Pace Morby is an investor in real estate, a business strategist, a community builder, and an entrepreneur. He has built a successful career by investing in various real estate assets, such as single-family homes, multifamily properties, and commercial properties.
Pace Morby is known for in the real estate investing industry for his inventive ideas and original approaches to the business. In addition in his book Wealth Without Cash, which leverages the potential of innovative financing solutions, real estate transactions can be completed in LESS time and for LESS money. You can purchase them on Pace Morby’s page to learn more about his books.
Furthermore, Pace Morby benefits from using virtual assistants in the real estate industry. So, how did he do it to close more deals? Let us introduce how a virtual assistant could benefit real estate. Before anything else, here are some of his strategies used in succeeding real estate.
Two strategies of Pace Morby
Before going forward, it is important to get professional help and think carefully about all the terms and conditions of the deal.
1. Subject to
It is buying a property ” subject to ” the existing mortgage. It explains that the buyer takes over the mortgage payments from the seller but does not assume liability for the loan. The current mortgage remains in place, and the buyer makes payments to the lender on behalf of the seller.
How Pace Morby explains what is “Subject to”
A seller has a mortgage on their house; most of the scenarios in a “subject to” are those sellers don’t have equity or are in a challenging position, so they need a specific number to sell. So to buy their house, Hell takes over the payments on an existing mortgage. He explains that instead of getting a loan to pay off your loan, Pace Morby will make payments on clients’ loans. They went to a title company to transfer the deed to him so he could fully control the asset, and the mortgage stayed in the client’s name.
Like he did his current home, he bought Jerry Norton’s three million dollar home. As he said in the podcast, they didn’t even check his bank records and tax returns before selling it to him. They just went to the title company to transfer the deeds to Pace Morby, which cost only $2500 for closing.
Benefits
No need for new financing
Since the existing mortgage remains in place, the buyer does not need to secure new financing or undergo a credit check.
Lower closing costs
Since the buyer is not getting a new mortgage, they may be able to save money on closing costs.
Lower interest rates
Pace Morby explains that if the current mortgage has a low interest rate, the buyer can save money on their monthly payments instead of getting the latest mortgage with a higher interest rate.
Considerations
Risk of Foreclosure
Always remember this even if the buyer is up to date on their payments, the lender can take back the property if the seller doesn’t pay their debt.
Potential for due-on-sale clause
Some mortgages include a due-on-sale clause, Pace Morby explains that this means if the property is sold to a new owner, the lender can ask for the full amount of the loan to be paid off.
Legal and ethical considerations
Using the subject-to strategy can raise legal and ethical concerns, especially if the seller is in financial distress and may not fully understand the risks involved.
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2. Seller finance deal
Seller of a property providing financing to the buyer. Instead of the buyer obtaining a loan from a bank or other lender, the seller agrees to finance the purchase directly. This can be a good choice for buyers who cannot get traditional loans and sellers who want to sell their property quickly and make money. Pace Morby said it is the most straightforward strategy because you give the seller exactly what they want.
Benefits
More potential buyers
Offering seller financing will surely attract a broader range of potential buyers who may be unable to obtain traditional financing.
Higher sale price
With seller financing, you can sell the property for a higher price because buyers often pay more to avoid going to a bank for a loan.
Passive income
If you decide to pay for the sale out of your own pocket. Then, there’s no doubt that you can make passive income from the buyer’s payments of interest and capital.
Considerations
Risk of default
There are circumstances that buyers won’t pay back the loan. If that happens, the sale process could take a long while time and cost a lot of money.
Potential legal issues
Seller financing can be complex, and ensure always to secure all legal and regulatory requirements are met.
Loss of liquidity
By financing the sale, You may be tying up your capital in the property and may not have access to that cash for other investments or opportunities.
10 Tasks of real estate Virtual Assistant
Pace Morby reveal that you need help to virtual assistant close more deals in real estate investment.
1. Customer relationship management
A virtual assistant can help Pace Morby manage customer relationships by organizing and tracking client information, scheduling appointments, and sending follow-up emails or messages.
