How to Get Your First Foreclosure Deal!

In the first part of this foreclosure series, Pace Morby and foreclosure expert Michael Franke sit down to dive into the best way to get deals: door-knocking properties in foreclosure! Pace and Michael talk about Michael’s background and how he got into focusing on foreclosures, his process between door-knocking and cold-calling, his mindset shift, and how he’s grown his team into 14 people.
Michael shares stories of his first couple of deals and the failures that came with them. He emphasizes that even though he experienced several obstacles, he did not give up. If you’re not taking action because you feel you’re not ready in some aspect, this is a great video to tune into. Pace and Michael discuss the fears and challenges they’ve both overcome to get to the level of success they are at today.
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Chapters:
0:00 - Intro
1:31 - Michael’s Background
6:19 - Going Full-Time Into Real Estate
12:15 - First Successful Deal
16:50 - First Foreclosure Deal
29:48 - Michael’s Team
39:30 - Finding the First Deal
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🚧🚧🚧 DISCLAIMER 🚧🚧🚧
❎ I am not a CPA, attorney, insurance, contractor, lender, or financial advisor. The content in these videos shall not be construed as tax, legal, insurance, construction, engineering, health & safety, electrical, financial advice, or other and may be outdated or inaccurate; it is your responsibility to verify all information yourself. This is a KZbin video for entertainment purposes ONLY ❎

[@michaeldfranke]

Thanks for having me Pace. It was a pleasure 💪

[@PaceMorby]

Any time!

[@galaxygolden]

As a father of 3....when you said, no kids, I lost it. Internally it broke me a bit. Sure it's not impossible, but you can understand, YOU OF ANYONE, can undetstand how 3 kids can sidetrack you and distract you of everything you want to do! Still holding strong and cold calling / SMS txting / Inbound leading for those small little hours that belong to me! we got this!

[@shanewilliams6718]

I have one and I get it. My lady wants a second and I am pushing it off. Have to work at night basically

[@PaceMorby]

My kids are everything to me. It's all about balance and truly prioritizing what's most important to you

[@Taylor-ty5yq]

I’m a father of three girls under three, my wife wants another. I told her we need to get 12 deals. Three cash flowing per kid. Just joined SubTo, she’s not waiting for me to watch the videos, she’s all in😅 let’s go!

[@renovationsbydesign117]

Get a VA. Let me know if you need help finding a good one.

[@imeldainterino7747]

Omg! The best video I had seen so far, Michael is so humble and down to earth! I had experienced the same 5 yrs ago when I saved a couple from foreclosure but only made $5k assignment fees, lol! I didn't care at that time, but the joy of helping someone and paid their mover was the best! Thanks for this video Pace ❤🎉

[@stephenspataro5391]

It's obvious that when you have ethics and integrity you have the power to help beyond your imagination...and help others in ways you never imagined

[@lutzyall]

This was a great video to hear Michael’s story. So many of us can relate. Keep charging brother you’ve got a fan in Michigan! ✌️

[@Red_Noize]

Idk how your videos keep getting better and better, im so pumped for this series! I heard foreclosures are a great way to start and im looking forward to see more of your videos on them now!

[@mercedesbrown1213]

Teacher here and I am in the exact position of ANXIOUS to leave!! Definitely using this to motivate me even more than I already am. Hoping to get something going to not have to return come August. 🙏🏾🤞🏾 ✨

[@Hope-yc6lh]

I love this style of detailed content, I can't wait to see more stories like this :))

[@aaronveasley1991]

I love door knocking its the energy and you can do your first deal or hella deals by door knocking and gotta be good at follow ups

[@willsmith4575]

Super excited for the entire playlist!

[@wattasay2370]

Pace and Michael you both are great and a wealth of knowledge and experience! Doing foreclosures in all 50 states!? Let’s work together!?

[@danieldelbene6771]

can relate to the teacher grind....it aint gonna get you ahead thats for sure...RE is where its at!

[@PaceMorby]

🙌🏼

[@monicacwilliams3]

So awesome! My passion is to provide solutions to unique sellers as well.

[@cherniseramos5629]

Love listening to Michael talk. He can pull anyone in lol

[@PaceMorby]

He's so good.

