Is the Pace Morby Subto program worth 10,000 dollars?
Most Popular Reply
Alecia LovelessPro Member
Member since 2019 · 3k+ posts · 2k+ votes@Dan Ross I have done two “guru” programs. One for $8000 and one for $7000. Both were a waste of money.
The first the guru did have 2-3 phone calls with me before turning me over to associates. There were weekly group video phone calls that despite usually only having 5-10 people online I could never get a question answered leaving me to believe they were pre recorded. Finally they started pressuring me to buy $5-10M properties that I didn’t have the money for and they started trying to get me to buy their other program for another $8000 to learn how to raise money through partnerships and I was just done. It was clearly just a marketing pyramid scheme of selling more and more programs because none of the other members were getting any further along to buying any properties.
The second program was a women’s program and I was given the name of an advisor and then my personal mentor who would be coaching me weekly. We had about 3 good weeks and I was doing the video courses and the things my personal mentor had gone over with me when right before our 4th meeting she texted me to never contact her again and she no longer worked for the company. I contacted my advisor and there was no response. I went to go to customer service and the whole website was gone and the company had disappeared taking my money and countless other people’s money with it.
I’m not saying all programs are like those two. I just think for me $15000 would have been better spent on a down payment on a property.
51 Replies
- Investor · Scottsdale Austin Tuktoyaktuk · Member since 2021 · 4k+ posts · 4k+ votes2y
Quote from @Dan Ross:
I am new to Real estate investing. I have owned 3 homes in the past that I lived in. I am TIRED of moving and RENTING!!!!
I have been following him for a month now. It appears he is doing deals most people can't do for multitudes of reasons. Has anyone here been or is in one of Pace's programs?
I will pay the money if I can do 1 or 2 deals in the next 4 months. If it takes a year I am not sure if it's worth it.
Thank you
He says he does not personally teach any one. He said you learn from his videos. He just said in one of his videos that he has had 10 Due on Sales called recently and multitudes of students with the same problem. He was stating that to use it as an backdrop to tell people he has a backup plan. However, the backup plan violates the Due on Sale Clause.
That would seem to mean he has a problem with his approach. He doesn't cover how you pay off the loan if you over paid by buying off the MLS, which is where he is teaching people to buy properties. If you don't pay off the loan, you lose the house, the seller gets a foreclosure and you probably get sued. I think he has enough money to pay off a few loans, but you don't.
I can tell you more if you want to DM me.
Due on Sale: The right of the lender to accelerate the loan (make you pay it off in 30 days)
"18. Transfer of the Property or a Beneficial Interest in Borrower. As used in this Section 18, "Interest in the Property" means any legal or beneficial interest in the Property, including, but not limited to, those beneficial intereststransferred in a bond for deed, contract for deed, installment sales contract or escrow agreement, the intent of which is the transfer of title by Borrower at a future date to purchaser.
If all or any part of the Property or any Interest in the Property is sold or transferred
- 2yAlecia LovelessPro MemberMember since 2019 · 3k+ posts · 2k+ votes
@Dan Ross I have done two “guru” programs. One for $8000 and one for $7000. Both were a waste of money.
The first the guru did have 2-3 phone calls with me before turning me over to associates. There were weekly group video phone calls that despite usually only having 5-10 people online I could never get a question answered leaving me to believe they were pre recorded. Finally they started pressuring me to buy $5-10M properties that I didn’t have the money for and they started trying to get me to buy their other program for another $8000 to learn how to raise money through partnerships and I was just done. It was clearly just a marketing pyramid scheme of selling more and more programs because none of the other members were getting any further along to buying any properties.
The second program was a women’s program and I was given the name of an advisor and then my personal mentor who would be coaching me weekly. We had about 3 good weeks and I was doing the video courses and the things my personal mentor had gone over with me when right before our 4th meeting she texted me to never contact her again and she no longer worked for the company. I contacted my advisor and there was no response. I went to go to customer service and the whole website was gone and the company had disappeared taking my money and countless other people’s money with it.
I’m not saying all programs are like those two. I just think for me $15000 would have been better spent on a down payment on a property.
- 2yDan RossMember since 2023 · 3 posts · 3 votesOP
Quote from @Alecia Loveless:
@Dan Ross I have done two “guru” programs. One for $8000 and one for $7000. Both were a waste of money.
