 · 3k+ posts · 5k+ votes2y
Quote from @Luis Ramos:
Sale Price All in Cost 330000 169000 Baywood 320000 185000 Howell 175000 131000 Morning Glory 285000 210000 Garfield 285000 211000 Huntsman 440000 252000 Goodhue Thanks for sharing these! We’ve had about 10,000 posts on here with people proclaiming how great the community is, but you’re one of the very few to follow up with actual deal examples. Another person gave an example that was so overly-complicated and heavily branded (whole-tail to a retail to a donkey-tail with a gator covering the entrance fee… lol), I had trouble even following it but once we dissected what was going on, she could have just taken a hard money loan and done a flip and made more money, plus it would have been a lot more simple and less risky. Assuming the all-in cost you have listed here is taking care of the arrears payments and down payment to seller? Are you financing those with gator lenders/ partners? What are the fair market values of these properties/ recent appraised value/ what do the comps say compared to purchase price? Any more thoughts about the risk of the seller filing bankruptcy or the bank calling DOSC now that we know the major downsides of executory contracts spelled out nicely in detail by Ken above? Also be careful asking these questions in the community, others have commented on here that they have been kicked out for asking the wrong questions!
- Member since 2018 · 28 posts · 23 votes2y
Hey Guys, just be happy paying your 9% DSCR loans, it seems you are too heavily invested with the status quo. Here is the website of the insurance company: https://www.equityins.net/
- 2yJay HinrichsBusiness MemberReal Estate Consultant · Summerlin, NV · Member since 2014 · 45k+ posts · 66k+ votes
Quote from @Luis Ramos:
Hey Guys, just be happy paying your 9% DSCR loans, it seems you are too heavily invested with the status quo. Here is the website of the insurance company: https://www.equityins.net/
Ok this is auto insurance for bad credit folks ? where does it say you can get DOS insurance ? that we all know does not exist. unless proven otherwise of course.. - 2yJay HinrichsBusiness MemberReal Estate Consultant · Summerlin, NV · Member since 2014 · 45k+ posts · 66k+ votes
Quote from @Luis Ramos:
Pace teaches several strategies with due on sale.
first of all, negotiate with bank to find out a payment schedule. If does not work, then deed back the property to seller and using a title company perform an executory contract. Secondly, if this fails, he offers insurance through Equity Assurance that basically pay offs the underlying note through refinance. If this fails, then perform a land trust strategy. By the way, we have a discord private channel where you post your questions and other members answer and provide constructive feedback.
Pace has not compensated for making this post. I just want the truth to be known to the world. Bigger pockets is acting like a Deep State actor in my opinion by censoring critical information.
Sounds like the insurance is simply a refi that makes sense it not insurance in the sense we all are thinking it is. and the link you provided is an auto insurer LOL.. On a wrap you can do a DIL for sure. Land trust does not work.. there are tax implications to both parties when you GIVE back the property .. keep in mind and I have not seen one person address that.. The one buying has debt relief .. And unfortunately if the deal gets to this stage the original seller is getting their credit hammered unless they are making the payments when you are not. Best way to handle these is to simply pull cash out of your reserves or unsecured Credit line and pay off the underlying and then you can just refi and get your cash back.. but of course far and few between that have that kind of cash or LOC available. Now I am not against sub to or wrap .. My dad was doing sub to and wraps in the last interest rate spike 1980 to 1985 he even had a company called California wrap LOL this up and running before most of you guys on his site were born. WE did hundreds of these.. Nothing is new here its just rehashed and brought to market by very astute marketers and their fulfillment companies.. I for one hand it to Pace for what he has accomplished on that end.. However the real fact is there are going to be some sellers that are going to be cremated by bad actors and those that are under capitalized and dont have the means to solve these problems that could arise and will arise. @steve
- Investor · VA · Member since 2015 · 21k+ posts · 19k+ votes2y
Quote from @Luis Ramos:
Hey Guys, just be happy paying your 9% DSCR loans, it seems you are too heavily invested with the status quo. Here is the website of the insurance company: https://www.equityins.net/
ACtually I have zero DSCR loans and who said I was investing with the status quo?
BTW how did these deals work out for you? You want to share the addresses so we can see how well you are crushing it? How about sending us your sub2 deals as well since you must be the expert now. As every other post you have ever made on BP was to kiss the feet of pace.
Real estate market is dead in southeast Texas. I have 3 properties, fully rehabbed and not a single interest. I have them on the MLS for the past 2 months and no offers. I have offered to rent them , no offers. I have offered owner financing and not offers. How are people managing, or is it only SE Texas? And yes, i have reduced the sale and leasing price. Is it just SE Texas ?? I have staged them as well
7e investments53 Reviews - Real Estate Consultant · Evergreen, CO · Member since 2018 · 1k+ posts · 736 votes2y
Crash!
