How Does an Agent Get Paid on a SubTo Deal?

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Жыл бұрын

How does an agent get paid on a SubTo deal? This is one of the biggest questions I get in real estate. To understand the true value of this house, watch me lay out the math on this deal to show you how you can find some extra money for the seller so it’s a win-win-win for all parties involved.
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❎ 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as tax, legal, insurance, construction, engineering, health & safety, electrical, financial advice, or other and may be outdated or inaccurate; it is your responsibility to verify all information yourself.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 KZfaq video for entertainment purposes ONLY ❎

Пікірлер: 175

@realestatecoachestv Жыл бұрын

I swear I’ve been watching Pace for a Year and this is the 1st time I’ve heard and understood everything he’s saying clearly because he went straight to the point!!!

@Homeoffersunited Жыл бұрын

Agreed, best video ever from him no fluff

@DiqaunColeman Жыл бұрын

Pace is literally giving us the formula. We just have to take messy massive action folks and stop overthinking everything. Let's Gooooo

@desztino9829 10 ай бұрын

💯💯💯

@JonathanMuirInsurance Жыл бұрын

How is a $400k loan with Wells Fargo only $1400? $400,000 @ 3.25% = $1700 (not including mortgage ins., taxes, insurance) Am I missing something?

@carfreak0465 Жыл бұрын

Thank you so much Pace this was exactly what I needed to hear. Can't wait for you to come to Lafayette!

@brianhewitt338 Жыл бұрын

Good stuff keep it coming. Thank You Pace.

@justinarnold84 Жыл бұрын

"$2k in paint" because I used sharpie on the walls... I still struggle with this strategy. You have $42k invested plus the $400k note on a house worth $425k and the market is softening daily. $700/month is nice but is only $8400/year, and that is assuming 100% occupancy. CapX costs eat into that quickly. It's risky for anyone who doesn't have the reserves to weather a 2 month vacancy, HVAC replacement, or any other unseen circumstances. Half the people watching these videos are just trying to break into investing and have no reserves to cover this stuff, jist gonna be hoping for best case scenario to play out every time, and it doesn't.

@antisocialbutterfly5664 5 ай бұрын

And getting the bank involved would save you money?

@creatortk 3 ай бұрын

That’s why it’s crucial you don’t start with this strategy. Need to make active income to inject into passive income assets, (in this case, repairs, vacancies ect) typically we allocate cash from our net profit into a “war chest” to cover any unforeseen costs, around 1/3 of the income. Active first! then passive.

@anthonycasados8051 Жыл бұрын

It’s crazy I first found out about you thru bp podcast “300 doors all with creative finance” now a little over a year you acquired 1300 doors in one year… mind blown. Here I am on the verge of closing my first deal… and it’s all because of you and the subto community! Thanks pace!!

@marinarbekka Жыл бұрын

Love it. I am going to start using this video as a reference. Should get more deals.

@thenewwayhome Жыл бұрын

Excellent breakdown, man! Way to go!

@numiraman1978 Жыл бұрын

Thanks for the valuable info!

@geminivending Жыл бұрын

Great 👍🏼 explanation & easy to follow Bubye! ✌️

@mikeleahey9190 Ай бұрын

This info was FIRE! I’ve watched this multiple times…

@PaceMorby Ай бұрын

Glad you got some value from it!

@zenabuyshouses521 Жыл бұрын

Pace you are the man for real

@johnj.villarreal5192 Жыл бұрын

Great information Pace. Easy to understand.

@PaceMorby Жыл бұрын

Glad it was helpful!

@donnacline6618 Жыл бұрын

Bravo, well done!

@stephenspataro5391 2 ай бұрын

Great content

@shlomokoehler9295 Жыл бұрын

Thank you very much peace I appreciate your work very much and perfect quite a bit because of you

@kareemlarrimore6629 Жыл бұрын

You videos are so dope. I feel like I can go out and get me first property now.

@ETrevizu Жыл бұрын

Thank u for specifics used in this post Pace.

@PaceMorby Жыл бұрын

Glad it was helpful!

@thomish6191 Жыл бұрын

Thanks, now I just need to get over making phone calls.

@timcasallo1373 Жыл бұрын

If you got a lean gen with numbers, I'll make the calls for ya!

@benjaminmarsch4278 Жыл бұрын

Worse they can say is no!!!!