The first the guru did have 2-3 phone calls with me before turning me over to associates. There were weekly group video phone calls that despite usually only having 5-10 people online I could never get a question answered leaving me to believe they were pre recorded. Finally they started pressuring me to buy $5-10M properties that I didn’t have the money for and they started trying to get me to buy their other program for another $8000 to learn how to raise money through partnerships and I was just done. It was clearly just a marketing pyramid scheme of selling more and more programs because none of the other members were getting any further along to buying any properties.
The second program was a women’s program and I was given the name of an advisor and then my personal mentor who would be coaching me weekly. We had about 3 good weeks and I was doing the video courses and the things my personal mentor had gone over with me when right before our 4th meeting she texted me to never contact her again and she no longer worked for the company. I contacted my advisor and there was no response. I went to go to customer service and the whole website was gone and the company had disappeared taking my money and countless other people’s money with it.
I’m not saying all programs are like those two. I just think for me $15000 would have been better spent on a down payment on a property.
I am grateful for your remarks. I know I need to take my time and do a very good investigation of any program. I have been screwed before as many of us have.
Thank you
- Investor · VA · Member since 2015 · 21k+ posts · 19k+ votes2y
Quote from @Dan Ross:
I am new to Real estate investing. I have owned 3 homes in the past that I lived in. I am TIRED of moving and RENTING!!!!
I have been following him for a month now. It appears he is doing deals most people can't do for multitudes of reasons. Has anyone here been or is in one of Pace's programs?
I will pay the money if I can do 1 or 2 deals in the next 4 months. If it takes a year I am not sure if it's worth it.
Thank you
Join one of the FB groups first. You will see many of those people paid $10k and look at the type of questions they are asking. Make an informed decision if you think people are properly trained? Value is based on each individual and they will need to determine if they think there is any value. We all will have our own opinions but end of day it is up to you if you value $10,000 as.
7e investments53 Reviews - Investor · Corpus Christi, TX · Member since 2012 · 2k+ posts · 1k+ votes2y
Quote from @Chris Seveney:
Quote from @Dan Ross:
I am new to Real estate investing. I have owned 3 homes in the past that I lived in. I am TIRED of moving and RENTING!!!!
I have been following him for a month now. It appears he is doing deals most people can't do for multitudes of reasons. Has anyone here been or is in one of Pace's programs?
I will pay the money if I can do 1 or 2 deals in the next 4 months. If it takes a year I am not sure if it's worth it.
Thank you
Join one of the FB groups first. You will see many of those people paid $10k and look at the type of questions they are asking. Make an informed decision if you think people are properly trained? Value is based on each individual and they will need to determine if they think there is any value. We all will have our own opinions but end of day it is up to you if you value $10,000 as.
I was booted from the FB page because I dared to explain why some of the things his students, and I use that term very loosely, were espousing were simply illegal. I literally have only encountered one other FB "Mastermind" group with a dumber group of people. And if you dare to challenge anything their Messiah states, you're immediately booted. When someone wants to work with me on a deal and tells me they're one of his acolytes, I tell them I'm not interested. A fool and his money are soon parted.
- Investor · Scottsdale Austin Tuktoyaktuk · Member since 2021 · 4k+ posts · 4k+ votes2y
Quote from @Guy Gimenez:
Quote from @Chris Seveney:
Quote from @Dan Ross:
I am new to Real estate investing. I have owned 3 homes in the past that I lived in. I am TIRED of moving and RENTING!!!!
I have been following him for a month now. It appears he is doing deals most people can't do for multitudes of reasons. Has anyone here been or is in one of Pace's programs?
I will pay the money if I can do 1 or 2 deals in the next 4 months. If it takes a year I am not sure if it's worth it.
Thank you
Join one of the FB groups first. You will see many of those people paid $10k and look at the type of questions they are asking.
I was booted from the FB page because I dared to explain why some of the things his students, and I use that term very loosely, were espousing were simply illegal.
