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!
David:
This is the BiggerPockets Podcast show 757.
Pace:
The first step that we do is we will call the agent after a hundred days on market and we say, “Hi, agent. Would your seller be willing to let me take over payments if I could get your commissions paid?” and this agent, we called this agent 16 times. Agent said, “Nope, my seller’s not interested. Nope, my seller’s not interested. Nope, my seller’s not interested.” We waited for the listing to go expired. We called the seller directly. We said, “Hey, would you be…