@andrewjames5632 Жыл бұрын

@@timcasallo1373if you have deals I’m looking, and funding EMD

@callmewes5121 8 ай бұрын

Great stuff 👏

@PaceMorby 8 ай бұрын

Thanks bro!

@arianarose2655 8 ай бұрын

This is a nice straightforward , dramafree, easy to watch presentation and so valuable * I can watch more videos like this * Thank you!! 100%

@PaceMorby 8 ай бұрын

Glad you enjoyed! Thanks for being here.

@00Roobs Жыл бұрын

How do you give the seller a sense of security that you won't default on mortgage? They are no longer on the deed but still hold the mortgage?

@serhiim534 Жыл бұрын

Thanks to you!

@xzavisjackson8400 Жыл бұрын

Love it.

@alexisjmorgann Жыл бұрын

This is incredible

@tedcox4764 Жыл бұрын

Perfect!

@ajrose1245 Жыл бұрын

I'm definitely signing up asap

@CarolWhitaker Жыл бұрын

Amazing! I need help with leads, thanks! You’re seriously the best!

@CarolWhitaker Жыл бұрын

@@michaelbarcena2782 Thank you! I would love that! 😊

@VeronicaGrimes_tc 10 ай бұрын

Hey @CarolWhitaker If you ever need a transaction coordinator to help you with paperworks, let me know I can help you,

@florencioperez7908 Жыл бұрын

i have to learn more!!!

@randyogden6429 Жыл бұрын

Hi Pace, great video. What was the terms on the 42k?

@jasonq333 Жыл бұрын

GOLD 🎉

@tedd7028 Жыл бұрын

Great deal and great explanation to the point and easily understandable.

@divinemanifestionfrequenci4588 Жыл бұрын

Yes I made it 1st on the comments! Pace & This community is amazing 🙌🏼! Beautiful explanation…

@JamesSalomon947 Жыл бұрын

Now that makes sense

@dianejohnson9477 11 ай бұрын

Definitely my favorite Pace. I want to be connected.

@clancyjohnston9134 Жыл бұрын

I’m getting 1720 for a principle balance of 400,000 at 3.25% + taxes + insurance. This doesn’t add up

@clancyjohnston9134 Жыл бұрын

There’s also no expense factor in that “700 passive income”

@ghuber171 Жыл бұрын

I’m curious how they got the 1400 also.

@josealpizar845 5 ай бұрын

Pace question, on short sale house we can offer creative finance? Thanks 4 the answer

@lucneesby3009 8 ай бұрын

Thanks to Pace for sacrificing his drywall to teach Subto

@nguye1971 Жыл бұрын

Thanks Pace. Like the breakdown analysis. Could you please clarify the process of taking over the mortgage with out checking your credit, debt ratio,..?

@bryanbuksoontorn2236 Жыл бұрын

join the subto family its 10000% worth it .

@robertvivo815 Жыл бұрын

if you want these answers you need to join subto community. we paid to join and learn and grow with pace

@acanul02 Жыл бұрын

It is the seller's discretion to check or not check. Most chose or just don't think of checking because most of these sellers are under some kind of distress. They just want to get from under the property.

@Homeoffersunited Жыл бұрын

Wholesale creative finance, I’m not ready for the headache of holding these deals. We are all built different

@mikokun7714 Жыл бұрын

All that money & Equation but no white board .. LET US PAY YOUUU SIR Morby For all this valuable info & not torture poor walls & continue your glorious teachings !! 🙌😂👑🔥💯

@PaceMorby Жыл бұрын

Love this 😂

@JagWalia Жыл бұрын

Great video Pace!! I need to find leads/deals in Dallas or Austin area. Can someone help?

@dianejohnson9477 11 ай бұрын

Looks like all of yr trainings are on Saturdays, I work all weekends & can't do Saturdays, is there another day I can get in please?

@xejelah Жыл бұрын

Not quite 700 cash flow, you'd still have take out some for future planning on repairs, they cut what's over in half if it's a 50/50 deal - your partner would be lucky to make 300/mo on this deal and that would still take him over a decade to earn his money back - why would he provide 30 or 40k for this deal?

