My Favorite Deal! (Panelist)
After college, Rich worked his way up the corporate real estate ladder to become the broker and owner of ERA Prestige Realty. For the next few years he grew Prestige to a formidable 4 office operation with over 250 full time agents and exceeding 45M in annual sales each year in business. This of course this is when 45M meant something.
After a divorce, he sold the real estate offices and went to work for a leading foreclosure law firm where he studied the legal aspects of real property law, the election of remedies and foreclosure litigation.
In 1993 his expert understanding of the consequences of default lead him to begin investing in foreclosure and tax deed auction properties. Currently he has participated in the acquisition and sale of over 2000 (and counting!) auction properties.
In 2003 Rich’s business model became more focused on an off-the-beaten-path-investment in defaulted mortgages and notes. All in all, he’s purchased 1000’s of non-institutional first and second mortgages and institutional second mortgage notes. He has participated as either a principle or as a collateral file due diligence consultant in pools valued at over 80 million dollars.
Rich is a member of Real Estate Owned Managers Association of California (REOMAC), a member of the National Tax Lien Association (NTLA), a platinum member of Broward Real Estate Investors Association (BREIA) and Miami-Dade County Real Estate Investors Association (MDREIA).
Rich’s experience and real-life examples in the field of default investing creates a powerful yet enlightening narrative that has been enjoyed by real estate investors of all interests and levels of experience.