I just got my first subject to property. The owners were divorcing and the man was left to pay the bills. He moved out of state and was in a preforclosure era. He contacted me for assistance, met up and talked for about 2 hours. We came to an agreement where he was free from foreclosure. I now have a tenant living there on a 6 month lease all while I am doing cosmetic fixes. The Value is 190k and there is 71k in equity. I have a cash flow of $450 every month the property.
That is great! What did you do to pay for the owners' outstanding balance? Did you use a hard money lender or another loan to pay off their outstanding balance?
@@Mary-zd6ow It's always good to have money saved. In this case I used what I had in my savings. Wasn't much to catch them up. You can use private money. Money from another source is also great. Say you borrow 5k from PL and Interest only. You pay them back with the money your making from the property. Pay in monthly installments until you're finished.
The free audio is 100% the greatest value of this video, which most people must be missing based on the number of comments about the structure of the deal. All the creative financing knowledge in the world doesn’t mean a thing if you don’t know how to have this conversation with a seller. Having Pace & Jerry explain & rephrase the deal multiple times to the seller, is absolute GOLD!
Hello, where did you find the promised recording of Pace & Jerry explaining & rephrasing the deal multiple times to the seller? I can't find it, thank you!
@@user_abcxyzz unlike a hard money loan subject to properties typically come out your pocket which adds up. Rule of thumb for me is only put in what I can get out in a down payment
@@jordanaubrey-realestateinv334 couldn't one get private money for that and/or a partner for those expenses? I just heard somebody mention that yesterday on a video I watched. I can't remember who it was though. (I'm probably listening to too many people. 🤔)
1 was able to scale from 0 to 90 units and creative financing was a big way to scale fast. With it becoming a buyers market and people still wanting seller market home prices, creative financing is the win-win situation. Your price, but my terms. If you can master off market lead generation and creative financing, you can scale big in 2023. I still work a W2 as I stabilize my 90 unit portfolio
Jerry I literally just had people tell me "you know that takes alot of work" and " you don't know thats actually going to work" I can't wait to get my first deal and show everyone I can do what I put my mind to. Just bought flipster to help Kickstart it.
Bro, there are many people that are going to lose their home this year and next year. Prove that you are a problem solver and you can be trusted. Subject to is a blessing in disguise You got this.
Hey travis, its been a year since this post would love if you reply back to tell me how flipster went for you or if you want to get my e mail to talk about it.
Jerry, this was one of the best videos I have ever seen on creative financing. I am favoriting it and will watch it over and over in the next few days. I especially loved your best/worst case scenario analysis because I sometimes struggle with the worst case scenarios.
I really appreciate what you said at 36:02 about people always "making the deal work on paper" by cherry picking comps. I've been a residential appraiser for 31 years and have seen cherry picked comps from sellers/buyers/brokers/lenders/next-door-neighbors! Now that I'm into wholesaling it's so frustrating to see inexperienced people think that they can quickly look at a few sold sales and instantly show an accurate ARV. Great video, Jerry and Pace!
Jerry I am now watching this video in 2023 so I missed earlier but wanted to thank you for showing the best and worst outcome. I actually bought my first home as a creative financing deal but also I am from Miami and when individuals there go thru this process and cannot find investors like you , they resort to Chapter 13 and they can hold the sale for a while and then the trustee will structure the payments etc. so they can stay in their home. It’s a unique situation but in the end whatever we can do to help the homeowners
Guy is PURE GOLD....Jerry n Pace are Subto Geniuses...I’m in South Florida and if you’re not careful these deals will blow up in your Face BAD!!!!! High Subto can be tricky....GET THE OWNERSHIP FIRST
Moral of the story: Become a go-giver, bring value to others and build a brand in the process. If you market yourself well and what it is you represent, you may get a phone call with this kind of opportunity from someone you’ve made an impact on i.e brought value to. Great video fellas, thank you for all you do in the stratosphere!
I have a few questions. After you took over the property the $2800 covered the 1st mortgage how much was the payment on the $191,000 that you borrowed and who paid that? And did you put the seller on a lease option for a year or did you just rent it out to him?