@Guy Gimenez: Lol, you're in good company. I was booted too. I said that buying off the MLS at full cost, using secondary lenders for the down payment, closing costs and cash out was foolhardy. If the Due on Sale clause was called, there was no room to refinance or sell, the seller would have their credit trashed, the buyer would lose the property and the 2nd lender was going to lose everything. I guess that information doesn't sell memberships. ;-)
- Investor · VA · Member since 2015 · 21k+ posts · 19k+ votes2y
Quote from @Guy Gimenez:
Quote from @Chris Seveney:
Quote from @Dan Ross:
I am new to Real estate investing. I have owned 3 homes in the past that I lived in. I am TIRED of moving and RENTING!!!!
I have been following him for a month now. It appears he is doing deals most people can't do for multitudes of reasons. Has anyone here been or is in one of Pace's programs?
I will pay the money if I can do 1 or 2 deals in the next 4 months. If it takes a year I am not sure if it's worth it.
Thank you
Join one of the FB groups first. You will see many of those people paid $10k and look at the type of questions they are asking. Make an informed decision if you think people are properly trained? Value is based on each individual and they will need to determine if they think there is any value. We all will have our own opinions but end of day it is up to you if you value $10,000 as.
I was booted from the FB page because I dared to explain why some of the things his students, and I use that term very loosely, were espousing were simply illegal. I literally have only encountered one other FB "Mastermind" group with a dumber group of people. And if you dare to challenge anything their Messiah states, you're immediately booted. When someone wants to work with me on a deal and tells me they're one of his acolytes, I tell them I'm not interested. A fool and his money are soon parted.
There was a great feed the other day with about 35 awful pieces of advice which mostly noted: "quit claim deed the property"... The issue was a person sold their home subject 2 and the person who bought it stopped paying. This person has moved and living somewhere else. Their credit is shot and they are getting foreclosure notices. They are like what do i do?
Comments again were : Quit Claim Deed the Property, start paying the loan (which he noted he had no money). All of which nothing will help him because the loan is still in his name.
As a note investor I am licking my chops at the number of deals we are giong to see come our way because of scenarios like this, especially once values go down and these people who bought sub2 could just walk away once the equity is gone.
7e investments53 Reviews - Investor · Corpus Christi, TX · Member since 2012 · 2k+ posts · 1k+ votes2y
Quote from @Chris Seveney:
Quote from @Guy Gimenez:
Quote from @Chris Seveney:
Quote from @Dan Ross:
I am new to Real estate investing. I have owned 3 homes in the past that I lived in. I am TIRED of moving and RENTING!!!!
I have been following him for a month now. It appears he is doing deals most people can't do for multitudes of reasons. Has anyone here been or is in one of Pace's programs?
I will pay the money if I can do 1 or 2 deals in the next 4 months. If it takes a year I am not sure if it's worth it.
Thank you
Join one of the FB groups first. You will see many of those people paid $10k and look at the type of questions they are asking. Make an informed decision if you think people are properly trained? Value is based on each individual and they will need to determine if they think there is any value. We all will have our own opinions but end of day it is up to you if you value $10,000 as.
I was booted from the FB page because I dared to explain why some of the things his students, and I use that term very loosely, were espousing were simply illegal. I literally have only encountered one other FB "Mastermind" group with a dumber group of people. And if you dare to challenge anything their Messiah states, you're immediately booted. When someone wants to work with me on a deal and tells me they're one of his acolytes, I tell them I'm not interested. A fool and his money are soon parted.
There was a great feed the other day with about 35 awful pieces of advice which mostly noted: "quit claim deed the property"... The issue was a person sold their home subject 2 and the person who bought it stopped paying. This person has moved and living somewhere else. Their credit is shot and they are getting foreclosure notices. They are like what do i do?
Comments again were : Quit Claim Deed the Property, start paying the loan (which he noted he had no money). All of which nothing will help him because the loan is still in his name.
As a note investor I am licking my chops at the number of deals we are giong to see come our way because of scenarios like this, especially once values go down and these people who bought sub2 could just walk away once the equity is gone.
That is very typical of the "advice" I see given by the students in his group. It's like the blind leading the blind...for a hefty price of course.
- 2yShiloh LundahlPro MemberRental Property Investor · Gilbert, AZ · Member since 2016 · 3k+ posts · 4k+ votes
You have some great points @Guy Gimenez. I just sent you a direct message.
