9A: Rodd Phillips - Investing In Detroit

The Real Estate Lab

[00:02:20] Rod's LinkedIn: https://www.linkedin.com/in/roddrickphillips/

Rod's email: [e-mail]

Free Facebook Group: www.EastWestVentures.com/AIMS

Schedule a call with me: www.CallwithVee.com

[00:11:14] Rod's girl friend got him the book that started his real estate investing career. Rich Dad Poor Dad - https://amzn.to/37PMmHY

[00:12:53] Rod mentioned about CAREI (Colorado Association of Real Estate Investors). CAREI was founded by our mentor Bill Bronchick in mid 90s. It's now being run by someone else.

[00:14:03] Door knocking is a really effective lead gen method.

- Foreclosure is a legal process in which a lender attempts to recover the balance of a loan from a borrower who has stopped making payments to the lender by forcing the sale of the asset used as the collateral for the loan.

- Short sale is a sale of real estate in which the net proceeds from selling the property will fall short of the debts secured by liens against the property. In this case, if all lien holders agree to accept less than the amount owed on the debt, a sale of the property can be accomplished.

[00:15:17] A double closing is the simultaneous purchase and sale of a real estate property involving three parties: the original seller, an investor (middleman), and the final buyer.

[00:20:07] The judgment that Rod talks about here is called a deficiency judgment. A deficiency judgment is an unsecured money judgment against a borrower whose mortgage foreclosure sale did not produce sufficient funds to pay the underlying promissory note, or loan, in full.

Rod delayed the foreclosure longer, which allowed the seller to stay in her home without pay her mortgage payment a while longer.

[00:20:38] Loss mitigation refers to the steps mortgage servicers take to work with a mortgage borrower to avoid foreclosure.

[00:24:14] Tim Goff was another mentor of ours. Unfortunately, Tim passed away a few years ago.

[00:37:23] Rod bought cheap houses at the Detroit tax auction. First auction is in Sept every year. The second auction is in Oct. Houses that didn't sell at the first auction will start at $500 at the second auction.

[00:40:24] Rod likes to buy in 48219 zip code

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