I just wanna thank you I listened to the recording and I don’t know how you guys keep your composure when someone is questioning every thing you say, but you’re trying to save his ass. The guy is an ingrate. I hope the deal works out, but I think this guy is going to somehow break the lease and you’re going to have to own that house. Good luck guys.
This is amazing and it makes so much sense I was scared to watch it cuz I've had to stop videos today and take notes the only thing now is how do I put all this in paperwork lol. I'm an investor at this point
Maybe I missed it, two questions.. 1. How are you paying off the delinquent second? 2. Who is making the payments to the private lender, if used, for the whole year?
Yes!!!! Learning so much needed info right now, about to attempt my first sub to deal and I feel much more confident about the process after watching. I am more hungry than ever, and I am so grateful you guys decided to share your knowledge!
Pace & Jerry, you guys are awesome! Thanks for taking the time to break down the ups and downs of this transaction to give the full picture. Great job.
The way that banks will be handling the forbearances is all new territory in this economic climate. It may not work out that the lender will simply put the backpayments at the end of the loan and sellers will simply just start making payments. Lenders may require lendees to qualify for that loan again. I've talked to a few.
In this deal scenario, how would you go about paying on the hard money loan for 190k. 2800/ mo is what he is paying for rent in the lease option which covers the first mortgage of 450k but how do you go about getting the hard money loan paid? increase is lease/monthly rent?
The hard money loan is 200K = 191K plus 9K in closing cost fees. The first Lien 450K is a transfer of loan name from the seller to pace and Jerry. Peace and Jerry have the loan under their name while the seller is making monthly payments of $2800 in principal & interest on their personal loan. it’s technically still the sellers loan even though the name of the loan is under Pace & Jerry . They get an additional benefit of Building credit by having the seller pay their existing loan but under their name. They do not take out another loan of 450K to pay off the existing first lien. When the seller has an option to buy back the home at 865K. pace and Jerry Make the spread profit of 235K from 865K -650 K(total cost on paper of buying home). The spread profit can also be calculated from the 1st lien of 450K which is Not a loan that Jerry and Pace have but really the seller. Subtract the first lien from the 2nd lien + Interest of say 10% back to investor. 450K-220k= 230K profit same math as when the buy back option is $865K.
Valuable information! We can help more homeowners who are facing foreclosure. If only we could solve the issue of the homeowners not waiting until the last minute!
This is good video on foreclosure helping family out stay in there home. Pace and Jerry. Looking to it in future in wholesale need more videos on foreclosure 👍
Loved this video and learned a lot from it! The only part I was confused on is the 235k. I noticed this was 215k net from payoff and 20k for monthly payments. When you fast forward to worst case scenarios that 235k changes. Regardless, thank you for making this process easy to understand!!
Do you have a video of you handling the contract part of the deal with real-estate agents with no assignment clauses? Like a live video? So I can see that process in real time.
So you’re transferring the deed and leaving mortgage with fixed interest and balance in place. Thus, deed goes into buyers name and mortgage remains in sellers name. If they don’t feel comfortable tell them you will instead have the deed held within a safety deposit box with recording instructions. Have third party note servicing to collect payments and pay the mortgage monthly. A few days before closing (if seller requests) have them sign a Third-Party Authorization form for their bank so you can call and cancel their insurance. You then want to replace the insurance with a non-owner occupant landlord insurance policy with the existing mortgagee and the seller as a secondary. Have Closing agent execute the contract Transfer deed in your name and collect and pay out anything at closing. The closing agent will then put deed in a deposit box and will only trigger a recording when underlying mortgage is paid in full. Or simply record the deed. If the due on sale, clause is called, simply deed, the property back to the seller and record the transaction at the registry. Simultaneously, the seller will transfer the deed back in your name. The only difference this time is that the deed will not be recorded, and instead held in the safety deposit box.
Ian... would love to chat with you man. Are you still interested in wholesale 5 months later? Let me know... would love to do deals with you if you need someone to JV with.