- Member since 2023 · 40 posts · 30 votes2y
it may be worth it, but keep in mind it is only for sub2, so it certainly will not be enough to give you the proper knowledge for real estate investing
- 2yDan RossMember since 2023 · 3 posts · 3 votesOP
Quote from @Guy Gimenez: thank you, I appreciate your input. That’s why I take my time and do my due diligence. I made poor judgment when I was younger because I was too quick to pull the trigger on some things.
I appreciate this group and the knowledgeable people in it
Quote from @Chris Seveney:
Quote from @Guy Gimenez:
Quote from @Chris Seveney:
Quote from @Dan Ross:
I am new to Real estate investing. I have owned 3 homes in the past that I lived in. I am TIRED of moving and RENTING!!!!
I have been following him for a month now. It appears he is doing deals most people can't do for multitudes of reasons. Has anyone here been or is in one of Pace's programs?
I will pay the money if I can do 1 or 2 deals in the next 4 months. If it takes a year I am not sure if it's worth it.
Thank you
Join one of the FB groups first. You will see many of those people paid $10k and look at the type of questions they are asking. Make an informed decision if you think people are properly trained? Value is based on each individual and they will need to determine if they think there is any value. We all will have our own opinions but end of day it is up to you if you value $10,000 as.
I was booted from the FB page because I dared to explain why some of the things his students, and I use that term very loosely, were espousing were simply illegal. I literally have only encountered one other FB "Mastermind" group with a dumber group of people. And if you dare to challenge anything their Messiah states, you're immediately booted. When someone wants to work with me on a deal and tells me they're one of his acolytes, I tell them I'm not interested. A fool and his money are soon parted.
There was a great feed the other day with about 35 awful pieces of advice which mostly noted: "quit claim deed the property"... The issue was a person sold their home subject 2 and the person who bought it stopped paying. This person has moved and living somewhere else. Their credit is shot and they are getting foreclosure notices. They are like what do i do?
Comments again were : Quit Claim Deed the Property, start paying the loan (which he noted he had no money). All of which nothing will help him because the loan is still in his name.
As a note investor I am licking my chops at the number of deals we are giong to see come our way because of scenarios like this, especially once values go down and these people who bought sub2 could just walk away once the equity is gone.
That is very typical of the "advice" I see given by the students in his group. It's like the blind leading the blind...for a hefty price of course.
- Real Estate Consultant · Evergreen, CO · Member since 2018 · 1k+ posts · 735 votes2y
Quote from @Dan Ross:
I am new to Real estate investing. I have owned 3 homes in the past that I lived in. I am TIRED of moving and RENTING!!!!
I have been following him for a month now. It appears he is doing deals most people can't do for multitudes of reasons. Has anyone here been or is in one of Pace's programs?
I will pay the money if I can do 1 or 2 deals in the next 4 months. If it takes a year I am not sure if it's worth it.
Thank you
You can do the same types of deals without paying $10,000.00 or even half of that.
- Real Estate Consultant · Evergreen, CO · Member since 2018 · 1k+ posts · 735 votes2y
Quote from @Jonathan Cooper:
it may be worth it, but keep in mind it is only for sub2, so it certainly will not be enough to give you the proper knowledge for real estate investing
Truth. Most who sign up for a guru's program become captive to it. That's by design. Pace is no different than the leaders of Hamas or the Sinaloa Cartel in that manner.
- 2yJay HinrichsBusiness MemberReal Estate Consultant · Summerlin, NV · Member since 2014 · 45k+ posts · 66k+ votes
Quote from @Guy Gimenez:
Quote from @Chris Seveney:
Quote from @Dan Ross:
I am new to Real estate investing. I have owned 3 homes in the past that I lived in. I am TIRED of moving and RENTING!!!!
I have been following him for a month now. It appears he is doing deals most people can't do for multitudes of reasons. Has anyone here been or is in one of Pace's programs?
I will pay the money if I can do 1 or 2 deals in the next 4 months. If it takes a year I am not sure if it's worth it.
Thank you
Join one of the FB groups first. You will see many of those people paid $10k and look at the type of questions they are asking. Make an informed decision if you think people are properly trained? Value is based on each individual and they will need to determine if they think there is any value. We all will have our own opinions but end of day it is up to you if you value $10,000 as.
