Amazing episode! Great info and like always easy to understand. Great quality audio. Rob great questions like always. Pace did an excellent job explaining and educating us. DAVID aka “THE KING of SIMPLIFICATION” love how you explain things so well and make it easy to understand. Love the podcast. Im a truck driver and listen to it all the time when I drive far. Just bought a duplex and house hacking. I will try to reach out and see if you can give me some advice on how to proceed and be able to buy a second home without moving from my primary residence.
I really learned a lot on this episode. Surprisingly, I learned we did a lot of things right as we fumbled into our first small multifamily deal. Unfortunately, we couldn't get seller financing and I suspect it was because the agent didn't understand it. As a newbie, I'm not sure I did a very good job presenting it either. I need to learn those tactics. I will definitely listen to this one again.
😊 Hi Rhonda. Don't worry about not getting everything perfectly right on your first try. Each experience, whether successful or not, brings a rich pool of lessons that lead you closer to your goals.
Just ordered Pace’s book after listening to this episode. Very exited to read it! And as a current STR investor but new real estate agent, this episode was so valuable!
This was an amazing episode with Pace. I love the way Pace explains his process to acquire properties via Sub to or Seller financing. Please bring Pace for a Wrap session. Thanks David and Rob for having him on the show.
My title company did. (I had to ask around to find them). But I found a title company run by real estate lawyers. Cost $300, made a custom contract in 2 days. Awesome part is they're real lawyers, not just 'real estate agents'. They know contract law specifically real estate contracts. they answered so many questions.
Hello@countrysister700 . How have things been since your last post? Let me know if you need any guidance through the paperwork. I'm a Top Tier TC and also a Subto student. Would love to help you if you need it.
This Chad is a good case that Money doesn't buy class... Swirling wine releases its bouquet and helps you enjoy it so much more. He probably drinks BUD LIGHT 👎🏾
I recently got my real estate license after wanting to invest in the business. It has been so hard and a bit frustrating trying to understand it all. I know I will eventually begin to understand what it is I have to do to succeed in real estate. If anyone has any advice please do not hesitate
Awesome on getting your license. I have my license also. I can tell you Real Estate Investing is the way to go. You will learn more as an investor vs being an agent. All the Best!
Don’t FHA loans have limitations on whether or not the note holder can use the property as a rental? Don’t most banks include a clause in the mortgage note agreement that they may require full payment of the balance if they find out that the property is a rental?
The Due on Sale clause is real however it's rarely exercised. There are ways to deal with it if it comes up. There are limitations on FHA but again there are was around it. People buying their first 4 homes using FHA is an easier way to get started.
Not a fan of pace morby. Paid 7k for his course. Weeks later they still hadn't given me anything! Eventually get a refund but; it seems obv to me, they're focus is to USE you to make THEM money. Bigger pockets try to help ME make money. I think Pace morby team use bigger pockets to advertise their products... *(edit)* I contacted their customer service straight away. They just didn't care. Got a refund eventually but the fact it took 14 -15 weeks before they tried to help says it all. The issue took 5 mins to fix, it took pace morby 'metorship' almost 4 months to care.
I’m a subto student. Pace doesn’t make a single $ from people paying for his course. He provides immense value that has changed thousands of lives in his community. If you actually stayed you would’ve found it to be the best investment you ever made in yourself. Also everyone that is a guest on BP is promoting themselves to the massive audience for brand awareness…
You may want to reach out to their customers service, if you haven't already. But from my understanding, access to the community and paperwork is where the value is.
@almmason7 I did, but it was so obvious evident after I paid. No one wanted to help fix a simple issue. They were quick and excited to upsell my course. 3-4 attempts to upsell. 1 attempt to get me access. Took almost 4 months. By then I lost all confidence.
@rune4379 There's nothing wrong with having a course. Just go in with Pace knowing it's like being part of a summer sales team; everyone is focused on making money. And YOUR profit is not THEIR priority. I'm sure you make money in the course. But I didn't like the weird pressure they put on me.
