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Renee Williams
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Pace Morby’s Gator Lending - yay or nay?

Renee Williams
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Posted Jun 11 2023, 12:40

Hello BP Community, Do any of you have experience as a gator lender? If so, I’d love to hear it!

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Mike Hern
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Replied Jun 11 2023, 21:45
Quote from @Renee Williams:

Hello BP Community, Do any of you have experience as a gator lender? If so, I’d love to hear it!

 The way it was written in a different post is that you spend $8,800 to learn how to lend $1,000 to wholesalers to make $100. That means after 88 loans you break even if no one defaults on you and you have 100% success.

How lucky do you feel?

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Chris Seveney
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Replied Jun 12 2023, 03:56

@Mike Hern

I bet you can go to your local grocery store and also find these types of deals like you can your favorite cereal.

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Mike Hern
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Mike Hern
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Replied Jun 12 2023, 09:47
Quote from @Chris Seveney:

@Mike Hern

I bet you can go to your local grocery store and also find these types of deals like you can your favorite cereal.

And they taste better.

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Renee Williams
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Renee Williams
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Replied Jun 13 2023, 06:58
Quote from @Mike Hern:
Quote from @Renee Williams:

Hello BP Community, Do any of you have experience as a gator lender? If so, I’d love to hear it!

 The way it was written in a different post is that you spend $8,800 to learn how to lend $1,000 to wholesalers to make $100. That means after 88 loans you break even if no one defaults on you and you have 100% success.

How lucky do you feel?


Mike, Thanks for the input. I watched Pace's webinar to promote the program, and he consistently claims you make $1500-$3000 when lending $1k. Therefore, the $3k gator investment, "pays for itself" on the first deal you do. Just doesn't seem true.....

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Christaye Foster
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Christaye Foster
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Replied Jun 26 2023, 13:27

Hello and very glad to see the confirmation re. Gator method and PCS; hubs and I had a meeting w/ PCS this morning and didn't need all the LLC creation and such so we jumped to the 'Corporate Financial Program' - already sounds VERY ambiguous... So we sat through a 40 minute power point re. Paydex profile, building a bus. score etc. and then getting Paydex 'funding' tied to LLC at 2-10% for 6 to 18 months -- SERIOUSLY?????... I asked him where the 'funding' actually comes from and he says there are programs that they have set up to coach us through that... So we talked to our attorney/CFO contact and he told us to be very very suspicous; seems more like cash cow for Pace when getting few 100 students every month to fork over $2k and tell them it takes 6 mnths to 'set up' (umm - a DUNS # is FREE) and then throw them a bone after you've made how much cash-on-cash w/ the $200k that comes in every couple weeks...

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Renee Williams
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Replied Jun 26 2023, 13:45

Christaye, Wow - I can't say I am surprised! After researching further and talking to tons more people over the last few weeks, I am SO thankful I did not fall into this trap... Like you said "cash cow for Pace". If you haven't already, go and read the many Pace posts within BP. Also, I had an opportunity to listen in on a friend's PCS call, and it was similar to what you described. So much of it doesn't add up, and it just didn't sit right with me. She is now $14,000 (subto, gator, and PCS) in with them, and after about a month, has made ZERO. Like you said, DUNS number is free. Ahh, I'm glad you and your husband did not take the bait!

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Chad Johnerson
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Chad Johnerson
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Replied Jun 27 2023, 13:36

I've connected with people in the community that are very successful with the program. I think it takes the right type of person to take full advantage of all it has to offer. It's not necessarily lending, but it is JVing on deals with people who may have 5-6 deals UC and their free cash is tied up in all those deals. So instead of losing a 30k assignment fee they would partner with someone to keep it alive. Yes there are ways that wholesalers assign deals without putting up EMD, is it a legal contract? I'll leave that to a lawyer to answer.

The idea behind the corporate credit coaching program is to help people understand the difference between personal and business credit. It didn't take me six months to get business credit, only two. They also don't make you pay for a DUNs number they just point you in the direction for creating it. It's super helpful for people who are ignorant to the business credit world and are learning. In terms of the LLC creation, again it's beneficial to those who do not want to take the time to research the best haven states to have a holding company in, why anonymity is important, setting up a registered agent for your company, corporate structure strategy, etc.

I will say access to the community has given me opportunities to connect people to one another on different deals. So I guess it really depends on what you are looking to use the program for!

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Shiloh Lundahl
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Shiloh Lundahl
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Replied Jun 28 2023, 11:45

@Renee Williams, @Chad Johnerson has a good question, what are you looking for with Pace’s program?

