Pace Morby has Blown my Mind!!

[Beth Anderson]

I am so excited about what I've been learning from Pace. I'm consuming his content as fast as I can. I have purchased his book bundle from Bigger pockets, watched all of his podcasts on here, and I am so amazed! I have been stuck in a rut of thinking that we have to buy our first deal, a house hack, with traditional financing. I just realized tonight that if I can get a place on seller financing or subto, I don't HAVE to move my family into a multi-family for one year before we can move on and move up! So many doors are open to me now!! But I do have so many questions. Can anyone help me with these? I know I will find answers if I keep reading and exploring, but I have a potential deal going right now, so I need the answers sooner rather than later.

1. If I buy a place on seller finance and it needs rehab, where do I get the money for that rehab and how do I pay it back?

2. Should I still get a home inspection before I buy?

3. How do I find a title company that will know how to handle seller finance or subto?

Thank you for any advice! 

Beth

[Chris Seveney]

Quote from @Beth Anderson:

I am so excited about what I've been learning from Pace. I'm consuming his content as fast as I can. I have purchased his book bundle from Bigger pockets, watched all of his podcasts on here, and I am so amazed! I have been stuck in a rut of thinking that we have to buy our first deal, a house hack, with traditional financing. I just realized tonight that if I can get a place on seller financing or subto, I don't HAVE to move my family into a multi-family for one year before we can move on and move up! So many doors are open to me now!! But I do have so many questions. Can anyone help me with these? I know I will find answers if I keep reading and exploring, but I have a potential deal going right now, so I need the answers sooner rather than later.

1. If I buy a place on seller finance and it needs rehab, where do I get the money for that rehab and how do I pay it back?

2. Should I still get a home inspection before I buy?

3. How do I find a title company that will know how to handle seller finance or subto?

Thank you for any advice! 

Beth

 I would be careful about drinking the kool-aid to fast. It is not as "easy" as many make it out to be. There are roughly 4.5M home sales a year, of which around 1% are seller financed/sub-to. So that is approx. 60,000 homes a year. The average down payment on seller financing is 25%. So the "I can get a seller financed home with zero down", is extremely rare and if you asked the 100,000+ in the public FB group how many have done that, its probably not a large amount. 

Even if yuo do get a home in that fashion, just realize you are immediately over leveraged and underwater in most instances on that property. 

It is great to be enthusiastic, but realize there is also a huge sales and marketing tactic to get you to buy into those programs.