I was booted from the FB page because I dared to explain why some of the things his students, and I use that term very loosely, were espousing were simply illegal. I literally have only encountered one other FB "Mastermind" group with a dumber group of people. And if you dare to challenge anything their Messiah states, you're immediately booted. When someone wants to work with me on a deal and tells me they're one of his acolytes, I tell them I'm not interested. A fool and his money are soon parted.
Bottom line sub too is an advanced strategy that should only be done by Experienced investor with significant cash reserves or access to lending/like substantial LOC that already exist and can be taped at a moments notice. I don't care who teaches this stuff its fraught with danger to think you can take title and keep someone's mortgage in place for years and years stuff happens and when it does the original seller gets HAMMERED. Not good I think its a good tool for fix and flip and short term holds but not for long term holds if you have not ability to refi or enough equity to sell quickly even if you do and the sellers loan gets called they are still going to get their credit trashed. . Just sayin. - 2yJay HinrichsBusiness MemberReal Estate Consultant · Summerlin, NV · Member since 2014 · 45k+ posts · 66k+ votes
Quote from @Chris Seveney:
Quote from @Guy Gimenez:
Quote from @Chris Seveney:
Quote from @Dan Ross:
I am new to Real estate investing. I have owned 3 homes in the past that I lived in. I am TIRED of moving and RENTING!!!!
I have been following him for a month now. It appears he is doing deals most people can't do for multitudes of reasons. Has anyone here been or is in one of Pace's programs?
I will pay the money if I can do 1 or 2 deals in the next 4 months. If it takes a year I am not sure if it's worth it.
Thank you
Join one of the FB groups first. You will see many of those people paid $10k and look at the type of questions they are asking. Make an informed decision if you think people are properly trained? Value is based on each individual and they will need to determine if they think there is any value. We all will have our own opinions but end of day it is up to you if you value $10,000 as.
I was booted from the FB page because I dared to explain why some of the things his students, and I use that term very loosely, were espousing were simply illegal. I literally have only encountered one other FB "Mastermind" group with a dumber group of people. And if you dare to challenge anything their Messiah states, you're immediately booted. When someone wants to work with me on a deal and tells me they're one of his acolytes, I tell them I'm not interested. A fool and his money are soon parted.
There was a great feed the other day with about 35 awful pieces of advice which mostly noted: "quit claim deed the property"... The issue was a person sold their home subject 2 and the person who bought it stopped paying. This person has moved and living somewhere else. Their credit is shot and they are getting foreclosure notices. They are like what do i do?
Comments again were : Quit Claim Deed the Property, start paying the loan (which he noted he had no money). All of which nothing will help him because the loan is still in his name.
As a note investor I am licking my chops at the number of deals we are giong to see come our way because of scenarios like this, especially once values go down and these people who bought sub2 could just walk away once the equity is gone.
where is see a total cluster with Morby students is they are now selling their car's sub too.. can just see it.. sell a car to someone on facebook with the promise they will pay our payments .. I can see a lot of buyers getting the keys then driving off and never paying.. foolish foolish to be advocating that. - Rock Star Extraordinaire · Northeast, TN · Member since 2015 · 10k+ posts · 16k+ votes2yTo me, it sounds like you are so far from being an investor that you should run away from this or any other guru program. You state that you have owned 3 homes in the past and now you are tired of moving and renting. That sounds like someone who has been going in the wrong direction financially for whatever reason. More common is you move into bigger, more expensive homes that you buy, or perhaps downsize into a home without a mortgage. Your story sounds like what you hear when someone has gotten divorced, or lost a high paying job and had to sell or lost the home to foreclosure, along those lines.
Quote from @Dan Ross:
I am new to Real estate investing. I have owned 3 homes in the past that I lived in. I am TIRED of moving and RENTING!!!!
I have been following him for a month now. It appears he is doing deals most people can't do for multitudes of reasons. Has anyone here been or is in one of Pace's programs?
I will pay the money if I can do 1 or 2 deals in the next 4 months. If it takes a year I am not sure if it's worth it.
Thank you
First question: how much cash do you have to invest, and is this separate from your emergency funds?