I’m not connected very closely with Pace, but I have a lot of friends who are who speak highly of him. He has a really big community and he has a lot of his own properties. I don’t think that he would risk his reputation on making a couple thousand here and there by forming a shady side business. It doesn’t make sense to me. 

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Eric Gerakos
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Replied Jun 28 2023, 13:02

Nay.

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Jen Sperling
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Replied Sep 30 2023, 12:47

I just sat through a lengthy pitch presentation for Pace's gator method which I left with raised eyebrows and concerns about Bigger Pockets putting their stamp of approval on Pace's brand. I think his subto business and coaching seem legit, but gator to me sounded like a Ponzi scheme. You pay thousands of dollars up front to join the community and get access to Pace's own lines of credit with which you can lend on a number of different kinds of deals (Pace takes a fee on each one, of course) and take a cut of for yourself. Pace said repeatedly that he only does deals with his own community (and apparently you can get bonuses for referring new members) which infuses new capital into the community continuously.  Meanwhile Pace is lending on bigger and bigger deals and expanding into more different kinds of lending landscapes (like lending to distressed businesses...). So seems he's basically recruiting people to be hard money and bridge lenders in a variety of contexts using his own capital to start with (after they pay the membership fees) so it does seem like it is designed to work for people right up front for the first few deals he is hand-holding you through, but I have a lot of questions about what happens when deal flow or membership slows down and who exactly is left holding the bag. Anyone with access to excess capital and credit can do better on their own, and anyone without those things should be very careful going all in with their savings on something like this. 

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Nathan Gesner
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Nathan Gesner
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ModeratorReplied Oct 1 2023, 06:44
Quote from @Jen Sperling:

His followers are raving fans, going on and on about how much they've learned and it's "like joining a family!"  They go quiet when you ask how much money they've earned, how many deals they've done, when they reached financial independence, etc. It's just a bunch of groupies thinking they'll eventually hit it big despite the evidence to the contrary.

Pace is definitely smart. He's learned how to talk a fast game, convincing people to part with their hard-earned mone so he can say all the things he already says for free, then put these fans to work to help him find deals. There's a great review of his entire program on YouTube that shows Pace has earned over $40,000,000 just in membership fees! 

I made the mistake of buying his book with "12 hours of bonus video content" that is basically Pace talking about each chapter of his book as he drives around to some of his properties. He's not a scammer stealing money from people, but he's definitely selling snake oil.

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Kevin M.
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Replied Dec 30 2023, 13:09

I just watched his webinar and was ready to plop down the $5k just to see the inside, but prayed and then thought I should check him out here and I'm glad I didn't do it. The webinar did give me some ideas.

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Mike Hern
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Replied Dec 30 2023, 15:24
Quote from @Kevin M.:

I just watched his webinar and was ready to plop down the $5k just to see the inside, but prayed and then thought I should check him out here and I'm glad I didn't do it. The webinar did give me some ideas.

I was told it had gone to $17,000 to be part of "the community" where there is no "hands on" or "one on one" training. What's the point if that is true? You can get all of that in a dozen different places for free. Our training in "one on one" and we guarantee a purchase. Guess it's all in what you know about that is available. Still, to join a group means you're going to get unqualified people expressing their opinions rather than their life long experience.

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Kevin M.
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Replied Jan 1 2024, 09:18
Quote from @Mike Hern:
Quote from @Kevin M.:

I just watched his webinar and was ready to plop down the $5k just to see the inside, but prayed and then thought I should check him out here and I'm glad I didn't do it. The webinar did give me some ideas.

I was told it had gone to $17,000 to be part of "the community" where there is no "hands on" or "one on one" training. What's the point if that is true? You can get all of that in a dozen different places for free. Our training in "one on one" and we guarantee a purchase. Guess it's all in what you know about that is available. Still, to join a group means you're going to get unqualified people expressing their opinions rather than their life long experience.


 There are two levels. The Gator II group ($5k) and then a Sub"something" (I can't remember) and that's probably the more expensive one.

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Mike Hern
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Mike Hern
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Replied Jan 1 2024, 11:57
Quote from @Kevin M.:
Quote from @Mike Hern:
Quote from @Kevin M.:

I just watched his webinar and was ready to plop down the $5k just to see the inside, but prayed and then thought I should check him out here and I'm glad I didn't do it. The webinar did give me some ideas.

I was told it had gone to $17,000 to be part of "the community" where there is no "hands on" or "one on one" training. What's the point if that is true? You can get all of that in a dozen different places for free. Our training in "one on one" and we guarantee a purchase. Guess it's all in what you know about that is available. Still, to join a group means you're going to get unqualified people expressing their opinions rather than their life long experience.


