Posted on: March 26, 2020

If you want to do as many as 230 deals a year, you need to know several tools and exit strategies to solve the seller’s problems. Today’s exceptional guest has mastered this art.

Pace Morby is a licensed general contractor and the owner of AZ Contracting and HomeVestors. Driven and dynamic, Pace went from losing a million dollars to becoming one of the most successful entrepreneurs thanks to wholesaling and creative financing.

In this episode, Pace shared so many beneficial tips and wisdom—from the answers to the top 5 questions sellers ask, to the metrics he uses in door knocking, down to how he finds VAs. You’ll learn invaluable techniques and insights in today’s episode, so make sure you tune in!

 

MARCH CONTEST ANNOUNCEMENT!

For the entire month of March, Wholesaling Inc is running a Ratings and Review contest! We’re going to fly out 3 lucky winners to Florida, paying for airfare and hotel, to spend to full days with Tom Krol!

Whether you are trying to land your first deal or scale your existing Wholesaling business, Tom is going to help you crush your obstacles and achieve your goals!

And the lucky winners will all be featured as guests on the Wholesaling Inc Podcast!

To enter, you must Rate and Review the Wholesaling Inc Podcast on iTunes (5 stars please:) and send a screenshot of the Review to Darrin at darrin@wholesalinginc.com.

3 winners will be chosen at random and announced on the Podcast in April! Good luck!

 

Key Takeaways

  • What creative financing is
  • What every deal comes down to
  • How he went about a deal using terms
  • Top 5 questions sellers ask and how to address them
  • What a performance deed is
  • How he made money from said deal
  • Other exit strategies available
  • What seller finance is
  • Deal he’s really excited about
  • Four ways to find deals
  • How he finds his VAs
  • Options for those who are looking for pre-foreclosure lists
  • The script they use when door knocking
  • His mindset when it comes to door knocking
  • How he keeps his door knockers engaged and excited
  • How he’ll find his first deal when he’s dropped in Boise, Idaho with only $500 in his pocket
  • What their metric is when it comes to door knocking
  • What his Sunday service is all about and how people can join

RESOURCES:

If you are Ready to Explode Your Wholesaling Business, Click here to Book a Free Strategy Session with me right now!

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Episode Transcription

Speaker 5:
Guys, I can’t wait to spend some time with you. We are going to be running this contest the entire month of March, and it’s this. I want you to head on over to iTunes, rate and review the podcast, and send that review to Darren at wholesalinginc.com. It’s Darren, D-A-R-R-I-N at wholesalinginc.com, and we’re going to choose three people who have sent those reviews to come down to Florida, beautiful, sunny, gorgeous palm trees and breezes and coconuts Florida to spend two days with me, we’re going to choose three people to spend two days with me and we are going to be going over wholesaling, either how to get your first deal or how to get your next deal and explode your wholesaling business. I cannot wait, guys. I’m going to pay for your airfare. We’re going to have a great adventure, and all you’ve got to do is rate and review the podcast and send a picture of that review over to Darrin at wholesalinginc.com. That’s Darrin, D-A-R-R-I-N. Let’s get started with the podcast. I’ll see you soon.

