757: $0 Down Deals, 3% Interest Rates, and Insane Property Purchases

BiggerPockets Real Estate Podcast

BiggerPockets

Education, Business, Investing

4.8 • 16.5K Ratings

🗓️ 25 April 2023

⏱️ 61 minutes

🔗️ Recording | iTunes | RSS

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Summary

When you think of creative finance, you think of Pace Morby. He didn’t invent creative finance, seller financing, or subject to investing. Instead, he perfected it, buying deals often with zero dollars down, low (or no) interest, and with terms any investor would dream of. But maybe you don’t know what creative finance is. Maybe the terms “seller financing” or “subject to” have never been mentioned to you before. As Pace describes in this episode, this industry-wide ignorance of creative finance is by design and keeps you from building wealth. To Pace, creative finance is the ultimate key to building a big rental property portfolio. But most sellers, buyers, and real estate agents don’t know about it. Describe creative finance to a regular realtor, and you’ll get laughed out of the listing. But, bring it up to a buyer, and suddenly everything changes. Don’t believe us? Pace brings up numerous examples in today’s show of how he was able to get real estate deals done that agents and realtors alike thought impossible. In this episode, you’ll get a complete intro to creative finance. Pace runs through the definitions, how each strategy works, why NOBODY talks about creative financing, and how YOU can start investing today (yes, TODAY!) with zero dollars out of your pocket and even with limited experience. Ready to start your rental portfolio? Tune in and get your copy of Pace’s new book, Wealth without Cash, today! In This Episode We Cover: How Pace Morby buys multifamily real estate for NO MONEY out of pocket Pace’s new BiggerPockets book that’ll help you get your first creative finance deal done Seller financing explained and using it when a seller won’t budge on purchase price The “subject to” strategy and how to lock in a rock-bottom mortgage rate even in 2023 Underwriting a real estate deal and seller lies that can often trick an inexperienced buyer Tax benefits of creative financing and how it makes a win-win for you and a buyer The risks of subject to and seller financing and how to EASILY avoid them And So Much More! Links from the Show Find an Investor-Friendly Real Estate Agent BiggerPockets Youtube Channel BiggerPockets Forums BiggerPockets Pro Membership BiggerPockets Bookstore BiggerPockets Bootcamps BiggerPockets Podcast BiggerPockets Merch BPCON2023 Listen to All Your Favorite BiggerPockets Podcasts in One Place Learn About Real Estate, The Housing Market, and Money Management with The BiggerPockets Podcasts Get More Deals Done with The BiggerPockets Investing Tools Find a BiggerPockets Real Estate Meetup in Your Area David's BiggerPockets Profile David's Instagram David’s YouTube Channel Work with David Rob's BiggerPockets Profile Rob's Instagram Rob's TikTok Rob's Twitter Rob's YouTube Boost Your Knowledge with Pace’s Creative Financing Bootcamp BiggerPockets Podcast 527: 300 Doors, 100% Creative Financing Real Estate Rookie Podcast 236: Creative Financing 101 with No Cash, Credit, or Credentials Real Estate Rookie Podcast 280: How to Buy a Rental Property with NO Money OR Credit Rob and Pace’s Recent Collab Books Mentioned in the Show: Wealth without Cash by Pace Morby Connect with Pace: Pace's BiggerPockets Profile Pace's Instagram Pace's YouTube Click here to listen to the full episode: https://www.biggerpockets.com/blog/real-estate-757 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email [email protected]. Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	This is the bigger Pockets podcast show, 7, 5, 7.
0:05.5	The first step that we do is we will call the agent after 100 days on market.
0:09.5	We say, hi agent, would your seller be willing to let me take over payments if I could get
0:14.6	your commissions paid?
0:15.6	And this agent, we called this agent 16 times.
0:18.6	Agent said, nope, my seller's not interested.
0:20.6	Nope, my seller's not interested.
0:21.9	Nope, my seller's not interested.
0:23.0	We waited for the listing to go expired.
0:24.9	We called the seller directly.
0:25.9	We said, hey, would you be willing to let us take over payments?
0:28.5	The seller says, absolutely.
0:30.2	I go, did your agent never bring this to you?
0:32.5	Most of the time, the agent is not even willing to bring creative finance to the table because
0:35.6	most agents don't understand creative finance.
0:38.0	It's going on everyone.
0:39.5	This is David Green, your host of the bigger Pockets Real Estate Podcast here today with
0:43.8	my good buddy, Rob Albasolo, coming to you live from the speaker circuit.
0:49.2	He is high in demand.
0:50.8	He's traveling the country.
0:52.6	Rob, thank you for taking some time out of your very busy schedule to bless us, plebs with
0:58.3	your presence.
	...

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