@MrTres-so6ld Жыл бұрын

Because buy and hold investors aren't looking for quick returns, but rather in 15yrs when the mortgage is paid off, he and his partner now have 50/50 ownership of an asset that is worth $425k. Assuming property value remains the same -- real estate typically appreciates 1-2% annually. Based off 1% appreciation, the house would be worth $460k. $42k investment worth $230k + rental income is approximately a 7x ROI.

@timcasallo1373 Жыл бұрын

That 20% Cash on Cash return looking good 🤑

@claycruckosha Жыл бұрын

I think it's 42.7% COC? (12x2100)/(42K + (12x1400) > 25.2K/(42K+16.8K) > 25.2K/58.8K = 43% COC

@timcasallo1373 Жыл бұрын

@@claycruckosha hmm, i never saw it that way. Not saying you're wrong, but this is how I got my COC: 2100/mo is market rent 1400/mo is mortgage Monthly cashflow is (rent-mortgage) Entry fee is 42,000 So, (monthly cashflow*12mos)/(entry fee) -> (700*12)/(42,000) = 20% COC Check if I set up my math wrong. (I bet Pace's team is loving the fact we are bringing this comment to his sandbox for more engagement 🤣)

@gpalepoi Жыл бұрын

I can subto 2-3 deals and close today. I just need to know how to explain it to my realtor that I partner up who is bringing these deals to me. Teach me master Guru! Can wait to get a deal and use it on Paces program. I currently paid Jerry Nortons group but discovered subto and fell in love with it.

@jeffcraig0203 Жыл бұрын

How is Jerry's program going for you?

@jeffcraig0203 Жыл бұрын

I did it too

@VeronicaGrimes_tc 10 ай бұрын

Hello @gpalepoi . Let me know if you need a transaction coordinator for your deals. I'd love to help you with with paperwork.

@claycruckosha Жыл бұрын

Dang 43% COC!

@bebop830 Жыл бұрын

I believe you meant if the seller owes $400 thousand and the house will sell for $425 tousand, seller has 25 thousand, of equity which will go all to fees

@thismommaprays Жыл бұрын

But how does they seller buy another home if they have a mortgage in their name? And how are the sellers reassured payments will be made (bc it’s in their name so if not paid, that goes against them).

@JamesHill1980 Жыл бұрын

7.5

@allansawe6342 11 ай бұрын

This is just crazy

@sjinvestors250 Жыл бұрын

Where did you get the money from

@DAMON409 5 ай бұрын

So you have to find out if they have no equity before you can make the offer. Will sellers typically disclose their financial situation?

@PoEncimaTV Жыл бұрын

Just curios on how you came up with the $12k # for the seller? Is there a way to calculate how much offering to the seller?

@Fiber_Floor_Art Жыл бұрын

typically it just ranges from deal to deal, sometimes he gets them for no money to the seller but maybe paying them interest over time, sometimes you figure out what they need as a down payment to get the deal done with payments only on their mortgage. He calls it creative finance because you get to work it out with the seller and get creative.

@jeffcraig0203 Жыл бұрын

@@Fiber_Floor_Art What you're saying makes sense, becauseI'm completely lost as to where the $12k, $10k and $10k got paid.

@DamianAlvarado13 Жыл бұрын

You negotiate with the seller, just ask what they be fine with walking away with, then open up the conversation, start at 5k. Got to look into the properties and find out if it was recently bought, tells you if they have enough equity or not. At the end of it all, you got to work on your numbers and theirs, so the less you pay the better. As for the realtor, I can see most get paid 2-3%. And your cold caller that you hire, well that depends on your business structure.

@nansy.azrealtor Жыл бұрын

Can your normal buyer do this with a line of credit?

@chasehaley5364 Жыл бұрын

Is this deal essentially a favour / lesson for the student / wholesaler? I don’t understand the role of the wholesaler if the investor is organizing the whole deal and educating everyone on how it works?

@mll3166 Жыл бұрын

Seller name still under Wells Fargo mortgage and still be under their credit report, how you talk it over about that?

@JorgeGarcia-yh4ks Жыл бұрын

What is the purchase price on the contracts and how does it work with transfer tax?

@mrsrhodes9736 Жыл бұрын

Great question! I would love to know this as well.