Skyline Properties - Real Estate Consultant · Evergreen, CO · Member since 2018 · 1k+ posts · 735 votes2y
Quote from @Jay Hinrichs:
Quote from @Guy Gimenez:
Quote from @Chris Seveney:
Quote from @Dan Ross:
I am new to Real estate investing. I have owned 3 homes in the past that I lived in. I am TIRED of moving and RENTING!!!!
I have been following him for a month now. It appears he is doing deals most people can't do for multitudes of reasons. Has anyone here been or is in one of Pace's programs?
I will pay the money if I can do 1 or 2 deals in the next 4 months. If it takes a year I am not sure if it's worth it.
Thank you
Join one of the FB groups first. You will see many of those people paid $10k and look at the type of questions they are asking. Make an informed decision if you think people are properly trained? Value is based on each individual and they will need to determine if they think there is any value. We all will have our own opinions but end of day it is up to you if you value $10,000 as.
I was booted from the FB page because I dared to explain why some of the things his students, and I use that term very loosely, were espousing were simply illegal. I literally have only encountered one other FB "Mastermind" group with a dumber group of people. And if you dare to challenge anything their Messiah states, you're immediately booted. When someone wants to work with me on a deal and tells me they're one of his acolytes, I tell them I'm not interested. A fool and his money are soon parted.
Bottom line sub too is an advanced strategy that should only be done by Experienced investor with significant cash reserves or access to lending/like substantial LOC that already exist and can be taped at a moments notice. I don't care who teaches this stuff its fraught with danger to think you can take title and keep someone's mortgage in place for years and years stuff happens and when it does the original seller gets HAMMERED. Not good I think its a good tool for fix and flip and short term holds but not for long term holds if you have not ability to refi or enough equity to sell quickly even if you do and the sellers loan gets called they are still going to get their credit trashed. . Just sayin.Banks and mortgage companies are getting wise and they are recognizing the threat that Pace Morby is to them.
- Cincinnati, OH · Member since 2022 · 1 post · 0 votes2y
I don't think it's worth it, I see a lot of goofballs with the peace sign on their hat and their car selfie profile pictures asking pretty basic questions in a lot of public fb ws groups. Most of the "Sub-To" community members I've met on the journey are the most overzealous people in the game.
- Real Estate Consultant · Evergreen, CO · Member since 2018 · 1k+ posts · 735 votes2y
Quote from @Clay Gross:
I don't think it's worth it, I see a lot of goofballs with the peace sign on their hat and their car selfie profile pictures asking pretty basic questions in a lot of public fb ws groups. Most of the "Sub-To" community members I've met on the journey are the most overzealous people in the game.
- 2yTom GimerBusiness MemberDMV · Member since 2017 · 3k+ posts · 3k+ votes
A better question may be is the program worth 10,000 pesos.
When the DOS is called you can't reconvey to the seller and restructure the deal as a lease option... at that point the goose is already cooked.
Gimer Law516 Reviews - Investor · Corpus Christi, TX · Member since 2012 · 2k+ posts · 1k+ votes2y
Quote from @Tom Gimer:
A better question may be is the program worth 10,000 pesos.
When the DOS is called you can't reconvey to the seller and restructure the deal as a lease option... at that point the goose is already cooked.
Exactly. I see it promoted by gurus that they'll pay 110%+ of FMV if they get the financing in place and no balloon. Those 3% loans that get called due in a 7% world may have them second guessing their decision. Lots of sellers will be screwed. Mitch Stephen out of San Antonio has had 4 called due in the last couple of months. But he was smart enough to only take over properties with equity so he was able to refi out of them before the underlying lienholders could foreclose.
- 2yJay HinrichsBusiness MemberReal Estate Consultant · Summerlin, NV · Member since 2014 · 45k+ posts · 66k+ votes
Quote from @Guy Gimenez:
Quote from @Tom Gimer:
A better question may be is the program worth 10,000 pesos.
When the DOS is called you can't reconvey to the seller and restructure the deal as a lease option... at that point the goose is already cooked.
Exactly. I see it promoted by gurus that they'll pay 110%+ of FMV if they get the financing in place and no balloon. Those 3% loans that get called due in a 7% world may have them second guessing their decision. Lots of sellers will be screwed. Mitch Stephen out of San Antonio has had 4 called due in the last couple of months. But he was smart enough to only take over properties with equity so he was able to refi out of them before the underlying lienholders could foreclose.
