Watch Me Do A Real Estate Deal Subject To - PART 1 With Pace Morby
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- เผยแพร่เมื่อ 14 ต.ค. 2024
- In this part 1 video watch me do a real estate deal subject to with creative financing expert Pace Morby on a high end luxury home. You'll learn exactly how we put the deal together including a breakdown of all the numbers and how we're going to partner on the deal.
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Jerry Norton went from digging holes for minimum wage in his mid 20's to becoming a millionaire by the age of 30. Today he's the nation's leading expert on flipping houses and has taught thousands of people how to live their dream lifestyle through real estate.
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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!
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 😎
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.
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?
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!
Awesome work guys!!! Really helpful, useful and practical!!
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!
Jerry, you're a TEACHING genius!
FANTASTIC! one of the best videos ever. I get it. Thanks for sharing.
Yes I agree Jerry is informative and entertaining
Really good work guys. I love your content and have started implementing. 2 subto deals so far this year. Excited to grow.
Wow 40 mins of free game/knowledge. Thanks Jerry
You bet!
Jerry and Pace you guys are flipping genius. This was such a great deal that Jerry couldn't stop smiling lol.
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
This was incredible! Thank you Bothe Jerry & Pace!
You two are flipping geniuses!!!!! Part 2 Please!!!
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
great video! thanks you two for sharing this!
THIS IS POWERFUL and HELPFUL! Love this and you assist folks, a para!👑🔑
do another 'watch me' for lease options, land contracts and seller carry! Love you jerry!
thanks
Best explanation of a subto I've seen!! Thank you so much! First timer here, charging ahead
Bring on Part 2!! Let's get this series going!!
Did they publish part2 yet?
Jerry Pace, you
guys are awesome
Jerry....YOUR A FLIPPING GENIUS!!!!!
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 ?
Have Pace come back!! Thank you so much for this video!🙏🏼
Love you guys. Thank you for the content. Just closed my first SUBTO deal today.
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 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?
GOOOOOLD SEÑOR PACE SEÑOR NORTON
yo man. awesome. yes please do more of these including a series on how to wholesale sub to deals, seller finance deals.
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.
Wow so much incredible information. Now that it's been over a year, what ended up happening in the deal??
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!
Thanks for the CONTRACTS Jerry! You're amazing!
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!
Yes I would be interested in series videos on subject to.
Yes do the series. I understand subject to a little bit. Yes the numbers make complete sense.
stay tuned
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
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.
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.
Hello Jerry, thank you so much for that amazing series with Pace, it is awesome, so much value! I am looking for the promised link of you two explaining the deal to the seller in their house, I cannot find it. Where is it? Thank you!
I endorse anything with Norton in it. Flipping genius
Pace is the man. Do the show! Thank you
He’s a stud!
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.
PLEASE UPDATE! Did the deal go through?! THANK YOU FOR SHARING THIS JOURNEY! SO HELPFUL!!
You guys are Geniuses. Very smart and WIN WIN for everyone
So much good solid info. Thank you guys for being so giving of your knowledge.
Awesome duo!
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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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!
Wow! You guys provide SO MUCH value for FREE!
Yes definitely would love to see you guys collaborate more :) Thanks for the great content!
More to come!
Jerry, Of course we would like for you and Pace to make a step by step series of this Sub2 Deal.
stay tuned
Really informative
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
Good info thanks
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!
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 💪🏽
Loved this! Hope to hear back from Pace!
This video was awesome. Thank you so much...!!! but I cant't find part 2
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
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.
Love this video. Please have Pace come back!!
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 👍
Great Video, I love it, I like to get the big picture, you guys did a great job at it.
Awesome! Thank you!
Hello Jerry, Great video, thank you! I cannot find the promised video that you recorded with Pace, negotiating at the owner's house. Thank you for letting me know where I can find it! Or does anyone else here know where I can find it? Thank you!
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!
keep'n it real- love it - good stuff here -
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 the video breakdown!! However, I don't see the link for the free audio...
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
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!!
Don’t do it Jerry! Never trust a guy that buttons his shirt all the way up when he’s not wearing a tie! Lol jk. Love these videos man. Closing on my first fix n flip in a week. Found your channel after I was already under contract and have learned a ton!!! Keep’em coming
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 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 was a great video did the seller accept? looking for the other parts of the series but couldn't find them on your channel. Thanks for putting this out here it's really helpful to be included throughout the entire process.
that givs a good pix of how to do deals with sellers
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?
Great video, about to buy our first AirBNB, would love to see if you have any specific strategies for acquiring and building those types of assets.
Hi Jerry, I'm a little late in discovering your channel, but LOVE ALL YOUR CONTENT! I myself live in Los Angeles, CA. I feel I found a similar situation with a Bungalow House I found "Literally in the Heart of Hollywood", a super Rare find. The property is currently listed with an agent. I am wanting to present an offer although not sur if I should work with agent or approach seller directly? I could even go as far as to visit the property in person since Hollywood is super local for me. Not sure which apporach i should take to proceed. Also I am open to JV with you on this property if interested... In any case, please continue creating content, All Videos Are Definitely Loaded With Value!! Thank you again for you being you!
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
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.
Yes I'd Benifit from a series
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 💎
Series !!! Please !!!
So interesting
Great video! Love how you help those people giving them different options!!
This content is amazing, information is like cash, you are amazing jerry, please do the series, cant wait for part 2 👍
Thanks! Will do!
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.
Sweet, much respect for both you guys and most of the Phoenix, AZ collaboration guru dooroos...
thanks
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
That was very informative
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.
🙏🏾🙏🏾
I think I might have a good lead for a sub2 in the Fort Worth Tx area would love to connect with you and see what you would do with it
This was awesome, y’all are a FORCE 💪🏻 best of luck with this deal, looking forward to the series!
Thanks so much!!
Loved this video! Would live to see a series! Can't wait for video 2!
Coming soon!
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.