Perfect timing! Have an opportunity to buy a house, but dealing with new interest rates - ugh! Going to propose a Sub to and offer to pay realtor to keep him engaged!
Hello @papimimi5469 . How have things been since your last post? Let me know if you need any guidance through the paperwork. I'm a Top Tier TC and also a Subto student. Would love to help you if you need it.
Anyone know how to get my tenant financing to buy my rental she has been renting for 3 years. She does not have much cash and her credit score is under 600.
hey yall i live in winston salem NC and i remember seeing a video from yall about how good winstons real estate market was doing. do yall have any agents in winston that are sub to savy? would love to get started in investing. I rent right now with my brother and one other person so I could use them to house hack any sub to as well.
If you do a sub2, what happens when maybe a year or two later the prev owner goes to get another mortgage? Their d/i will have to support the old mortgage if it’s in their name, how would they prove it’s not theirs anymore or rented…and without ruining their chances for the new mortgage?
256 unit for 16.9Million??! Depending on where in Illinois that is, that’s so cheap, the heck? There must have been something really wrong with it which is fine but damn.
That's based on your income or the properties income if using a DSCR loan. Pace is talking about creative financing which usually does not check your credit.
But, if the price is too high, the rent would not cover the mortgage payments, the expenses and the property manager... plus when it's seller finance, the interest rate is higher so, I don't understand how he buys overpriced multifamily.. how does he do it?
I really like your content! Although im struggling with this because I'm Joe Q "renter". How in the world does your average Joe DO THIS? Would you guys please consider gifting your talents and knowledge even further to your followers by consulting? OR a viewer could Win some time with you monthly? ALL I know is I need to buy 'something'!! A square of land, a trailer home, a zero down condo, whatever. Who do I even call to get pre-qualified for 'creative financing'? I gotta get started and don't have enough money to fail 😬 I have a feeling I'm not alone. Thank You🤩
You have to get a mentorship (Pace has a Subto mentorship and a few others) or watch more videos or go to bootcamps to get more educated. I've been watching for years and a pro member of Bigger Pockets, BP. SO, I HAVE HEARD AND STUDIED IT ALL. 😊
Join a course. BP IS great. It worth the money and you'll feel so much more confident and qualified. Bunch of courses out there. My 1st course was $100, and totally worth it. (I tried pace morbys, wasn't a fan. And it cost 7000!)
Why would anyone sign over their deed to a house while at the same time maintaining the liability of paying off the loan? If you stop paying the mortgage, the bank forecloses on them not you. It makes no sense. Its basically taking out a loan in my name for someone else who is a stranger for the next 20-30 YEARS!!!!
@@ninanice90068 More so seller financing is no where as simple and easy as he makes it sound. Is it doable? Yes. Is it much harder than he makes it seem? YES. haha
@@faizaenterprises2279 I am but investor first, again not discrediting seller financing… just saying it is not as easy peasy as Pace makes it sound lol..
Please have Pace come back for wraps!!! This was such a helpful episode. No fluff, pure gold information! Thanks so much!
ATTN: Bigger Pockets: Please have Pace Morby, come back to discuss Wrap Mortgages!!!!!!!!!! Thanks, Paul.
Have Pace come back for WRAPS! And more into these conversations that happen in the hallways of BP Con. Very informative and interesting topics!!
Amazing episode! Great info and like always easy to understand. Great quality audio. Rob great questions like always. Pace did an excellent job explaining and educating us. DAVID aka “THE KING of SIMPLIFICATION” love how you explain things so well and make it easy to understand. Love the podcast. Im a truck driver and listen to it all the time when I drive far. Just bought a duplex and house hacking. I will try to reach out and see if you can give me some advice on how to proceed and be able to buy a second home without moving from my primary residence.
Definitely have Pace back to talk Wrap-Around Mortgages!
This is why PACE is a great mentor he teaches a way that u can understand and gives great advice
I watch pace and BP regularly. This was one of my favorite episodes for both groups. Very helpful info. Especially regarding 12-150 unit MF.
Thank you BiggerPockets for every episode, learning of each one, a lot of new stuff
Love these videos. Definitely want to see Pace back for WRAP discussions.