@robertsandker3494 Жыл бұрын

What if I want to buy a house subject to because the existing loan had a better interest rate but the current owner has a lot of equity in the house. He put it on the market, owes around 170k and has it listed for 369k. How can I talk him into selling it to me under subject to instead of on the market when he will get a chunk of money selling it that way. I know offer more than list price and give a down payment but anything else or any other reasons he should sell to me instead? I do know I will help his credit by paying his mortgage but what else? Sorry if this question is confusing. Thanks for any help you can give.

@Wassi-pe7wd Жыл бұрын

BossMan Pace I'm stuggling here. Do you buy deals at Stone Mountain GA? ( Pls say yes)

@PaceMorby Жыл бұрын

Hey, Squad up and chime in the team! IG @trailertrash61

@Pandadadp 11 ай бұрын

I want to become a student/wholesale!!!

@Ghost-Ghost-Ghost Жыл бұрын

I wonder if banks are going to get more aggressive with acceleration clauses given the current market.

@12345corsica Жыл бұрын

Since the seller still has the loan with the bank where do they go and live? Credit check would show a bank loan that they are paying. Their DTI would not allow another home purchase and it would be difficult to get an apartment as well. What am I missing?

@PaceMorby Жыл бұрын

Hey Jason! I get asked this question all the time. It depends on the terms with the seller but we usually find them a place to stay and help pay for a few months rent.

@user-ds2rd2oq1r 5 ай бұрын

Any agents interested in having a buyer on their roster? Will pay above listing and up front commission (both sides) if we can settle a deal.

@atakbill3288 Жыл бұрын

Amazing! The only question in my mind is the Deed. Does it have to go through the title company and gets recorded or the seller sign something (a piece of paper), and you just keep it safe or go out and record it at the recorders office?

@jakejake3182 Жыл бұрын

Yes you record the ST at the court house. You can wright it out you self or have a title company do it. Make sure you change the insurance to you or your company.

@Homeoffersunited Жыл бұрын

@@jakejake3182 so you pick your own title company and have them add your homeowners insurance to it?

@futurewolffilms607 Жыл бұрын

Looking to do this with multifamily. Have cash but not enough for the down on 16+ units. Thought seller finance, but after this, have to figure out how to sub-to multifamily.

@VeronicaGrimes_tc 10 ай бұрын

Hey @futurewolffilms607 If you ever need a transaction coordinator to help you with paperworks, let me know I can help you,

@brandonarmstrong2053 9 ай бұрын

Most multi family is naturally assumable.

@jetsosa6609 Жыл бұрын

I love how he’s just writing on the walls because they’re his 😭😭

@alieaveonbetrosrealtyinc.2277 Жыл бұрын

How do you ensure the seller that you won't default on the mortgage that remains in their name?

@carterok1554 Жыл бұрын

Promissory note (secured deed of trust)

@jlkinley79 Жыл бұрын

Has the lender ever called th loan due when the seller transfers the deed into another person name?

@cyrusjulian187 Жыл бұрын

@@Matrixsurviverscast1 His point is you can still wholesale but for the leads where there isn’t enough equity in the deal (seller won’t take a lower offer), you can just take over their payments and “hold” it as a rental and collect monthly cash flow

@hollywoodclipp 10 ай бұрын

Military members exceed with this cause it’s guaranteed or if you just have a really really great job

@HEC892 Жыл бұрын

I asked my agent to ask about taking over a loan on a house I’m interested got an immediate no from other agent , how can this work if they immediately shut you down

@tommydabbs 11 ай бұрын

The ink is going to bleed through the paint in 3 years and create another millionaire.

@yashawells Жыл бұрын

Question so if I’m the agent and I want to purchase it. How do I still get a commission? Reduce the down payment? Reduce the purchase price? Or is the property the prize and forget the commission.

@robertvivo815 Жыл бұрын

gotta join the subto community

@mikeshank3507 Жыл бұрын

can you sell it anytime?

@tamaramistressofthewomb1797 Жыл бұрын

What about the Due on Sale Clause? If the Seller is doing a Sub to & you are recording the deed doesn’t that clause then become activated? I do understand most banks don’t always follow the chain of title. But with rates increasing at record speeds won’t they go back to calling in the notes? What happens to you, as the investor, if your sub to note is called & it doesn’t make sense on a business level to refi & payoff the seller? Then what happens to the seller and their responsibilities for the existing note? Thank you for addressing my concerns in this market

@cyrusjulian187 Жыл бұрын

This was my initial concern and still is but he has other videos where he gives some example solutions. One being speaking to the bank directly, changing it up to a contract for sale, also his experience has been it’s 1 in 500 so very low %

@aliciabtullo Жыл бұрын

I think it’s the 4th video in his new playlist with Jerry that he explains due on sale in depth.

