All Forum Posts by: Misty Amburgy

Jamie,

The Gator Method has 7 different strategies. Only 3 have been released with each new one released the price of Gator is going up. Is it completive YES. Can you make money....That is up to you and your ability to connect with people and build relationships. Will most people fail, unfortunately, yes weather they join the Gator Tribe of something else.

Pace makes a lot of money with everything he does. He is also very generous. ************* and Tony Robbins just did their Launch Pad program that sold for $997.00. Pace J. Morby is paying for over 500 of his members to get that program. He is doing additional training with the Launch Pad as well. Not to mention the $47 VIP ticket that Dean and Tony had for their week long event. Everyone that signed up Pace paid.  I have no idea how many people signed up. 

Pace is a man and imperfect, however, he is helping so many people with the community he is building. The community that is where I find so much value. Meeting many different people that are on many different levels in their real estate journey. Doing JV deals or just getting answers to questions in real time, for me that is priceless. If you or anyone wants the wholesale contract that is written so you get you EMD back if the deal doesn't close just hit me up I will share that at absolutely no charge.

If I can answer any questions I will do my best.  

Quote from @Lyle M Smith:

Thanks Misty. I haven’t yet uncovered his debt on the property or what he intends to do with the proceeds from it.

I do know he purchased it in 2005 so chances are he has a relatively small balance on his mortgage but maybe not. I don’t think he needs an upfront lump sum based on some assumptions. He’s been listing and delisting the property for several years now so that tells me he’s not desperate for the money, also he is retired so he may just want some extra spending money. Also he mentioned he is now living in one of the wealthier counties in my area so sounds like he already has another house so he doesn’t need to 1031 and it’s not una cheap area.  (I know - a lot of assumptions)

I’m hoping he cares more about making the largest gain on his investment versus how quickly it’s paid out. In the event he wants the money quickly but not necessarily instantly I was thinking of offering to pay his asking price with $1000 monthly payments for the first year with a balloon payment on month 13. That will give me a year to rehab it, rent it, generate some cash and refinance to pay him back

Yes many assumptions. Just finding out what he needs is a great start.  
Continuing alone the line of assumptions if he was open to your full asking price and $1000 monthly payment. If you negotiated 0 % interest then why be in a big hurry to refi? Why not do a longer term and give yourself some time for the interest rates to go back in the other direction.

Quote from @John Underwood:

What is "Gator" lending?

Same as private money? Hard money?

New one on me.

It is "The Gator Method" coined by Pace Morby. When people mainly wholesales get a deal under contract the need EMD to open Escrow. Many people starting out in real estate are broke. They can hustle and get the deal under contract by don't have EMD. SO there are these other people that will pay the EMD so the deal can get done, in exchange for a "CHUNK" of the assignment fee. The swamp is FULL  of Gators that have money and are willing to help you out if you need it. Some gators can also help out with transactional funding on your A-B  B-C closing.                                    Yep you guessed it I am a Gator. 

Hello Peyton,

Great job taking action. 

Yes you pay Earnest money, however, it doesn't have to come out of your pocket. There are people that will pay it for you in exchange for part of your assignment fee. Yes I am one of those such people.

The contract that I use protects the EMD if the deal does not close.

And Yes whatever, you paid in EMD, it is a good practice to ask for the Cash Buyer to put up double your EMD amount. So if you put up $1000.00 ask for at least $2000.00.

If you have any other questions.

I'm happy to help

Quote from @Peyton LaBarbera:

I am a bit confused on this topic so lets just get started. First off I was wondering if as the wholesaler do I have to pay a earnest money deposit to the seller or does the cash buyer do that since I am assigning the contract over to them. If I have to put down an earnest money deposit made out to the seller do I get that back when the deal closes and when the cash buyer buys the property or is that put towards fees/taxes I will have to pay? Also as the wholesaler should I ask for earnest money from the cash buyer or not, thank you.

@Blase Haynes,

How much will you be able to cash flow?  How long do you need the $22k?

What is your exit strategy?

If the numbers make sense then getting the 22k is not a problem.

Hello Lyle,

Great job. Does he own it free and clear or does it have a mortgage?

This older gentleman what is he going to do with the money? Maybe he would 

like it over time to not pay all the taxes.

If you are willing to pay his price, then you should get better terms.