This was awesome! I’ve been reading and thinking about sub-to and lease options lately. Can’t wait for the follow up video! Thanks for all the great educational content you provide!
Question: If you net 235K, what happened to the 191K (2nd lien) you paid off with cash. Wouldn’t that reduce the net? 235-191? Making sure I’m not missing anything.
I'm super excited to hear you guys come out about this, I've been passionate about foreclosure Redemption for a while now and I'm getting ready to put my marketing to work with it. Great way to help people and also be mutually beneficial
Just came across.this and am grateful for the both of you. I'm part of the 100% funding and joined about a month ago. What was the outcome of this? are there anymore videos? Im interested in learning the creative financing part as well with wholesaling in order to better provide value and versatility. Thank you Jerry. You're a flipping genius!
Jerry can a property owner that wants do a sub 2 and transfer title in your name and you make the payments can they go and assume another mortgage in though the payment is still in there name? Or will they be denied because they already have a outstanding mortgage. Thank you
Just watched this video and I am blown away that this could even be done. Wow! Ok question if you it as a rental who is responsible for any repairs on it? Wouldn't it be better to do a rent to own?
Here you go! FREE Subject To Contract Pack & 30% Off Discount Code for Full Service Closings: flippingmastery.com/subyt *Once you enter your email, it’s automatically emailed to you. If you don’t see it, check your junk/spam folder in case your email provider put it there...If you still don’t see it, my team can help you out. Support@flippingmastery.com
I didn't understand how they get a benefit for principal paydown bcz the seller can buy it for $865,000 and the loan is in the name of the seller's name. so if the seller goes to the bank to refinance and get the money he will pay jerry and pace $865,000 and get the house the loan that get paid off was in his name so he will be enjoying the principal pay down. I am sure I might be missing a piece here, please let me know how that principal paydown benefited jerry and pace.
That's a valid point. To me, the bigger question here is how the seller can refinance the property if he is not on the deed? Remember, Jerry and Pace are on the deed now. No bank is going to do that.
@@AleksandarPopivoda valid point Aleksandar, i have that question too. Hope jerry or pace might see that and provide the missing information we have, or maybe someone who knows about that.
Wow! You two together are fantastic! Thank you, Yes I would like the Creative Financing Guide and the recording of the deal. I followed with no problem, but wonder if I could come up with that strategy.
FREE creative financing hacks guide. You can download it here: creativefinancinghacks.com/ *Once you enter your email, it’s automatically emailed to you. If you don’t see it, check your junk/spam folder in case your email provider put it there...If you still don’t see it, my team can help you out. Support@flippingmastery.com
I’m just learning about SUb To in my research I never came across where you let the owner stay in the property after you take over the payments. Interesting
Thanks Tyler .🦎🦎🦎🦎 Pacy and Jerry your abundance is overflowing. I appreciate all you both do. And I will show my appreciation through my implementation and action and most of all Service! And Let me know what’s your calendar is looking like for 2024 , I plan on us having lunch and meeting to grow and serve. 🙏🏾🙏🏾
This is amazing content - I'm so glad I found your channel. Do you have a plan to walk through all the logistics surrounding a Sub-To or Seller Finance deal? I'm not just talking about analyzing the deal, but more about who to work with for getting what paperwork completed, how you work these deals within the constructs of an LLC .. things like that.
Where's part 2? I can't find it anywhere on TH-cam. Did the seller stay or go when the option expired 3 years ago? Need the Paul Harvey comment "Now for the rest of the story.". Pace and Jerry definitely provide valuable content to the REI community. Would be nice to see this loose end wrapped up.
Hi Jerry and Pace. Thank you for the great video! Quick question: How is the seller able to refinance the home if he is no longer on the deed? If you could elaborate on this a bit, I would greatly appreciate it. Thank you, again, for the video. Keep up the great work!
Agreed. Great video and grateful for the value you provide us strangers. I also need to ask, how is Don going to sell (or refi) a property not deeded to his name? Under a lease option, Don is effectively a renter (possession and enjoyment rights, not ownership). Thanks! I really am intrigued and grateful.