@jakejake3182 Жыл бұрын

They never do that. Banks want your money. Not the house. If you want after you take possession you can do a wrap loan or put it in a trust.

@cyrusjulian187 Жыл бұрын

@@jakejake3182 While I agree with you overall opinion, even Pace himself said in a video that maybe 1 out of 500 times, it happened to him. I know of another guy who did thousands and had it happen to him once but also another guy who's done a few hundred and had it happen 3 times. In many cases, they either worked it out with the bank (ex. transfer it back to seller and buy it using a contract for deed) or worst case, use a private money lender to pay off existing lien. So it does happen, but very rarely.

@jakejake3182 Жыл бұрын

@@cyrusjulian187 If you don't ask her out you will never get children.

@tylerbailey3978 5 ай бұрын

What does the agent tell his brokerage once he gets paid $10,000?

@RagnarLothbrok2222 Жыл бұрын

You take over title as well?

@gravityhurts7713 9 ай бұрын

What if the seller did a loan mod at 6.25% is there anyway to help the seller?

@daveb.3169 Жыл бұрын

OK. So I got a seller kinda interested. They are concerned about the loan staying in their name. How do I relieve this concern? Does the contract say the deed goes back to them if I ever go so far behind on the loan or what?

@PaceMorby Жыл бұрын

@Jemn Takas The comment above wasn't made by me. Please don't transact or contact that number. I already removed it.

@MrMicah8 Жыл бұрын

Lucky me, early bird calls. Just in Jacksonville FL. Pre-foreclosure; 4bd 2ba; Seller owes 270k; debt 11k. Repairs 25k 2,145 sqft. The seller is asking for 370k and they're with an agent. Please someone help me get my first deal !!! I know the basics but I never went all the way. DM me if you are a Subto student or pro at subto.

@PaceMorby Жыл бұрын

Hey Chaun! Post this on the free Facebook group so my students can help you with this deal. paceapproves.com/communityytc

@bebop830 Жыл бұрын

Also $1400 monthly @ 3.25%on a balance of $400 thousand wondering how did u get that low payment ?????

@jpra923 Жыл бұрын

How is this a good deal for the Private Money Lender? They go in at $42k and all they get is half of the monthly net profit? So $350 a month? That does not seems great.

@tyresswhitejr Жыл бұрын

Hi Pace. I like your content for the most part. It gives the very entry level understanding of real estate investing. I would love to speak with you about some of these deals. I'm somewhat confused by some of your numbers and cash flow estimates. I've been doing real estate investing for over 10 years, and can't make the numbers work. For instance every way that I calculate the deal in your video results in a negative cash flow... Revenue - (P&I, Taxes, Maintenance, Vacancy Rate, Property Management). Would be great if you could show me what I'm missing. I love the content, just want to be sure that people are getting the right information about real estate investing. Would even be interested in partnering for the right deals.

@jimrusso24 Жыл бұрын

Thought the same thing. Something is missing.

@VeronicaGrimes_tc 10 ай бұрын

@tyresswhitejr Hello! He has discussion this in different videos. You can always JV with a subto student who will have the correct documents. I'm a transaction coordinator . Let me know how can I help you in the future.

@jakejake3182 Жыл бұрын

Good start brake down. Please clarify. You do not get the Deed! You are not getting a Warranty Deed. You could do a quit claim title. You get a "subject too". If you record it. You are entitled to the equity if there is any. You should show how you do the paper work. I think you are paying the argent way too much!

@profitpunks5865 Жыл бұрын

I bought a house subject to, can I sell it like a normal sale?

@VeronicaGrimes_tc 10 ай бұрын

Hey! @profitpunks5865Are you looking to close Substo transactions? If so,I;m a TC. I can help you and when you need it.

