Greetings, Hard Knocks Community!💰

We're back with a brand new edition of the School Hard Knocks Newsletter! Here, the spotlight is on 9-figure creative finance expert and real estate mogul, Pace Morby. Pace has amassed a real estate portfolio worth over $500,000,000 dollars with over 2,000 doors to his name. He's also the author of Wealth Without Cash, co-host of A&E’s Triple Digit Flip, and a creative finance pioneer who has empowered thousands to build generational wealth.

Today’s Schedule

• Building Massive Wealth Without Cash: How Pace Morby Went From A Contractor to 9-figure Real Estate Mogul

• From the Hard Knocks Library: Wealth without Cash: Supercharge Your Real Estate Investing with Subject-to, Seller Financing, and Other Creative Deals

• In Case You Missed It: We interviewed a powerhouse entrepreneur who went from food stamps to making $100M a year!

Here we go!🔥

Building Massive Wealth Without Cash

At the start of his career, Pace Morby spent 10 years as a contractor. In his 20s, he worked for big-name brands like Blackstone, Invitation Homes, and Open Door. Pace used his handyman skills for everything from repairing faucets and drywall to building things from scratch.

As time went on, Pace's contracting business took off and he started hiring others. He also paid for mentorship on how to grow and scale his business. By the time Pace was 26, he was generating $25 million a year in revenue.

Although Pace saw massive success in his business, he realized he didn't want to be the one fixing people's real estate. Instead, he wanted to be on the other side as a real estate owner.

A mentor named Bethany came into Pace's life and she hired him as her contractor. She was flipping homes in Phoenix, AZ and Pace did three houses for her.

Bethany offered Pace some tough love and told him he was a service provider, not a business owner. Although he owned a business and had an LLC, he was still taking orders from people.

Bethany's words sparked a mindset shift in Pace. From there, he set his sights on owning real estate and Bethany taught him how to go out and find deals. She also showed him that everything he had been taught about real estate up until that point was a lie. It turns out that you don't need credit, money, or even a license to make money.

Within the first 30 days of becoming a 29-year old real estate investor, Pace netted $50,000. He became obsessed with the craft and it paid off big time. Today, just shy of 42 years old, Pace has a real estate portfolio worth half a billion dollars.

Pace built his wealth without using credit, getting bank loans, or using his own money. He now shares his wisdom and expertise with other real estate investors, helping them build their own empires from the ground up.

Inside the School of Mentors community on an exclusive live Q&A, Pace shared valuable advice for entrepreneurs on the journey. Here's a recap of the four biggest takeaways:

Master of Tasks

As Pace was growing his real estate investing business, he eventually hit a wall. He wanted to go from doing four deals a month to 12, but didn't know how to get there. He realized that a lot of investors were using virtual assistants to generate leads and Pace decided to explore his options.

Filtering lead lists and validating phone numbers can take up a ton of a real estate investor's time. If you’re working to grow your real estate business, leverage virtual assistants or softwares to take on these types of tasks. This will allow you to focus more on revenue-generating activities like closing deals.

It's Who You Know

For Pace, networking is one of the greatest keys to success. On our live call, he mentioned a 25-year old Harvard study that proved 95% of your success or failure is based on who you spend your time with.

This doesn't just go for professional mentors. It also includes family, friends, and romantic relationships. When who you spend time with makes or breaks your success, it literally pays to surround yourself with the right people.

Networking isn't just important, it's a requirement. Along your journey you will come across obstacles and situations where it may be outside of your skillset to overcome it. Having a great network who can provide insight or their skills which can fast track your way to success.

Getting Schooled

When asked about how important college is to succeeding in business, Pace gave an honest, down to earth answer. He has over 600 employees and several businesses and he doesn't know if anyone has a college degree. Pace looks at merit and accomplishment over education and values grit over anything else.

If you're thinking about going to college, really consider where you want to be in life and whether or not a degree will get you there. If you're thinking of getting into real estate, linking up with a mentor who can teach you the business will likely get you on the path to wealth much sooner.

If you went to college and are looking to make a career pivot, look for hands-on opportunities to learn new skills and apply them. In today's world, proven experience, being coachable and a track record of success will take you much farther, much faster.

Law of Reciprocity

The people Pace works with come from all walks of life, from stay-at-home moms to CPAs. It's a misconception that you need a ton of money to get started in real estate. Some of Pace's investors started out giving him $5K to $10K and now they're million-dollar investors.

Pace also believes in the Law of Reciprocity where the more you give, the more you receive. Having an abundant mindset allows you to give graciously while knowing that will come back to you tenfold.

Sometimes scarcity and not believing in abundance can get the best of us, especially when we're first starting as entrepreneurs. When you change your mindset to see that there is opportunity everywhere is when things will start to change. Always remember - it’s better to have a slice of the watermelon than 100% of a grape. Thinking bigger and partnering on deals / businesses may allow you to achieve way more than you ever thought possible.

Connect with Pace here:

Instagram: https://www.instagram.com/pacemorby

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Words of Wisdom

From the Hard Knocks Library

In Case You Missed It

Todd Johnson is a powerhouse entrepreneur who went from relying on food stamps to making $100M a year! In this episode of Questions with a Millionaire, Todd shares his story on how he was able to build and sell a 9-figure tech company, how someone can become financially free, the best industries to pursue a career in and different tips to improve your career and life.

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