 There are two levels. The Gator II group ($5k) and then a Sub"something" (I can't remember) and that's probably the more expensive one.

He just did a video telling people not to lend in 4th and 5th position until they go through his "special" training. WHAT?? 4th & 5th position??  Yikes!

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Stephen Tassy
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Stephen Tassy
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Replied Jan 26 2024, 09:16

Glad to hear everyone's opinions! Thanks for sharing!

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Replied Jan 27 2024, 10:34
Quote from @Renee Williams:

Hello BP Community, Do any of you have experience as a gator lender? If so, I’d love to hear it!

Your post is 100%FACTS

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Replied Jan 27 2024, 10:35
Quote from @Christaye Foster:

Hello and very glad to see the confirmation re. Gator method and PCS; hubs and I had a meeting w/ PCS this morning and didn't need all the LLC creation and such so we jumped to the 'Corporate Financial Program' - already sounds VERY ambiguous... So we sat through a 40 minute power point re. Paydex profile, building a bus. score etc. and then getting Paydex 'funding' tied to LLC at 2-10% for 6 to 18 months -- SERIOUSLY?????... I asked him where the 'funding' actually comes from and he says there are programs that they have set up to coach us through that... So we talked to our attorney/CFO contact and he told us to be very very suspicous; seems more like cash cow for Pace when getting few 100 students every month to fork over $2k and tell them it takes 6 mnths to 'set up' (umm - a DUNS # is FREE) and then throw them a bone after you've made how much cash-on-cash w/ the $200k that comes in every couple weeks...

 YOUR POST IS CORRECT

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Replied Jan 27 2024, 10:40
Quote from @Jen Sperling:

I just sat through a lengthy pitch presentation for Pace's gator method which I left with raised eyebrows and concerns about Bigger Pockets putting their stamp of approval on Pace's brand. I think his subto business and coaching seem legit, but gator to me sounded like a Ponzi scheme. You pay thousands of dollars up front to join the community and get access to Pace's own lines of credit with which you can lend on a number of different kinds of deals (Pace takes a fee on each one, of course) and take a cut of for yourself. Pace said repeatedly that he only does deals with his own community (and apparently you can get bonuses for referring new members) which infuses new capital into the community continuously.  Meanwhile Pace is lending on bigger and bigger deals and expanding into more different kinds of lending landscapes (like lending to distressed businesses...). So seems he's basically recruiting people to be hard money and bridge lenders in a variety of contexts using his own capital to start with (after they pay the membership fees) so it does seem like it is designed to work for people right up front for the first few deals he is hand-holding you through, but I have a lot of questions about what happens when deal flow or membership slows down and who exactly is left holding the bag. Anyone with access to excess capital and credit can do better on their own, and anyone without those things should be very careful going all in with their savings on something like this. 


 CORRECT!!!!!!   CORRECT!!!!! CORRECT!!!! 

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Replied Jan 27 2024, 10:42
Quote from @Nathan Gesner:
Quote from @Jen Sperling:

His followers are raving fans, going on and on about how much they've learned and it's "like joining a family!"  They go quiet when you ask how much money they've earned, how many deals they've done, when they reached financial independence, etc. It's just a bunch of groupies thinking they'll eventually hit it big despite the evidence to the contrary.

Pace is definitely smart. He's learned how to talk a fast game, convincing people to part with their hard-earned mone so he can say all the things he already says for free, then put these fans to work to help him find deals. There's a great review of his entire program on YouTube that shows Pace has earned over $40,000,000 just in membership fees! 

I made the mistake of buying his book with "12 hours of bonus video content" that is basically Pace talking about each chapter of his book as he drives around to some of his properties. He's not a scammer stealing money from people, but he's definitely selling snake oil.

THANK YOU GOD SOMEONE HAS SAID IT CORRECTLY!!!! 

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Replied Mar 3 2024, 17:26

Phew, I just dodged a $5,000 bullet today. I was looking for my wallet, and couldn't find it. I was very skeptical but wanted to try it and do a payment method of 7 x $400. If I know it's scammy, I can get out and refund with my credit card. But my wallet was missing so I figured why not research it a little more. You know that they say, if it's too good to be true, it probably is! Thank you for those who posted in here! He's selling something that will not legally considered a "SCAM". The problem, you might not be able to recoup your money.