I really learned a lot on this episode. Surprisingly, I learned we did a lot of things right as we fumbled into our first small multifamily deal. Unfortunately, we couldn't get seller financing and I suspect it was because the agent didn't understand it. As a newbie, I'm not sure I did a very good job presenting it either. I need to learn those tactics. I will definitely listen to this one again.
😊 Hi Rhonda. Don't worry about not getting everything perfectly right on your first try. Each experience, whether successful or not, brings a rich pool of lessons that lead you closer to your goals.
Thank you for clearing the terms.
Such a great episode! Pace is really a different breed! Truly grateful for all the vaule in this episode. Much sucess to everyone!
He also abuses the elderly
@@DozerWrench 🤦🏽♂️🤦🏽♂️
These episode have so much value!
This was an amazing episode with Pace. My first time seeing Pace on BP and it was awesome.
Wonderful info, as always. Thank you so much for all of your hard work, research, and taking the time to share it with us.
Bring pace back for wraps let’s gooo
Have Pace come back, I want to know more about due on clause stuff.
“Let the work separate them.” Keep at it Pace! ✌🏼
how to find sub 2 deals ?
Just ordered Pace’s book after listening to this episode. Very exited to read it! And as a current STR investor but new real estate agent, this episode was so valuable!
Yes, pls do a wrap too! I want hear how it's done
Hi please bring Pace Morby back for wraps!!!
Excelente episode
just order myself a copy of the book. this was so Freakin valuable... thank you soo much for creating this guys.. thank you thank you thank you!!!
I’ve never heard of WRAP but would love to hear about it🤔
This was an amazing episode with Pace. I love the way Pace explains his process to acquire properties via Sub to or Seller financing. Please bring Pace for a Wrap session. Thanks David and Rob for having him on the show.
🙏 plz make another video about a wrap
Ive been devouring this content and learning so much lately. I need to get some seed money! Thanks, guys.
I love this episode and have learned SO MUCH from it!!
Pace. Please come back and tell us more about wraps!!!
challenging to find folks willing to do seller finance, even more challenging to find folks willing to extend balloon
It’s literally all we do. We find it’s way easier than cash deals.
@@PaceMorby Everyone will “come around to your way of thinking” - Urge Overkill (Song)
Wild because I just started watching Pace videos last week and now he's on a show I've seen 700+ videos from.
Csll me corny but I always wait gor and like when u do the number if the episode 😂.. its like a countdown...👍
Who drafted your contract forms? How do you get a skeptical seller to use yours rather than contracts from their personal attorney?
My title company did. (I had to ask around to find them). But I found a title company run by real estate lawyers. Cost $300, made a custom contract in 2 days.
Awesome part is they're real lawyers, not just 'real estate agents'. They know contract law specifically real estate contracts. they answered so many questions.
Hello@countrysister700 . How have things been since your last post? Let me know if you need any guidance through the paperwork. I'm a Top Tier TC and also a Subto student. Would love to help you if you need it.
Pace good to see you on BP again. Rob had me 😂😂 when you told him BP is the best real estate podcast.
Have Pace come back for wraps!!!
Thank you for your information
I really enjoyed this video!😀
Have pace comeback for wraps
When Rob and David scramble to find a notepad, you know it’s worth jotting down😂
This Chad is a good case that Money doesn't buy class...
Swirling wine releases its bouquet and helps you enjoy it so much more.
He probably drinks BUD LIGHT 👎🏾
The subject to deals work on luxury rental beach properties on the Gulf of Florida ??
What could possibly motivate someone to sub to their property but not get the equity out when they sell to someone like Rob?
I pre-ordered Pace's digital book rather than the hard copy book. Will I still have access to the video content he mentions? Thanks!
I recently got my real estate license after wanting to invest in the business. It has been so hard and a bit frustrating trying to understand it all. I know I will eventually begin to understand what it is I have to do to succeed in real estate. If anyone has any advice please do not hesitate
Awesome on getting your license. I have my license also. I can tell you Real Estate Investing is the way to go. You will learn more as an investor vs being an agent. All the Best!
