Pace Morby built an 1,800-unit real estate portfolio using none of his own money. Unbelievable right? Well, it’s 100% true, and he’s here today to tell you why most of what you know about real estate investing is entirely wrong. For years, you’ve been told to save up 20% down, keep your credit in tip-top shape, and NEVER buy at, or over, asking price. But, Pace did the opposite of what traditional investors told him to do. He’s bought thousands of properties withno money down, without a single credit check, and over asking price. His reason for doing so might surprise you.
Just a decade or so ago, Pace was a hard-working contractor, swapping toilets and painting walls to provide for his family. He thought he was running a successful business, but in reality, he was running his finances and potential of passive income into the ground. He was tied to the clock and needed to work to make money until an unexpected mentor gave him some stern advice. From there, everything changed, as Pace flipped from “worker” to “investor” and began building a massive passive income portfolio.
Now, as the king of creative finance, and author of Wealth without Cash, Pace is teaching the tricks of the trade that his mentor taught him. We’re talking about buying properties with no money, credit, or credentials and turning dud deals into cash-flowing monsters by using little-known investing strategies like subject to, owner financing, and others. This beginner guide will give you everything you need to know to invest without cash, credit, or years of experience!
In This Episode We Cover
How to invest in real estate with no money, credit, or credentials
The “bunnies” you MUST look out for when you start investing in real estate
The business owner lie you’ve been told, and why working for money ISN’T the right way to build wealth
Creative financing 101 and using it to buy deals other investors overlook
Seller financing, subject to, and other strategies to invest with no money down and low mortgage rates
The one question you MUST ask a seller to uncover what they really want
And So Much More!
Links from the Show
BiggerPockets Money Facebook Group
Finance Review Guest Onboarding
Join BiggerPockets for FREE
Mindy on BiggerPockets
Grab Scott’s Book, “Set for Life”
Listen to All Your Favorite BiggerPockets Podcasts in One Place
Apply to Be a Guest on The Money Show
Podcast Talent Search!
Listen to The “On The Market” Podcast: Spotify, Apple Podcasts, BiggerPockets
Connect with Other Investors and Swap Strategies on the BiggerPockets Forums
Meet Other Investors at a BiggerPockets Real Estate Meetup
Boost Your Knowledge with Pace’s Creative Financing Bootcamp
Click here to check the full show notes: https://www.biggerpockets.com/blog/money-412
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I don't understand a 40K house. the building materials alone for a house cost more than that, never mind the labor. Plus the cost of the land? if the houses are so low cost, why would anyone rent? I couldn't even buy a driveway for that price...
how can I write in to ask a question?
She loves bachata!
sad to see people using dogs for profit...when millions of dogs die in shelters each year in the US
This is basically me! Key takeaway: Get a higher salary via a higher-paid career (rather than lower-paid job + side hustles/hobbies), before starting house-hacking
This guest was all over the place. Really hard to follow.
MINDY IS THE ABSOLUTE WORST!!! this podcast gets great guests with awesome stories, however, you never get to hear them talk because mindy is ALWAYS talking about herself and forcing her opinions on everyone else. a common phrase from her is "I'm right, dont listen to anyone else or yourself or look at the numbers of a deal, im right" Mindy Jensen is single handedly ruining an otherwise great show. Bigger Pockets, can you get a new host please?
Great Podcast. A couple things not discussed or maybe I missed them. 1) Higher 401k contributions for tax purposes 2) HSA 3) Roth coversion ladder which allows you to access money way before retirement age. This is a key to maxing out your retirement accounts.
covered calls Mindy......
Scott didn't ask him what was his favorite joke to tell at parties
the fact that this man graduated without student debt and has still gone on to helping people pay off over a billion dollars in student loan debt shows something. it's cool to me how people can make a business out of helping people. It's one of the reasons I love the FI community. I'm excited to get to the point that I can help more and more people better their lives.
I need to listen to this episode at lease 4 times. on the really good ones I try to listen twice and then twice sitting down taking notes and this is for sure the one I'm going to do that with
I love the show. I've been listening to BP the original for years now and in some ways I like this one almost more. its diverse and always goes over stuff that's really helpful with how to live and grow your wealth.
I am for sure going to start doing this. I can cut but I suck at grocery shopping and a lot of my food goes to waste. I've wanted to start meal planning and I'm going to check out Erin's website and really start doing what I need to cut my spending in this area.
how exactly is he the right person to give advice on this topic??? he didn't have student loan debt...
I am curious to know the answer that Scott asked. What were the 20 cities and what data points was she looking at?
climate change.... really?