- 2yTom GimerBusiness MemberDMV · Member since 2017 · 3k+ posts · 3k+ votes
Quote from @Luis Ramos:
Hey Guys, just be happy paying your 9% DSCR loans, it seems you are too heavily invested with the status quo. Here is the website of the insurance company: https://www.equityins.net/
Actually, no... here is the website for the "insurance company" -- https://equityassurance.us/
lol
Search the archives… this is accurate.
Gimer Law516 Reviews - 2yJay HinrichsBusiness MemberReal Estate Consultant · Summerlin, NV · Member since 2014 · 45k+ posts · 66k+ votes
Quote from @Tom Gimer:
Quote from @Luis Ramos:
Hey Guys, just be happy paying your 9% DSCR loans, it seems you are too heavily invested with the status quo. Here is the website of the insurance company: https://www.equityins.net/
Actually, no... here is the website for the "insurance company" -- https://equityassurance.us/
lol
Search the archives… this is accurate.
thats classic nothing there it expired.. :) - Realtor · Boulder, CO · Member since 2016 · 3k+ posts · 5k+ votes2yYeah, that links to auto insurance. Equity Assurance isn’t what you might think it is (it’s not insurance, and if somebody told you that’s what it is, then they told you less than the truth). Regarding the rest of your comment: I’d do a subto deal if there was a good reason to (such as a lot of equity in the deal), but I wouldn’t do one and pay retail or above market price, that’s for sure. There has to be a big reward for taking on that big additional risk and not only the risk but the additional headache of how these deals are structured. I would actually rather have a 9% dscr loan on a property with good equity than enter into some convoluted high-risk deal structure with no equity, even if the interest rate is a lot lower. Date the rate, marry the property. My last purchase I just made a higher down payment and plan to refinance next time rates come down. Gained $150k equity in that one at closing, so the 6.25% interest rate wasn’t a deal-breaker lol, no subto shenanigans needed. The benefit has to justify the risk, that’s why more experienced subto investors make sure they’re capturing equity as part of the deal, minimum 30% is what I’ve heard the experienced ones use. Jay, Ken, Mike and others on this thread have been doing subto deals since before we were probably born, so I’m sure they can speak to this and I’d listen to them over someone who has only been doing subto for a few years, even if they call themself the king of it lol. Most experienced people doing subto are also not going to be in these deals for very long, they will only hold them for a short time period because the risk increases the longer you hold the property. It’s not considered a good long-term debt instrument like you may have been taught, so without the equity there and ability to resell the property in the near future for a profit, there’s really no point in doing subto. Too much risk. Good luck though, it sounds like you may have already drank all the kool-aid and don’t seem to mind paying money for someone to tell you things that aren’t the whole truth.
Quote from @Luis Ramos:
Hey Guys, just be happy paying your 9% DSCR loans, it seems you are too heavily invested with the status quo. Here is the website of the insurance company: https://www.equityins.net/
- Real Estate Consultant · Evergreen, CO · Member since 2018 · 1k+ posts · 736 votes2y
Quote from @Steve K.:
Yeah, that links to auto insurance. Equity Assurance isn’t what you might think it is (it’s not insurance, and if somebody told you that’s what it is, then they told you less than the truth). Regarding the rest of your comment: I’d do a subto deal if there was a good reason to (such as a lot of equity in the deal), but I wouldn’t do one and pay retail or above market price, that’s for sure. There has to be a big reward for taking on that big additional risk and not only the risk but the additional headache of how these deals are structured. I would actually rather have a 9% dscr loan on a property with good equity than enter into some convoluted high-risk deal structure with no equity, even if the interest rate is a lot lower. Date the rate, marry the property. My last purchase I just made a higher down payment and plan to refinance next time rates come down. Gained $150k equity in that one at closing, so the 6.25% interest rate wasn’t a deal-breaker lol, no subto shenanigans needed. The benefit has to justify the risk, that’s why more experienced subto investors make sure they’re capturing equity as part of the deal, minimum 30% is what I’ve heard the experienced ones use. Jay, Ken, Mike and others on this thread have been doing subto deals since before we were probably born, so I’m sure they can speak to this and I’d listen to them over someone who has only been doing subto for a few years, even if they call themself the king of it lol. Most experienced people doing subto are also not going to be in these deals for very long, they will only hold them for a short time period because the risk increases the longer you hold the property. It’s not considered a good long-term debt instrument like you may have been taught, so without the equity there and ability to resell the property in the near future for a profit, there’s really no point in doing subto. Too much risk. Good luck though, it sounds like you may have already drank all the kool-aid and don’t seem to mind paying money for someone to tell you things that aren’t the whole truth.Quote from @Luis Ramos:
Hey Guys, just be happy paying your 9% DSCR loans, it seems you are too heavily invested with the status quo. Here is the website of the insurance company: https://www.equityins.net/
Yep. It's like being hit by a drunk driver and having to go to a level 1 trauma center. You want the trauma and neuro surgeons with 30 years experience that went to Johns Hopkins etc
over the one just out of the medical school in Grenada.
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