#437 Pace Morby - The King of Creative Finance - Main Street Business Interview
Main Street Business
Mark J Kohler and Mat Sorensen
2.4 • 584 Ratings
🗓️ 27 June 2023
⏱️ 62 minutes
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| 0:00.0 | What is the legacy that you want? |
| 0:01.9 | The legacy I want is hanging out with my friends every single day. That's it. It's very simple. If you told me hard money at this time, this is about 11 years ago, I thought of mafia men in New York City with baseball bats that are giving you hard money like loan charts. And the quote, he's like, if there's another bird flying around and it's an eagle, it must be another |
| 0:21.7 | eagle. And I have with me in the studio, the great and powerful Pace Morby. |
| 0:27.4 | Welcome, everyone, to the Main Street Business podcast. Today, I am super excited. We have a |
| 0:31.9 | mainstream interview. And I have with me in the studio, the great and powerful Pace Morby. I don't live in Paradise Valley, though, guys. I live in Mace, Arizona. So don't think I'm that powerful. But you are great. I'm okay. I'm definitely on the scale. I'm in the okay territory. Super excited to be here. Your guys' studios phenomenal. Got a great team here. Super impressed by your guys' operation. Thank you. Pace Morby is the author |
| 0:55.0 | of Wealth Without Cash on the Wall Street Journal bestseller list. Yeah, that was interesting. Yeah. Why do you say that? I don't know. I think that you don't wake up when you're 15 years old, say I'm going to be a Wall Street Journal best selling author. So like when you hit that milestone, you go, oh my gosh, that's kind of weird. |
| 1:11.4 | But did you wake up at 15 being like, oh my gosh, that's kind of weird. |
| 1:11.5 | But did you wake up at 15 being like, I'm going to host a TV show on A&E? No, I did not do that. Well, you've done that. Yeah, I've done that. Okay. You have how much, $300 million in real estate? $350 million in real estate, yeah. Okay. About at 15? I didn't think that. |
| 1:26.4 | I remember, so I grew up with a contractor father. |
| 1:29.3 | And my contractor father, Doug, is his name, would drive around in this truck and we would go to job sites. He'd let me pick the gas stations. We'd get the snacks from. And just had a great time, you know, growing up that way. And I remember my dad saying something to me when I was about 15 years old. he said, you need to buy real estate because they're never going to make more of it. |
| 2:01.9 | And the quote is actually, you need to buy land because they're not making more of it. And my dad never got into real estate. But somehow, some way that stuck in my mind that all the way through my early 20s, all the way to right before I turned 30, I was like, one day I'm going to get into real estate. One day I'm going to get into real estate. I wanted it. I |
| 2:05.9 | desired it. I didn't know what that meant. Whether it was single family, multifamily, |
| 2:10.3 | storage facilities. I didn't know what it meant. But I knew you were destined for it. |
| 2:14.8 | I knew that I had a massive hunger to get into it somehow, some way. |
| 2:19.7 | And as a contractor, I would touch every house. I'm physically touching houses. Then I built |
| 2:24.0 | crews to touch the houses and we would improve all these houses. And then I had this lady, |
| 2:28.3 | actually talk about this in the first chapter of my book, this lady stops me and my tracks. |
| 2:32.7 | And she says, stop being a contractor. Your, your |
| 2:34.8 | business is a slave to my business. She was a fix and flipper developer. And I would go and work for and she said, stop everything you're doing and get into real estate full time. And I said, but I don't know how. And she says, well, what's stopping you? I go, I don't know where the money comes from. Yeah. I had no idea where the money came from. If you told me hard money at this time, |
| 2:54.1 | this is about 11 years ago, I thought of mafia men in New York City with baseball bats |
| 3:00.1 | that are giving you hard money like loan charts. Yeah. So it was just limiting beliefs and not having |
| 3:05.6 | access to proper information that kept me from getting into the business. |
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