Just saying that the seller will take cash/conventional buyers doesn't always solve the problem. Many expired listings come from that.
Thank you Mr. Pace Morby.
I wanna see Pace rap
Then with a "featuring..."
I want in on that convo (wraps)
This was great!
Don’t FHA loans have limitations on whether or not the note holder can use the property as a rental? Don’t most banks include a clause in the mortgage note agreement that they may require full payment of the balance if they find out that the property is a rental?
FHA has a clause that requires the owner to occupy for a least 1 year, to my knowledge there's no limit to using the property as a rental.
The Due on Sale clause is real however it's rarely exercised. There are ways to deal with it if it comes up. There are limitations on FHA but again there are was around it. People buying their first 4 homes using FHA is an easier way to get started.
No, FHA DOES NOT LIMIT YOU USING YOUR PROPERTY AS A RENTAL! Yes, as mentioned above, you have to occupy the property for the 1st full year. 😊
I see the question was answered later in the video.
Love this ❤️❤️
Not a fan of pace morby. Paid 7k for his course. Weeks later they still hadn't given me anything! Eventually get a refund but; it seems obv to me, they're focus is to USE you to make THEM money. Bigger pockets try to help ME make money. I think Pace morby team use bigger pockets to advertise their products...
*(edit)* I contacted their customer service straight away. They just didn't care. Got a refund eventually but the fact it took 14 -15 weeks before they tried to help says it all. The issue took 5 mins to fix, it took pace morby 'metorship' almost 4 months to care.
I’m a subto student. Pace doesn’t make a single $ from people paying for his course. He provides immense value that has changed thousands of lives in his community. If you actually stayed you would’ve found it to be the best investment you ever made in yourself.
Also everyone that is a guest on BP is promoting themselves to the massive audience for brand awareness…
You may want to reach out to their customers service, if you haven't already. But from my understanding, access to the community and paperwork is where the value is.
@almmason7 I did, but it was so obvious evident after I paid. No one wanted to help fix a simple issue. They were quick and excited to upsell my course. 3-4 attempts to upsell. 1 attempt to get me access. Took almost 4 months. By then I lost all confidence.
@rune4379 There's nothing wrong with having a course. Just go in with Pace knowing it's like being part of a summer sales team; everyone is focused on making money. And YOUR profit is not THEIR priority. I'm sure you make money in the course. But I didn't like the weird pressure they put on me.
Pace, we need your wrap guidance!!!
Perfect timing! Have an opportunity to buy a house, but dealing with new interest rates - ugh! Going to propose a Sub to and offer to pay realtor to keep him engaged!
Hello @papimimi5469 . How have things been since your last post? Let me know if you need any guidance through the paperwork. I'm a Top Tier TC and also a Subto student. Would love to help you if you need it.
Bring Pace back for Wraps AND Executory Contracts
Bought the book!
Anyone know how to get my tenant financing to buy my rental she has been renting for 3 years. She does not have much cash and her credit score is under 600.
I pre ordered the book. How do I get the videos?
Pace for wraps
Bring Pace back for Wrap around mortgage!
I wanna do this with a multifamily directly behind me. I still cant quite wrap my head around this method but it sounds very promising.
Nice video
hey yall i live in winston salem NC and i remember seeing a video from yall about how good winstons real estate market was doing. do yall have any agents in winston that are sub to savy? would love to get started in investing. I rent right now with my brother and one other person so I could use them to house hack any sub to as well.
Have pace come back for wraps not sure if I spelled that correctly
Will Pace’s book have an audio book version?
Good morning everyone.
Solid tips
If you do a sub2, what happens when maybe a year or two later the prev owner goes to get another mortgage? Their d/i will have to support the old mortgage if it’s in their name, how would they prove it’s not theirs anymore or rented…and without ruining their chances for the new mortgage?
Hey!@JJ-jl2sg How are you? Are you buying substo deals? I am a TC, let me know how can I help.
Agents must present ALL offers!
