The two differences between a subject to and seller finance means there's an existing debt on the asset. Seller finance is typically gain. They are looking for gain. All they want to do is win. 40% of all homes in the United States are paid off for Eunclaire, 40%. So you go look at 10 houses, it's like 38.9%. For basically 40%. A lot of people don't realize that. Mario: If you're calling sellers and they just want too much money, that's typically a seller finance situation.
Patrick Donley chats with Pace Morby to discuss his new book, "Wealth Without Cash". You’ll learn how to build a portfolio of off-market deals without using your own cash, what the difference is between subject-to and seller financing, how to find motivated sellers, how to overcome common seller objections and create win-win scenarios, and much more.
IN THIS EPISODE, YOU’LL LEARN:
00:00 - Intro
02:40 - What Pace learned from his father about real estate.
02:40 - How the story of an F-150 helps sellers understand terms and becoming the bank.
06:06 - What he learned from his first mentor.
06:06 - What the “bunny story” is all about and how solving people’s problems helps everyone.
06:06 - Why it’s a requirement for success to do things you don’t understand how to do yet.
06:06 - Why 85% of Pace’s deals are structured using creative financing.
06:06 - Strategies to find motivated sellers.
46:13 - What the process of creating Wealth Without Cash was like along with the video companion guide.
46:33 - Who the book is designed for.
50:54 - Understanding the 7 layers of your “why”.
52:18 - How creative financing provides a wide variety of tools to close deals.
52:18 - What the difference is between “subject to” and seller financing.
52:18 - Why his real job is as a storyteller and educator.
And much, much more!
*Disclaimer: Slight timestamp discrepancies may occur due to podcast platform differences.
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