2. Research and analysis
Pace Morby can use a virtual assistant to conduct market research, analyze data, and provide insights on trends and opportunities in the real estate industry.
3. Marketing and promotion
A virtual assistant can assist with marketing and promotional activities by creating and scheduling Pace Morby’s social media posts, designing marketing materials, and managing advertising campaigns.
4. Administrative tasks
A virtual assistant help Pace Morby with administrative tasks such as scheduling meetings, answering emails, and managing calendars, freeing up time for Pace Morby to focus on higher-level tasks.
5. Data entry and management
A virtual assistant can help Pace Morby keep a record of and organize information about properties, clients, and transactions. He use virtual assistant to be easier for him to find and use information.
6. Personal assistance
Pace Morby can focus on his business by having a virtual assistant scheduling assistant his trips, procuring supplies, and managing appointments.
7. Virtual tours
A virtual assistant can provide virtual tours of properties to potential buyers, saving time and money on in-person showings.
8. Training and development
Virtual assistants can organize training sessions, provide instructional resources, and track progress.
9. Property management
Pace Morby can manage his businesses remotely by using a virtual assistant for maintenance scheduling, rent collecting, and tenant communication.
10. Lead generation
Use a virtual assistant to find new leads and potential deals. The assistant can search for properties in specific areas, analyze market data, and provide contact information for potential sellers or buyers.
What is a property management virtual assistant?
Remote workers assist property managers with administrative activities, tenant contact, appointment scheduling, and calendar management. It helps with rent collecting, maintenance requests, tenant screening, property marketing, and accounting/bookkeeping.
Real estate property management organizations may benefit from its efficiency, cost savings, client service, 24/7 availability, and scalability. A virtual assistant can streamline operations and free up property managers’ time to concentrate on other tasks. It provides tenants with convenience and prompt assistance.
Benefits of hiring property management virtual assistant
1. Increased productivity
Hiring a virtual assistant significantly boosts productivity. Automating routine tasks allows property managers to prioritize building relationships with clients and overseeing property maintenance, freeing up their time for more important aspects of their job.
2. Cost savings
Hiring a virtual assistant can also lead to cost savings for property management companies. Instead of hiring additional staff to handle administrative tasks, a virtual assistant can perform these tasks at a fraction of the cost.
3. Improved customer service
In the real estate industry, customer service is crucial for maintaining positive relationships with tenants and property owners. A virtual assistant can handle client inquiries and provide prompt responses, leading to improved customer satisfaction.
4. 24/7 Availability
A virtual assistant is always available, unlike traditional employees. Tenants can seek assistance at any time, including outside of regular business hours. Higher tenant retention and satisfaction can be achieved.
5. Scalability
As property management companies grow, their workload also increases. A virtual assistant can easily adapt to these changes and handle a larger volume of tasks without adding additional costs.
How Virtual Assistants Can Help Property Managers
1. Rent collection
Rent collection is a task that property managers often find time-consuming. A virtual assistant can efficiently handle this process by sending automated reminders to tenants and processing payments.
2. Maintenance requests
Tenants often have maintenance requests that need to be addressed promptly. With a virtual assistant, tenants can submit these requests through a chatbot, which can then be forwarded to property managers for quick action.
3. Tenant screening
Finding the right tenants is crucial for property managers. A virtual assistant can assist with tenant screening by collecting and analyzing information such as credit scores, rental history, and references.
4. Property marketing
Virtual assistants can also help with marketing properties by creating listings, responding to inquiries from potential tenants, and scheduling property viewings.
5. Accounting and Bookkeeping
It is crucial to keep track of finances in property management. A virtual assistant can help with rent tracking, invoice generation, and expense management.
Takeaways
If your team needs help, you need to hire a virtual assistant, but at the back of your mind, how to hire a virtual assistant then? Does it benefit me? It has many benefits to hiring a virtual assistant as a solopreneur. For busy professionals and entrepreneurs like Pace Morby, it saves money, boosts productivity, and improves work-life balance. Remote virtual assistant services let companies outsource time-consuming administrative activities like data entry, scheduling, and customer care to skilled specialists. Anyone who hires a virtual assistant focuses on their core competencies and strategic goals while saving time and money.