[@leonchapman3578]

Thats what i want to focus on i know of a few vacant... 1 from what ive been able to find out but i can not find their # anywhere the 1 i did find isnt theirs anymore... Id guess about 200k profit as is

[@sammyc1234]

Best interview and video yet

[@PaceMorby]

Thanks! Appreciate it

[@matthewrobinson900]

This was good story

[@monkmysterio]

getting a high school diploma should be as accessible as taking a drivers license exam. The DMVs around the country should be renamed to "Department of Drivers of Success" and open to anyone who wants to get any kind of "degree" or license. Things like MD degrees should be renewable every year. (Sigh) if only we can start thinking outside the box. Then get rid of physical school buildings. digitize everything

[@MIKE.SHAPIRO]

When you say you offloaded the deal to someone else,can you explain that process.Can you explain the assignment as well.Thank you

[@PaceMorby]

Wholesaled it to an end buyer.

[@AberrantArt]

Michel if you read this, I'm curious to know if you've ever been sued for calling someone on the FDNC list? I hear litigators love to target people calling about foreclosure.

[@michaeldfranke]

Never once. But they usually settle for a few thousand dollars. It’s a cost of doing business. That being said if you call with a heart to serve, very few people get upset, let alone think of suing you.

[@AberrantArt]

@michaeldfranke I just spoke to someone yesterday who told me they called someone who was purposely on the Tax Del list and targeted everyone who called or texted because they were on the FDNC list. Sued for 10k settled for 6k. That's one of many stories I've heard happening lately, so I was curious to hear your experience. Thanks for the reply. 👍🏻

[@Cardboardcar918]

My only question is, can I still do subto if the house is in auction?

[@PaceMorby]

Yes you sure can!

[@Cardboardcar918]

@@PaceMorby hey pace I have a seller that doesn’t like the power of attorney and says she would rather that the buyer makes the payment to her so she can make it herself, I have maybe 4 hours from now to give her an answer. The deal is in Florida and is about 5000 for the seller and around 300-500 dollars every month for 5 years. I don’t plan to buy it but to wholesale but I don’t know if buyers would be okay with that arrangement. And if you ever see this again, thank you so much for the value that you put in, I couldn’t have expanded my mind on making more money if it wasn’t for you. Thank you so much

[@MikeWallrealtor]

Pace, I have a deal right now, and I'm not new to investing but am a newb when it comes to Subto. The seller has a $140k mortgage at 4%. His monthly payment is $1040 PITI. The house will easily rent for $1300 a month. I feel like it needs $10k to get it rent-ready, and the seller wants to walk with $5k. Any suggestions on how to structure this deal, or is it even a deal at all?? HELP!!!

[@veronicalee3180]

Whats the ARV? 5K Seems like a little? Is there any equity? I guess your exit plan is rental income. Have you verified rental income? Sounds great

[@MikeWallrealtor]

@@veronicalee3180 ARV is $170-180k depending on the rehab. The payoff is $140k, and yes, the $1300 is a conservative monthly rent for this area in Middletown.

[@melansaloon]

Find pre-foreclosure. Then knock on door.

[@MrJxKnight]

How are you getting funding and who are you selling to?

[@PaceMorby]

He sells to fix and flippers that he finds on StartwithPrivy.com and he doesnt need funding.

[@MrJxKnight]

@PaceMorby you don't need funding? I'm so lost. I'm getting my real estate license, and I've been watching your videos on how to start. I thought you had to have the hard money to buy it. Then, you sell it to a fix-n-flipper

[@PaceMorby]

I use private money, I never go through hard money lenders

[@JanuaryBatten]

​@@MrJxKnightMichael is wholesaling these properties. He doesn't need funding, because he is not buying it himself. He is serving that seller by connecting them to a buyer that the seller didn't know and couldn't find. Michael is bringing those two parties together, and for his service to the seller and the buyer, he receives a fee. For his fee, Michael has just saved that seller from having a foreclosure go on their credit and ruining it for nearly a decade, and has brought a new property to an investor that will help feed their family as well. I love how many people are being served and benefitted throughout the whole process.

[@Smelyansky]

What happened to your Instagram?

[@PaceMorby]

Hacked! Hopefully will be back in a couple days 😭

[@leonchapman3578]

If anyone wants to jv the ones i found are vacant let me know 50/50 signed agreement between us or no deal ...

[@mercedesbrown1213]

Do you have leads? Let’s connect!

[@leonchapman3578]

@@mercedesbrown1213 Not leads just vacated homes 2 with notices on door 1 of those is boarded and i cant find their #... im new to this my propstream is just the basic free... #s and name blurred out... i was just out driving to store and took the long way just to look around

[@snazzullz]

None of the links to frankies works

[@NoteConference]

@12:23 I must bite my tongue. FSBO ripoff not cool

[@commiezombie2477]

He stole those poor dementia ridden old folks home. Shame on him (obviously joking) 😐