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Nate Marshall
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Nate Marshall
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Replied Mar 4 2024, 10:24
Quote from @Mike Hern:
Quote from @Kevin M.:
Quote from @Mike Hern:
Quote from @Kevin M.:

I just watched his webinar and was ready to plop down the $5k just to see the inside, but prayed and then thought I should check him out here and I'm glad I didn't do it. The webinar did give me some ideas.

I was told it had gone to $17,000 to be part of "the community" where there is no "hands on" or "one on one" training. What's the point if that is true? You can get all of that in a dozen different places for free. Our training in "one on one" and we guarantee a purchase. Guess it's all in what you know about that is available. Still, to join a group means you're going to get unqualified people expressing their opinions rather than their life long experience.


 There are two levels. The Gator II group ($5k) and then a Sub"something" (I can't remember) and that's probably the more expensive one.

He just did a video telling people not to lend in 4th and 5th position until they go through his "special" training. WHAT?? 4th & 5th position??  Yikes!

 Yep. What lender in first position even allows someone to lend in 3rd, 4th or 5th. What no 100th position. If it's $100,000.00 why not 100,000 lenders with $1 each?   

Some days I know how Red feels... 

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Nate Marshall
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Nate Marshall
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Replied Mar 4 2024, 10:26
Quote from @Nathan Gesner:
Quote from @Jen Sperling:

His followers are raving fans, going on and on about how much they've learned and it's "like joining a family!"  They go quiet when you ask how much money they've earned, how many deals they've done, when they reached financial independence, etc. It's just a bunch of groupies thinking they'll eventually hit it big despite the evidence to the contrary.

Pace is definitely smart. He's learned how to talk a fast game, convincing people to part with their hard-earned mone so he can say all the things he already says for free, then put these fans to work to help him find deals. There's a great review of his entire program on YouTube that shows Pace has earned over $40,000,000 just in membership fees! 

I made the mistake of buying his book with "12 hours of bonus video content" that is basically Pace talking about each chapter of his book as he drives around to some of his properties. He's not a scammer stealing money from people, but he's definitely selling snake oil.


 This is why Phil Weiser is looking at him. Colorado Attorney General. 

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Mike Hern
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Mike Hern
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Replied Mar 4 2024, 14:40
Quote from @Nate Marshall:
Quote from @Mike Hern:
Quote from @Kevin M.:
Quote from @Mike Hern:
Quote from @Kevin M.:

I just watched his webinar and was ready to plop down the $5k just to see the inside, but prayed and then thought I should check him out here and I'm glad I didn't do it. The webinar did give me some ideas.

I was told it had gone to $17,000 to be part of "the community" where there is no "hands on" or "one on one" training. What's the point if that is true? You can get all of that in a dozen different places for free. Our training in "one on one" and we guarantee a purchase. Guess it's all in what you know about that is available. Still, to join a group means you're going to get unqualified people expressing their opinions rather than their life long experience.


 There are two levels. The Gator II group ($5k) and then a Sub"something" (I can't remember) and that's probably the more expensive one.

He just did a video telling people not to lend in 4th and 5th position until they go through his "special" training. WHAT?? 4th & 5th position??  Yikes!

 Yep. What lender in first position even allows someone to lend in 3rd, 4th or 5th. What no 100th position. If it's $100,000.00 why not 100,000 lenders with $1 each?   

Some days I know how Red feels... 

Lol

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Nate Marshall
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Nate Marshall
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Replied Mar 5 2024, 12:18
Quote from @Mike Hern:
Quote from @Nate Marshall:
Quote from @Mike Hern:
Quote from @Kevin M.:
Quote from @Mike Hern:
Quote from @Kevin M.:

I just watched his webinar and was ready to plop down the $5k just to see the inside, but prayed and then thought I should check him out here and I'm glad I didn't do it. The webinar did give me some ideas.

I was told it had gone to $17,000 to be part of "the community" where there is no "hands on" or "one on one" training. What's the point if that is true? You can get all of that in a dozen different places for free. Our training in "one on one" and we guarantee a purchase. Guess it's all in what you know about that is available. Still, to join a group means you're going to get unqualified people expressing their opinions rather than their life long experience.


 There are two levels. The Gator II group ($5k) and then a Sub"something" (I can't remember) and that's probably the more expensive one.

He just did a video telling people not to lend in 4th and 5th position until they go through his "special" training. WHAT?? 4th & 5th position??  Yikes!

 Yep. What lender in first position even allows someone to lend in 3rd, 4th or 5th. What no 100th position. If it's $100,000.00 why not 100,000 lenders with $1 each?   

Some days I know how Red feels... 

Lol