Chris Arnold:
I am your host, Chris Arnold, today, and I’m excited to share this topic with you. So many of you know that we launched REI Radio back in December, and now we’re about two and a half months in, and we literally have students east to west coast that are getting their ad set up, starting to execute contracts and really getting momentum on radio. I get the privilege of doing a welcome call with every new member that comes in to REI Radio, and I ask a question to every one of them, because I think it’s a really important question, and that is what peaked your interest about radio? What made you decide that radio was a great fit for your business? So this episode is not my opinions about radio. What you’re going to hear, or what I call the six F’s that I’m getting from students on why you guys listening as the audience are deciding to make a decision that radio is what you want to plug in as a marketing channel to find discounted properties in 2020.
So I want to jump into this, because this has really fascinated me to get this data from all the students that we’ve had come in, because it’s been moving very quickly, and it’s been an honor to really sign up as many people that we have literally in the first two and a half months. So let’s jump in. What are the six F’s? What are the reasons that people are choosing radio? The first one I get is this, and I call it fascination. That’s the first F. What students are telling me is I thought about radio before I ever even heard you talk about it. That’s not a new idea to me. I’ve been wanting to do radio, but the problem was, and I had one student tell me, I’m a guy that goes in and tries to get information as much as possible as I can online through free sources like YouTube, different things like that, and he’s like, “I could not find any training on utilizing radio to find discounted properties.”
So what I’ve realized is I’ve talked about radio being the marketing channel that everyone knows about, but nobody’s doing, but what I’ve learned from my students is that for some of the people out there, this is not a new idea to you. This is something that you have thought about doing, you just haven’t been able to find the blueprint and the methodology of how to do it. So radio has been a fascination for you long before you heard us talking about it.
The second F that I get is I call fear, and I ask people, “What’s the reason that you’re joining and adding radio as a marketing channel?”, and they tell me that they have fear, particularly around things like ringless voicemail, texting and the fears about regulation and technology. They feel like that’s something that they’re leaning pretty heavily upon. It works, we all know that, but there is a fear that it could go away, and if you’re listening and you have all of your eggs potentially just in one or two baskets, that’s a dangerous place to be, particularly around ringless voicemail and texting, because we know that regulation’s coming, we’ve already seen some of the fines starting to happen, and on top of that, we know that technology, particularly through the cell phone companies and so forth, have the ability to just come down and shut it down completely by not allowing those systems to work anymore. So fear is the second reason that I’ve seen our students join REI Radio.
The third F is what I call frustration. This was actually one of mine as well, so I relate with this, but there’s frustration over the saturation of some of these traditional channels. They come in, they say, “I’m doing direct mail in this particular city, and the city I’m in is just coming completely oversaturated, and I’m frustrated because I know that I should be getting an ROI, I have the right list, I have the right postcard, I’m doing everything right, but the competition is what’s shutting my ROI down my return on investment.” So there’s just an overall frustration, and we know when it comes to marketing, a lot of it is about being the first to the table, and if you can be the first to get onto something new before everyone else does, that’s going to be probably the biggest reason that it succeeds, because you don’t have any competition. So frustration is definitely the third one.
The fourth one that my students are telling me is what I call freedom. They don’t have enough time. If you’re listening and you’re trying to make the jump from working a nine to five, and you’re passionate about doing real estate full time, you have this dream in your head of what it would be like to do that, and so that’s a jump that you want to make, and what will definitely lengthen the time to be able to make that transition is getting bogged down with lead generation sources that take up a lot of time to run.
I’ll give you an example. I was talking to, actually, a student, and they were telling me that they were sitting down and handwriting yellow letters and how much time that that was taking them. So whether it’s handwriting yellow letters or whatever it is, it doesn’t matter, you could be looking at the lead generation source you’re doing right now and be like, “This is just not giving me the freedom. It’s taking me too much time to manage this. Even on the back end, when we were doing direct mail, when it was working well in Dallas, we were definitely willing to put up with all of the lead volume coming in, because we know that over 50% of those leads were actually just people calling to complain, and the problem is that doesn’t really generate a lot of freedom.
It’s not a set it and forget it, and so what I’ve really realized the students out there are telling me is what I love about radio and what peaked my interest was I’m busy, I have a lot going on, I have kids, I have a family, all of these responsibilities that are really important to be there for, and what they’re looking is for marketing channel that’s what I would call a light lift, that provides them freedom to focus on the parts of their business that they need to grow, not get sucked into managing a really heavy lead generation piece. So that’s the fourth one, freedom.
The fifth F is what I call future. I talked to students coming into REI Radio, and they say, “The reason that I decided to launch this in my business is because I know the importance longterm of building a brand,” and we know, obviously, that we have to begin with the end in mind, and so if you’re listening and you’ve thought about this, you realize that you might not be able to brand your company through bandit signs or direct mail, but it would be a lot easier to grow your business if everyone in your city knew who you were, even before you reached out to them with some other type of marketing, because if your name is known, then you’re obviously going to have an easier time converting that, because you have what we call celebrity status and instant credibility.
So I love that the students coming in are savvy enough to not look at the short term game, but really look at the longterm game and understand the importance of really creating a brand longterm, and they realize that radio is one of the best ways to be able to do that. So future, that’s the fifth reason.
The last one, the last F that I get from our students that we’re talking to is what I would call feast or famine. They’re tired of the ups and downs that some of the other marketing channels are creating. It’s like I get a flood of leads coming in, then I get busy working those leads, and the marketing channel I’m working on requires management, and so I drop the ball a little bit, and I’ve just either got a lot of deals and closing deals or I’m running back and trying to find more, or they’re just not getting consistent lead flow. It’s just up and down. Even though they’re working it consistently, the results of the leads that are coming in are not consistent, and so I know for us, I’ve talked about this in the past, that’s probably my number one driver for radio, is the fact that it’s dependable, that it’s consistent and that I can hand everything over to a radio station and know that they are going to deliver those ads every week at the times that we’ve talked about and our phone is going to ring. So that’s really an important piece as well.
So I thought that this was really important to share because it shaped my thinking around what you’re thinking as you’re listening, as you’re looking at your business and you’re evaluating some of the challenges that you have, and so if I could summarize it again, the six F’s of why students are joining REI Radio and launching this is, number one, fascination, number two, fear, number three, frustration, number four, freedom, number five, the future, and number six, feast and famine. So if you’ve been listening and maybe on the sidelines wondering how things are going, we’re really excited as you watch students who are being successful, we’re really proud of the ones that have gotten in quickly and set up their stations, and so you might be going, “Okay, I do want to find out more information, like where do I begin?” You always begin by asking great questions and by doing due diligence, and the way that you do that is to honestly schedule a call and get in and see, first and foremost, if your market is open, and on top of that, to make sure that it’s a good fit for you and what your strategy is.
So what you want to do, if you want to book a call is go to wholesalinginc.com/reiradio, again, that’s wholesalinginc.com/reiradio, and book a call, and we’ll be more than happy to answer any questions that you have, but I definitely think that these six F’s, they resonated with me, and I’m sure they’re resonating with you as our students are really communicating what they see as really the best benefits for why they’re setting it up for their businesses.
Well, thank you for joining us today, and we will talk to you soon.

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