@JoseSalanaPlus and @air4sir Jerry and Pace were offering the seller an option to buy back the house within 12 months for $865k. If Don signed Jerry and Pace's purchase and sale agreement and closed, then Don has the right, but not the obligation to buy back the property within 12 months for $865k. If the deal closed, then Jerry and Pace would payoff the second lien. Pace and Jerry would have to wait 12 months before they could sell the property to another buyer unless Don failed to make the monthly lease payment.
Selling Subject to is not stopping the foreclosure in NY. What you do here is you take a master lease with the option to sublet and then you hire an attorney to fight the foreclosure. You're generally not going to make a "couple hundred grand" in a short sale (in NY) after you've rented that property for 2 or 3 years.
![Favorite No Money Down Real Estate Deal [$700k Profit] - with Pace Morby](http://i.ytimg.com/vi/3RoekNs-pCk/mqdefault.jpg)
Watch the latest video with jerry and pace here - th-cam.com/video/RXm1YcUrT3c/w-d-xo.html
I just got my first subject to property. The owners were divorcing and the man was left to pay the bills. He moved out of state and was in a preforclosure era. He contacted me for assistance, met up and talked for about 2 hours. We came to an agreement where he was free from foreclosure. I now have a tenant living there on a 6 month lease all while I am doing cosmetic fixes. The Value is 190k and there is 71k in equity. I have a cash flow of $450 every month the property.
Love it!
WOWWWW!!!!
That is great! What did you do to pay for the owners' outstanding balance? Did you use a hard money lender or another loan to pay off their outstanding balance?
@@Mary-zd6ow It's always good to have money saved. In this case I used what I had in my savings. Wasn't much to catch them up. You can use private money. Money from another source is also great. Say you borrow 5k from PL and Interest only. You pay them back with the money your making from the property. Pay in monthly installments until you're finished.
Do you need credit?
The free audio is 100% the greatest value of this video, which most people must be missing based on the number of comments about the structure of the deal. All the creative financing knowledge in the world doesn’t mean a thing if you don’t know how to have this conversation with a seller. Having Pace & Jerry explain & rephrase the deal multiple times to the seller, is absolute GOLD!
Hello, where did you find the promised recording of Pace & Jerry explaining & rephrasing the deal multiple times to the seller? I can't find it, thank you!
I've bought a lot of Sub-to's they get expensive but definitely a way to acquire property. Built my Net worth to over a Million $ using this method
Jordan Aubrey- Real Estate Investing Done Right its the best!!! We bought 5 this week.
What do you mean by "they get expensive"
@@user_abcxyzz unlike a hard money loan subject to properties typically come out your pocket which adds up. Rule of thumb for me is only put in what I can get out in a down payment
@@jordanaubrey-realestateinv334 couldn't one get private money for that and/or a partner for those expenses? I just heard somebody mention that yesterday on a video I watched. I can't remember who it was though. (I'm probably listening to too many people. 🤔)
@@keithmace1 yes you can get private money. But bad deals are bad deals not all subject to deals are good deals thats all im saying.
Yes please! Make this a series!! Confession: not even done watching but know already this is epic!!
Thanks
Thank you bro!!!
Yes please make a series, you guys are great, been watching you all for a while. Glad to see 2 power houses working together.
Same! Agreed!
Yes make this a series!! You guys are awesome 😎
1 was able to scale from 0 to 90 units and creative financing was a big way to scale fast. With it becoming a buyers market and people still wanting seller market home prices, creative financing is the win-win situation. Your price, but my terms. If you can master off market lead generation and creative financing, you can scale big in 2023. I still work a W2 as I stabilize my 90 unit portfolio
All I can say is, Wow! Wow! Wow! I want one of these deals!! Brilliant, and helping all of the parties involved. I LOVE that!
That is fantastic, I think I’m getting the picture now finally. This is so powerful.
Jerry I literally just had people tell me "you know that takes alot of work" and " you don't know thats actually going to work" I can't wait to get my first deal and show everyone I can do what I put my mind to. Just bought flipster to help Kickstart it.