@DWet23 Жыл бұрын

as an ohioan i love this town name 😂

@MOVE2DALLAS Жыл бұрын

When you took over the loan from the owner? So they will give you the release that the mortgage is you will take over. New agent here but I'm more interested in assigning contract. Can I assign contract to you? I'm also interested to know more in Subject to

@VeronicaGrimes_tc 10 ай бұрын

Hello @MOVE2DALLAS Let me know if you need a transaction coordinator for your deals. I'd love to help you with with paperwork.

@johanblume2621 Жыл бұрын

So essentially you have to put money down to get this house. When beginners hear “No money down and no credit” needed this definitely wouldn’t be the case. No money out of pocket is extremely rare.

@jeffcraig0203 Жыл бұрын

I'm not understanding where the $32K collectively appear from assigning the contrasts.

@ahlajuwonspencer Жыл бұрын

The value is perfect. I currently have a potential deal that I need help structuring. I am a Boston Based Realtor working with an another agent and seller on a deal. Is there anyone I can connect with?

@VeronicaGrimes_tc 10 ай бұрын

Hey @ahlajuwonspencer296 I'm a TC. Let me know how can I help you in the future.

@MrLeonc3 Жыл бұрын

How were you able to tell the agent to take lower than their original 3 percent?

@user-xy2vk5kc9t Жыл бұрын

The agent is coming from a place of pain. In this scenario, the agent was going to lose the listing. He is sort of desperate to make the sale. We are actually making him $10,000 instead of nothing, and he is now the hero to the seller. So its a win win win for all 3 parties involved. Buyer, Seller, Agent. Of course wholesaler too

@junnyko7557 Жыл бұрын

If a deed is transferred with mortgage in place wouldn't that cause problem as the lender wasn't notified ?

@daveb.3169 Жыл бұрын

I'm also interested in this answer. I'm still learning this but what I do know is they have the option to call the loan. I talked to a guy out of Texas that own an insurance company that will sell insurance that would cover me. in the event the bank calls the loan he pays off the debt and gives me a new loan with existing terms. Upfront cost of 1% of loan.

@daveb.3169 Жыл бұрын

@@Matrixsurviverscast1 I've done more research. You don't have to notify the lender. In the past they have rarely called the loan but that may change as rates are rising. There is a company that will offer subject to insurance for 1% of the loan value (one time payment). If the loan is called then this insurance will issue a new loan with matching terms.

@daveb.3169 Жыл бұрын

Well I'm not going to recommend anything because I have no idea your experience or situation. But I was talking about purchasing a house subject to the existing loan. Personally purchasing subto sounds great because I avoid the hassle of getting a new mortgage and will get a much better rate.

@bean6528 5 ай бұрын

The seller needs to just keep the deed in their own name and rent or buy to own. This is ridiculous that three sharks would take 10K each to convince a buyer out of doing what they can on their own.....No wonder the real estate industry is getting sued!

@tribalregencyscharmingcine720 Жыл бұрын

That. Chin.

@SalvadorCovarrubias-rx6gd 11 ай бұрын

Why did he offer the agent $10k on a 400k property when 3%commission would have gotten the agent $12k?

@mrsrhodes9736 Жыл бұрын

What was the thought behind offering the seller $12,000?

@kenpantiyanurak2927 Жыл бұрын

I am a registered nurse. I am looking into buying investment properties with sub-to in Southern California. I will love to learn the whole process. Can anyone reach out to me?

@kenpantiyanurak2927 Жыл бұрын

@@michaelbarcena2782 I just msg you on IG!

@markmcneff9612 Жыл бұрын

Wholesaler gets paid 10k but then has to pay agent 10k... do Wholesaler nets $0? OR what pace should have said is wholesaler gets paid $20k assignment fee but then pays agent $10k from his assignment from the agent, so nets 10k?

@jeffcraig0203 Жыл бұрын

Then, who pays the Seller $12k?

@merchant297 10 ай бұрын

Wao

@valentae2011 Жыл бұрын

Where did the $12,000 come from going to the seller?

@oyitsdanny3807 Жыл бұрын

Your mortgage is $1400/ month on a $400k loan w/3.25%? That makes no sense

@denise2618 Жыл бұрын

Yeah, I get $ 1740 on a 30yr fixed.

@denise2618 Жыл бұрын

Not including taxes and insurance.

@oyitsdanny3807 Жыл бұрын

@@denise2618 exactly, if you add taxes and insurance, plus miscellaneous costs in case something happens, then technically this deal shouldn’t cash flow