I wonder if Mitch was able to get his refi done before a NOD was filed and or late payments were put on the orginal sellers credit report.. this is the real risk to the seller if they value their fico score at all.. on some of this stuff the sellers credit is already trashed and they dont care.. but if folks buy from someone that does care holy cow when they get the NOD notice its right to the attorney.. When we did this in earnest we did not need to refi.. I had two lines of credit one unsecured for 5 million ( check book) and another for 10 million that we would secure them up with .. but you need time to do that bank required appraisal etc before we could tag the secured line and even at that they only lent 72% in these commercial loan structures.. So we never bought anything that was more than 75% of ARV current condition. EVER. But again our goal was flipping not holding.
- Member since 2023 · 40 posts · 30 votes2y
Quote from @Nate Marshall:
Quote from @Jonathan Cooper:
it may be worth it, but keep in mind it is only for sub2, so it certainly will not be enough to give you the proper knowledge for real estate investing
Truth. Most who sign up for a guru's program become captive to it. That's by design. Pace is no different than the leaders of Hamas or the Sinaloa Cartel in that manner.
well, there are gurus and wannabes that's for sure, but if everyone did some research they could figure that out and get the right people to guide them. Investing in yourself is a key.
But on this specific guy, I jumped on a call to explore the program and it was a high pressure sales call, it did not feel organic, not trustworthy and certainly did not feel the right fit.
Why would someone spend 10k on a so niched-down space of real estate when they can get someone for the same amount to teach him/her everything?
- Real Estate Consultant · Evergreen, CO · Member since 2018 · 1k+ posts · 735 votes2y
Quote from @Jonathan Cooper:
Quote from @Nate Marshall:
Quote from @Jonathan Cooper:
it may be worth it, but keep in mind it is only for sub2, so it certainly will not be enough to give you the proper knowledge for real estate investing
Truth. Most who sign up for a guru's program become captive to it. That's by design. Pace is no different than the leaders of Hamas or the Sinaloa Cartel in that manner.
well, there are gurus and wannabes that's for sure, but if everyone did some research they could figure that out and get the right people to guide them. Investing in yourself is a key.
But on this specific guy, I jumped on a call to explore the program and it was a high pressure sales call, it did not feel organic, not trustworthy and certainly did not feel the right fit.
Why would someone spend 10k on a so niched-down space of real estate when they can get someone for the same amount to teach him/her everything?
He also lost his licenses in Arizona. He is the Madoff of Real Estate Investing right now.
- Investor · Corpus Christi, TX · Member since 2012 · 2k+ posts · 1k+ votes2y
Quote from @Jay Hinrichs:
Quote from @Guy Gimenez:
Quote from @Tom Gimer:
A better question may be is the program worth 10,000 pesos.
When the DOS is called you can't reconvey to the seller and restructure the deal as a lease option... at that point the goose is already cooked.
Exactly. I see it promoted by gurus that they'll pay 110%+ of FMV if they get the financing in place and no balloon. Those 3% loans that get called due in a 7% world may have them second guessing their decision. Lots of sellers will be screwed. Mitch Stephen out of San Antonio has had 4 called due in the last couple of months. But he was smart enough to only take over properties with equity so he was able to refi out of them before the underlying lienholders could foreclose.
I wonder if Mitch was able to get his refi done before a NOD was filed and or late payments were put on the orginal sellers credit report.. this is the real risk to the seller if they value their fico score at all.. on some of this stuff the sellers credit is already trashed and they dont care.. but if folks buy from someone that does care holy cow when they get the NOD notice its right to the attorney.. When we did this in earnest we did not need to refi.. I had two lines of credit one unsecured for 5 million ( check book) and another for 10 million that we would secure them up with .. but you need time to do that bank required appraisal etc before we could tag the secured line and even at that they only lent 72% in these commercial loan structures.. So we never bought anything that was more than 75% of ARV current condition. EVER. But again our goal was flipping not holding.
Sounds like you and Mitch are on the same page. He still buys at a discount regardless of the strategy. His model is the exact opposite of what most gurus teach.
Join the conversationCreate a free account to reply, vote on answers and follow this thread.