💥💥💥
Bro, there are many people that are going to lose their home this year and next year. Prove that you are a problem solver and you can be trusted. Subject to is a blessing in disguise
You got this.
@@volunteer100 ☝🏿☝🏿☝🏿
Hey travis, its been a year since this post would love if you reply back to tell me how flipster went for you or if you want to get my e mail to talk about it.
Any result?
Wow 40 mins of free game/knowledge. Thanks Jerry
You bet!
Jerry, this was one of the best videos I have ever seen on creative financing. I am favoriting it and will watch it over and over in the next few days. I especially loved your best/worst case scenario analysis because I sometimes struggle with the worst case scenarios.
Glad it was helpful!
I really appreciate what you said at 36:02 about people always "making the deal work on paper" by cherry picking comps. I've been a residential appraiser for 31 years and have seen cherry picked comps from sellers/buyers/brokers/lenders/next-door-neighbors! Now that I'm into wholesaling it's so frustrating to see inexperienced people think that they can quickly look at a few sold sales and instantly show an accurate ARV. Great video, Jerry and Pace!
Me too. Frustrating for sure.
Jerry I am now watching this video in 2023 so I missed earlier but wanted to thank you for showing the best and worst outcome. I actually bought my first home as a creative financing deal but also I am from Miami and when individuals there go thru this process and cannot find investors like you , they resort to Chapter 13 and they can hold the sale for a while and then the trustee will structure the payments etc. so they can stay in their home. It’s a unique situation but in the end whatever we can do to help the homeowners
I watched pace video on this guy 5 mins before this video.. I was like not the same guy! Awesome video hope you made the money off it 💪🏽
Guy is PURE GOLD....Jerry n Pace are Subto Geniuses...I’m in South Florida and if you’re not careful these deals will blow up in your Face BAD!!!!! High Subto can be tricky....GET THE OWNERSHIP FIRST
high risk high reward
Jerry, you're a TEACHING genius!
Just listened to the bonus recording it was totally worth every second. Very intriguing.. informative should've been a movie scene
Awesome. Glad to hear you got value out of that.
Moral of the story: Become a go-giver, bring value to others and build a brand in the process. If you market yourself well and what it is you represent, you may get a phone call with this kind of opportunity from someone you’ve made an impact on i.e brought value to. Great video fellas, thank you for all you do in the stratosphere!
be a great giver and problem solver. you can too.
Yes do the series. I understand subject to a little bit. Yes the numbers make complete sense.
stay tuned
FANTASTIC! one of the best videos ever. I get it. Thanks for sharing.
Really good work guys. I love your content and have started implementing. 2 subto deals so far this year. Excited to grow.
Jerry Pace, you
guys are awesome
This was incredible! Thank you Bothe Jerry & Pace!
Love you guys. Thank you for the content. Just closed my first SUBTO deal today.
it would be nice to add a video showing the back end work, what the Transaction Coordinator has to do how it all gets put together..
I have a few questions. After you took over the property the $2800 covered the 1st mortgage how much was the payment on the $191,000 that you borrowed and who paid that? And did you put the seller on a lease option for a year or did you just rent it out to him?
You two are flipping geniuses!!!!! Part 2 Please!!!
I just wanna thank you I listened to the recording and I don’t know how you guys keep your composure when someone is questioning every thing you say, but you’re trying to save his ass. The guy is an ingrate. I hope the deal works out, but I think this guy is going to somehow break the lease and you’re going to have to own that house. Good luck guys.
Yes I agree Jerry is informative and entertaining
Awesome work guys!!! Really helpful, useful and practical!!
do another 'watch me' for lease options, land contracts and seller carry! Love you jerry!
thanks
This is amazing and it makes so much sense I was scared to watch it cuz I've had to stop videos today and take notes the only thing now is how do I put all this in paperwork lol. I'm an investor at this point
Jerry, Of course we would like for you and Pace to make a step by step series of this Sub2 Deal.
stay tuned
Please make this a series! This deal is awesome, any way the dice rolls, you guys are into this for 65%, so many ways to win!
win win is the best strategy
I endorse anything with Norton in it. Flipping genius
Bring on Part 2!! Let's get this series going!!
