Quote from @Account Closed:
Quote from @David Dey:
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Quote from @Antonio Bodley:
Quote from @Account Closed:
Quote from @Antonio Bodley:
What do I say in my postcards to pitch creative financing to sellers like subject to with low equity, pre-foreclosures, and expired listings? The same goes for phone scripts. What do I say?
It's a little more complicated than that. If you want to start doing creative financing, I'd suggest you look at
Using Subject To, to Get "Free" Properties
https://www.biggerpockets.com/forums/311/topics/1060320-usin... What are your solutions for all of the pitfalls? Pace Morby and Ron Legrand seems to know how to overcome all the pitfalls you listed.
Ron Legrand knows them, Pace Morby does not. He is relatively new to this concept. Have you signed up for one of their courses and taken them?
Funny enough, I know both of them. They both know what they’re doing.
Pace is one of the smartest investors out there who can actually do what he says he can do. Now is he doing it to the same degree as he was doing it?
Probably not, but that’s because he is pushing so hard on building his brand. (In a good way)
That being said, NO ONE has a perfect record of overcoming objections.
The bottom line is, in order to consistently succeed with offers consisting of creative financing, you have to be solving the seller’s problem. Otherwise, why else would they do anything other than sell their property for less than retail through traditional means.
So in your post cards, address the problems not the solutions (other than yourself)
Ex: foreclosure, problem tenants, job transfer, need to sell in order to buy another house, estate, divorce, etc..
If Pace Morby is so good, why is he buying properties at ARV or even higher? Why then is he adding a second "gator" lien on top of that? Yes, it may be a "no money down" property for him, but at what risk and cost to the seller and the "gator lender"? That is not creative finance, that is simply over buying and exposing others to unacceptable risk to benefit Pace Morby.
Overleveraging is not creative finance.
Oh, and since you know Pace Morby could you ask him to pay back the people he ripped off? He will sleep better. . . . maybe.
https://azroc.my.site.com/AZRoc/s/contractor-search?licenseI...
CONTRACTOR
| Business Entity Name | AZ Contracting Group LLC |
|---|
| City and State | Tempe, AZ, 85282 |
|---|
| Phone | (480) 239-1066 |
|---|
| Status / Action | Revoked |
|---|
| Status Last Changed On: | 2021-07-27 |
|---|
LICENSE
Class & Description
Entity TypeLLC
Issued / Renewal
First Issued2016-02-24Renewed Through2020-02-29
Name : Pace Jordan Morby
Position : Member
Other Positions : MEMBER
7Disciplined CasesHelp0Resolved / Settled CasesHelpFor more information on these complaints, please click here.ADDITIONAL COMPLAINT INFORMATION
| TYPE | COMPLAINT ID | OUTCOME | CLOSED DATE (IF CLOSED) |
|---|
| Disciplined | - 2019-04542 | - Legal – Revoked | 2019-12-09 |
| Disciplined | - 2019-00552 | - Legal - Revocation | 2019-07-08 |
| Disciplined | - 2019-01410 | - Legal – Revoked | 2019-07-26 |
| Disciplined | - 2019-01649 | - Legal - Revocation | 2019-09-03 |
| Disciplined | - 2018-05708 | - Legal - Revocation | 2019-04-25 |
| Disciplined | - 2018-21 | - Legal - Revocation | 2019-04-25 |
| Disciplined | - 2018-4172 | - Legal - Revocation | 2019-04-26 |
First, just to be clear if my post came out like I was attacking you personally, I apologize. When I said “funny thing,” I actually meant it as funny ha-ha, not as an attack on you personally.
I don’t know anything about the history of the company or if he did any of the things you say. All of my dealings with him have been good. If you are one of the people he owes money to, he’s pretty collectible now.
I do stand by my statement though, as Pace is still one of the smartest investors I have met. (Speaking to his grasp of creative financing)
No he does not have as many years experience as Ron when he was actively investing. (Neither of them hold a candle to Pete Fortunato, the godfather of creative and has forgotten more than they have learned) But Pace is a student of the game. He is immensely intelligent and absolutely can do what he says he can do.
Obviously this doesn’t make him perfect. Who doesn’t have any skeletons in their closet? I don’t know a single person who was perfect except my Savior. (This doesn’t negate that if he owes you money, you don’t have every right to collect it) I would just be cautious in throwing stones from a glass house.
As to the reason you would buy a house at retail or sometime a little above, may be because the interest and holding cost is so low.
It could be for personal use.
It could be as a loss leader into another deal.
it could be for tax purposes.
it could truly be to help someone out of a hard position.
it could be for appreciation. (Such as purchasing in the path of progress)
Again, I am showing these options as principles. Not necessarily Pace’s deals.
If you haven’t, look up Pete Fortunato’s house diagram for all the benefits of a house. It lists all the different reasons someone might buy the house. Also, and this is the cool thing, Pete doesn’t limit himself to one end buyer/user for the same house. Ex: he may sell the house’s equity to one person, sell the use or occupancy of it to another.
There are many variations of what you can piece out from the same house to other parties. The point is that creative isn’t limited to just one thing. Purchase price.
I hope this post comes out in the spirit it is meant, not as an attack but as clarification. Also, for the benefit of this author who is looking for answers he can utilize.
