Skills And Information Required To Thrive In A Market Crash #MakingBank #S7E43

Welcome back to Making Bank. On today's episode, we have Pace Morby,  an entrepreneur who has spent over a hundred thousand dollars on bad advice. But it all started with a $1 million bankruptcy letter that essentially derailed his construction business. But what looked like an omen was actually a turning point. This path led him to creative finance, the most effective and affordable way to get started in real estate. Now it's Pace's job to spread this message, teach others to build generational wealth and show people how you can reach the finish line from any starting point.

 

He's inspiring entrepreneurs and investors to make a massive impact. Don’t miss out on this episode of Pace Morby in Making Bank!

 

(3:18) Background

Pace Morby grew up in an entrepreneurial household that consisted of a family of 12 children. So right from a young age, Pace Morby was already in the habit of working hard and living a life of hustle. So he began life as a contractor and then later in his life went all in in Real Estate Business. 

 

(6:32) Key Business Tips

Don't partner with anybody remotely close to your own personality style. Don't exchange time for money, rather exchange your money for time. 

 

(9:46) Real Estate Secret

There's a company called ALE Solutions that actually will place people who have been displaced from their rooms and they need a place to live. The insurance company can pay you to house them. If the insurance company pays you 70 grand for a three month booking, so over $20,000 a month on a property that you took over a $2,500 monthly payment on then your net profit on that deal every month is like 15 Grand. And none of it was from your own money.

 

(12:45) Changing Your Mindset

It's never how you did anything. It's always who showed you it was possible.  Find mentors. Find ways to learn from their ways and to be better than them. Adapt their strategies, hang around them. Think like them and what you can do to be better than what they did. 

 

(20:03) Creative Financing

Don’t go to someone who does not even make money for financial advice. There's free Facebook groups. Every single city that you live in, whoever's listening to this type in Facebook group, your city name, wholesale real estate, and you'll get 15 opportunities to go and network with people that are out there finding off market deals. Use these platforms to find the best methods of creative financing.

 

(33:21) Owner Financing

Pace explains in detail how you can buy a property, fix it up and then get it to earn for you without having to spend your own money using creative financing. You just need to really have the mindset to want to do this and just change everything you already do and keep working hard.

 

(42:31) Building A Team

Go and learn skills and you'll dominate, and you'll look forward to and pray that the market trends downward, because it's only more opportunity for you. It's all about what skills you have in your pocket. That makes you feel confident or fearful in an upcoming market crash. 

 

Links:

Twitter: @PaceJordanMorby 

Instagram: @pacemorby 

Facebook: @pacejmorby