Did they publish part2 yet?
Jerry and Pace you guys are flipping genius. This was such a great deal that Jerry couldn't stop smiling lol.
Maybe I missed it, two questions..
1. How are you paying off the delinquent second?
2. Who is making the payments to the private lender, if used, for the whole year?
Jerry....YOUR A FLIPPING GENIUS!!!!!
Best explanation of a subto I've seen!! Thank you so much! First timer here, charging ahead
This is great! I’m currently working on my first Subto deal. Jerry and Pace y’all are Subto Genius! 👏🏽
Completed my first Subto deal renovated the property and sold it! I posted it on Instagram at THA Properties
Did they make the part 2 of this ?
Pace is the man. Do the show! Thank you
He’s a stud!
Yes!!!! Learning so much needed info right now, about to attempt my first sub to deal and I feel much more confident about the process after watching. I am more hungry than ever, and I am so grateful you guys decided to share your knowledge!
You guys are Geniuses. Very smart and WIN WIN for everyone
Pace & Jerry, you guys are awesome! Thanks for taking the time to break down the ups and downs of this transaction to give the full picture. Great job.
Our pleasure!
Have Pace come back!! Thank you so much for this video!🙏🏼
yo man. awesome. yes please do more of these including a series on how to wholesale sub to deals, seller finance deals.
Wow so much incredible information. Now that it's been over a year, what ended up happening in the deal??
The way that banks will be handling the forbearances is all new territory in this economic climate. It may not work out that the lender will simply put the backpayments at the end of the loan and sellers will simply just start making payments. Lenders may require lendees to qualify for that loan again. I've talked to a few.
Rut roh...womp! womp! wommmmp!
Thanks for the CONTRACTS Jerry! You're amazing!
great video! thanks you two for sharing this!
In this deal scenario, how would you go about paying on the hard money loan for 190k. 2800/ mo is what he is paying for rent in the lease option which covers the first mortgage of 450k but how do you go about getting the hard money loan paid? increase is lease/monthly rent?
The hard money loan is 200K = 191K plus 9K in closing cost fees. The first Lien 450K is a transfer of loan name from the seller to pace and Jerry. Peace and Jerry have the loan under their name while the seller is making monthly payments of $2800 in principal & interest on their personal loan. it’s technically still the sellers loan even though the name of the loan is under Pace & Jerry . They get an additional benefit of Building credit by having the seller pay their existing loan but under their name. They do not take out another loan of 450K to pay off the existing first lien. When the seller has an option to buy back the home at 865K. pace and Jerry Make the spread profit of 235K from 865K -650 K(total cost on paper of buying home). The spread profit can also be calculated from the 1st lien of 450K which is Not a loan that Jerry and Pace have but really the seller. Subtract the first lien from the 2nd lien + Interest of say 10% back to investor. 450K-220k= 230K profit same math as when the buy back option is $865K.
The "NORBY" Dynamic Duo! Love these guys. Hope to see more of this. #✌🏾 #flipping #genius JERRY JERRY JERRY!
stay tuned
@@FlippingMastery bro when are you having me come back
THIS IS POWERFUL and HELPFUL! Love this and you assist folks, a para!👑🔑
Wow! You guys provide SO MUCH value for FREE!
Valuable information! We can help more homeowners who are facing foreclosure. If only we could solve the issue of the homeowners not waiting until the last minute!
very ture
This is good video on foreclosure helping family out stay in there home. Pace and Jerry. Looking to it in future in wholesale need more videos on foreclosure 👍
first of all thanks for all this information, i got a question, what contract i should do to make a subject to a property?
Love this video. Please have Pace come back!!
Loved this video and learned a lot from it!
The only part I was confused on is the 235k. I noticed this was 215k net from payoff and 20k for monthly payments.
When you fast forward to worst case scenarios that 235k changes. Regardless, thank you for making this process easy to understand!!
Subto deals are not as easy as they make it look. Many things can go wrong.