Have pace come back for wraps!!!
Has anyone invested in St. Louis MO? Any pros and cons ?
I am a realtor in California I would love to work with you guys.
What is the f150 story?
1 question
if the bank from which you seller finance goes bankrupt, do you have to pay 100% of your mortgage?
Yes, let's talk about WRAPS!
Have Pace come back for wraps and someone put me to work lol. Im ready
Have Pace come back for wraps
How would I get help if I found a deal? I found one and I need help.
Hello @tammythompson1094 Let me know if you need a transaction coordinator for your deals. I'd love to help you with with paperwork.
wrap!
I’ve had some gangster grandma sellers. Backed out.
I want pace to rap 😂
Back for wraps
256 unit for 16.9Million??! Depending on where in Illinois that is, that’s so cheap, the heck? There must have been something really wrong with it which is fine but damn.
Come back for Wraps please
Have Pace come back for Wrap.
Bro post these zoom calls.
Morby method!!
My credit score is 668 how much of a loan can I finance?
That's based on your income or the properties income if using a DSCR loan. Pace is talking about creative financing which usually does not check your credit.
Not enough info:
Dti
Location(for property taxes)
Down payment
620 is the minimum score. So it depends on your income. Google "DTI" or just call a bank. It's free and takes 20mins.
Hybrid is a WRAP
💯💯💯
Yeah, sure, ok....
Did pace just call rob his girl? “ i’m glad it went to my girl” ??? Did I hear that wrong?
Let’s do the wrap video… lol
Comeback for wraps.
Can i subject the book?😂
But, if the price is too high, the rent would not cover the mortgage payments, the expenses and the property manager... plus when it's seller finance, the interest rate is higher so, I don't understand how he buys overpriced multifamily.. how does he do it?
Interest rate isn’t always higher. The deals he talked about one was 3% 50 years and other was 0%
@@DarrickBaker4 thanks for clarifying! I now know interest is actually lower with seller finance.
I really like your content! Although im struggling with this because I'm Joe Q "renter". How in the world does your average Joe DO THIS? Would you guys please consider gifting your talents and knowledge even further to your followers by consulting? OR a viewer could Win some time with you monthly? ALL I know is I need to buy 'something'!! A square of land, a trailer home, a zero down condo, whatever. Who do I even call to get pre-qualified for 'creative financing'? I gotta get started and don't have enough money to fail 😬 I have a feeling I'm not alone. Thank You🤩
You have to get a mentorship (Pace has a Subto mentorship and a few others) or watch more videos or go to bootcamps to get more educated. I've been watching for years and a pro member of Bigger Pockets, BP. SO, I HAVE HEARD AND STUDIED IT ALL. 😊
Join a course. BP IS great. It worth the money and you'll feel so much more confident and qualified.
Bunch of courses out there. My 1st course was $100, and totally worth it.
(I tried pace morbys, wasn't a fan. And it cost 7000!)
Look at videos on house hacking
Rap please
WRAP VIDEO!!!
Why would anyone sign over their deed to a house while at the same time maintaining the liability of paying off the loan? If you stop paying the mortgage, the bank forecloses on them not you. It makes no sense. Its basically taking out a loan in my name for someone else who is a stranger for the next 20-30 YEARS!!!!
Yes. Go to my UA-cam. I give actual addresses. Lots of proof.
Why would someone agree with no skin in the deal.
There’s a lot more to it that can’t be explained in a UA-cam video. Got to get involved with people who do these deals and learn from them
Hmmmm Pace seems like a genuine guy but I just get odd vibes with him lol
That's just because people are so different and we might be used to different stereotypes, but that's our problem. I think Pace is 💯 fine! 😊
@@ninanice90068 More so seller financing is no where as simple and easy as he makes it sound. Is it doable? Yes. Is it much harder than he makes it seem? YES. haha
You must be an agent😂😂
@@faizaenterprises2279 I am but investor first, again not discrediting seller financing… just saying it is not as easy peasy as Pace makes it sound lol..
Yea. SubTo is much easier. Agents will criticize things they don’t understand