These guys have teams of professionals working for them.
Do you have a video of you handling the contract part of the deal with real-estate agents with no assignment clauses? Like a live video? So I can see that process in real time.
So much good solid info. Thank you guys for being so giving of your knowledge.
PLEASE UPDATE! Did the deal go through?! THANK YOU FOR SHARING THIS JOURNEY! SO HELPFUL!!
So you’re transferring the deed and leaving mortgage with fixed interest and balance in place. Thus, deed goes into buyers name and mortgage remains in sellers name.
If they don’t feel comfortable tell them you will instead have the deed held within a safety deposit box with recording instructions.
Have third party note servicing to collect payments and pay the mortgage monthly.
A few days before closing (if seller requests) have them sign a Third-Party Authorization form for their bank so you can call and cancel their insurance.
You then want to replace the insurance with a non-owner occupant landlord insurance policy with the existing mortgagee and the seller as a secondary.
Have Closing agent execute the contract
Transfer deed in your name and collect and pay out anything at closing.
The closing agent will then put deed in a deposit box and will only trigger a recording when underlying mortgage is paid in full.
Or simply record the deed. If the due on sale, clause is called, simply deed, the property back to the seller and record the transaction at the registry. Simultaneously, the seller will transfer the deed back in your name. The only difference this time is that the deed will not be recorded, and instead held in the safety deposit box.
Yes definitely would love to see you guys collaborate more :) Thanks for the great content!
More to come!
I new investor learning wholesale. I am willing to accept a lower cut just to learn this process in 8 days you can bail out seller. Wow!
Ian... would love to chat with you man. Are you still interested in wholesale 5 months later? Let me know... would love to do deals with you if you need someone to JV with.
@@PaceMorby hey pace
This was awesome! I’ve been reading and thinking about sub-to and lease options lately. Can’t wait for the follow up video! Thanks for all the great educational content you provide!
Glad it was helpful!
Question: If you net 235K, what happened to the 191K (2nd lien) you paid off with cash. Wouldn’t that reduce the net? 235-191? Making sure I’m not missing anything.
I'm super excited to hear you guys come out about this, I've been passionate about foreclosure Redemption for a while now and I'm getting ready to put my marketing to work with it. Great way to help people and also be mutually beneficial
Yes I would be interested in series videos on subject to.
I see a win win for both of you on this deal no matter what, either in a short or long term. 👏🏽👏🏽
Jerry, also, please give us an update on your Leesburg, GA property. We want to learn from you handling the long-distance renovation. Thank you.
Getting close. Almost done.
Loved this! Hope to hear back from Pace!
Just came across.this and am grateful for the both of you. I'm part of the 100% funding and joined about a month ago. What was the outcome of this? are there anymore videos? Im interested in learning the creative financing part as well with wholesaling in order to better provide value and versatility. Thank you Jerry. You're a flipping genius!
Jerry can a property owner that wants do a sub 2 and transfer title in your name and you make the payments can they go and assume another mortgage in though the payment is still in there name? Or will they be denied because they already have a outstanding mortgage. Thank you
Just watched this video and I am blown away that this could even be done. Wow! Ok question if you it as a rental who is responsible for any repairs on it? Wouldn't it be better to do a rent to own?
Y’all better, and I mean BETTER update with how it goes through and if he pays off or not in the end of this deal. Appreciate the gems 💎
Jerry you are a flipping genius. Please share with me your subject to specialist. Thank you
Here you go!
FREE Subject To Contract Pack
& 30% Off Discount Code for Full Service Closings:
flippingmastery.com/subyt
*Once you enter your email, it’s automatically emailed to you. If you don’t see it, check your junk/spam folder in case your email provider put it there...If you still don’t see it, my team can help you out. Support@flippingmastery.com
Sweet, much respect for both you guys and most of the Phoenix, AZ collaboration guru dooroos...
thanks
Great Video, I love it, I like to get the big picture, you guys did a great job at it.
Awesome! Thank you!
Have heard a lot of good things about Pace Morby looking forward to part 2
Hope you enjoy it!
GOOOOOLD SEÑOR PACE SEÑOR NORTON
Hello Guys, Thank you for another amazing video and the explanation is applicable to any deal. I can find the recorded conversation in the links.
I’m trying to help out a friend in trouble with their house. This helps me see how sub to can free them.
I didn't understand how they get a benefit for principal paydown bcz the seller can buy it for $865,000 and the loan is in the name of the seller's name.
so if the seller goes to the bank to refinance and get the money he will pay jerry and pace $865,000 and get the house the loan that get paid off was in his name so he will be enjoying the principal pay down.
I am sure I might be missing a piece here, please let me know how that principal paydown benefited jerry and pace.
That's a valid point. To me, the bigger question here is how the seller can refinance the property if he is not on the deed? Remember, Jerry and Pace are on the deed now. No bank is going to do that.
@@AleksandarPopivoda valid point Aleksandar, i have that question too.
Hope jerry or pace might see that and provide the missing information we have, or maybe someone who knows about that.
Wow! You two together are fantastic! Thank you, Yes I would like the Creative Financing Guide and the recording of the deal. I followed with no problem, but wonder if I could come up with that strategy.
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I’m just learning about SUb To in my research I never came across where you let the owner stay in the property after you take over the payments. Interesting
Thanks Tyler .🦎🦎🦎🦎
Pacy and Jerry your abundance is overflowing. I appreciate all you both do. And I will show my appreciation through my implementation and action and most of all Service!
And Let me know what’s your calendar is looking like for 2024 , I plan on us having lunch and
meeting to grow and serve.
🙏🏾🙏🏾
This content is amazing, information is like cash, you are amazing jerry, please do the series, cant wait for part 2 👍
Thanks! Will do!
I love Sub to deals, I have done several.
they can be sweet but they can also be complicated
@@FlippingMastery How?
This video just blew my mind, like wow, my hat flew off. How do I get great at this?
do it
This is amazing content - I'm so glad I found your channel.
Do you have a plan to walk through all the logistics surrounding a Sub-To or Seller Finance deal? I'm not just talking about analyzing the deal, but more about who to work with for getting what paperwork completed, how you work these deals within the constructs of an LLC .. things like that.
Great idea
Great video! Love how you help those people giving them different options!!
Loved this video! Would live to see a series! Can't wait for video 2!
Coming soon!
Just got done listening to the recording & OMG u guys had to re-tell the seller what the process was going to be like, like 8 different times.
Where's part 2? I can't find it anywhere on TH-cam. Did the seller stay or go when the option expired 3 years ago? Need the Paul Harvey comment "Now for the rest of the story.". Pace and Jerry definitely provide valuable content to the REI community. Would be nice to see this loose end wrapped up.
Hi Jerry and Pace. Thank you for the great video! Quick question: How is the seller able to refinance the home if he is no longer on the deed? If you could elaborate on this a bit, I would greatly appreciate it. Thank you, again, for the video. Keep up the great work!
Agreed. Great video and grateful for the value you provide us strangers. I also need to ask, how is Don going to sell (or refi) a property not deeded to his name? Under a lease option, Don is effectively a renter (possession and enjoyment rights, not ownership). Thanks! I really am intrigued and grateful.
@JoseSalanaPlus and @air4sir Jerry and Pace were offering the seller an option to buy back the house within 12 months for $865k.
If Don signed Jerry and Pace's purchase and sale agreement and closed, then Don has the right, but not the obligation to buy back the property within 12 months for $865k. If the deal closed, then Jerry and Pace would payoff the second lien. Pace and Jerry would have to wait 12 months before they could sell the property to another buyer unless Don failed to make the monthly lease payment.
Selling Subject to is not stopping the foreclosure in NY. What you do here is you take a master lease with the option to sublet and then you hire an attorney to fight the foreclosure. You're generally not going to make a "couple hundred grand" in a short sale (in NY) after you've rented that property for 2 or 3 years.
Hey jerry! Is subject to similar to the same principles as note flipping as to where you as investor becoming the bank?