Who Is Phill Grove?
Phill Grove is the Founder and President of Love American Homes and Hippie Hollow Homes of Austin, Texas, as well as the creator of the real estate program known as Assignment of Mortgage Payments System. These companies provide real estate services to investors and real estate agents nationally. Services include training and mentoring, marketing services, short sale transaction processing, partnering, and much more.
Phill Grove | Background
Phill Grove was born in western Kansas and raised in the Northeast. He got to Texas as quickly as he could! Phill Grove graduated from George Washington University with a degree in Electrical Engineering and spent the next 16 years working as an electrical engineer, field applications engineer, sales person, sales manager, national sales manager, marketing executive, and ultimately, as a Director and Vice President of Marketing for a Fortune 500 company and several start-up companies. In 2003, Phill Grove ‘retired’ from his Corporate America gigs and decided to become a full-time real estate investor.
Phill Grove | Real Estate Investing Career
Phill Grove began his real estate investing career on December 15, 2003, and now owns many properties throughout central Texas. Phill Grove transacted most of his deals through short sales. In 2003, Phill recognized the market was changing, and using his analytical engineering experience, created a business dedicated to the process of transacting short sales. He grew his business by using his marketing experience to advertise his business to Realtors and other real estate investors.
Behind the Phill Grove Real Estate Numbers
Here’s a brief video from Phill Grove discussing his real estate experience in his own words:
Phill Grove estimates that he’s been part of well over 1,200 real estate transactions totaling over $200,000,000. How does he come up with these numbers?
For marketing purposes, when people ask how many deals the REI Maverick has been part of, Phill counts performing short sale transaction processing, which assumes that the lender actually negotiates and accepts or counters an offer as one deal or a transaction, and if he is able to acquire the property and flip, it is counted as another transaction. When he got really good deals, Phill Grove kept the properties as rentals or just bought and flipped. Probably millions of dollars of profits have been taken in the form of equity on these rentals rather than immediate income to help build wealth. Between 2004-2009, Phill estimates participating in about 20 transactions a month, which is how he came up with his conservative number of 1,000 short sale transactions.
In addition to short sales, Phill and his wife Shenoah have participated in about 70 renovation projects that involved some level of renovation (ranging from $100 to $1Mil) from 2003 through 2010 and have also helped other students and family members. This is how Phill claims to have participated in over 100 renovations projects.
Some of these projects we got as short sales, but most came from other types of marketing. For example, many renovations and other creative deals have been done through partnering, and when Phill claims to have ‘partnered on over 100 renovations and creative flips’, it has been through working with others, and is probably a light estimate.
Therefore, when you add everything up that Phill Grove has participated in, it’s an estimated 1,200 transactions (including wholesaling, partnering, buy & holds, flips, and short sale transactions). With the average property price estimated at $175,000, it adds up to around $200,000,000 in properties that Phill Grove has participated in. Now, it’s not $200,000,000 in PROFITS, rather it’s just real estate transactions, but, believe me, there’s still some good profits from these transactions. And I hope to hit the $200M mark in profits someday!
Phill Grove | Real Estate Investing Community
In addition to running these companies, Phill Grove is an active member of the Texas real estate investing community. Phill Grove helped establish the Texas Association of Real Estate Investors (TxREIA), a statewide association created to promote ethical standards in real estate investing. Phill has lobbied the Texas legislature for favorable treatment of investors. Locally, Phill is active in the Austin real estate clubs as a board member of the Austin Real Estate Investment Club (REICAustin) and the President of the Austin Real Estate Networking Club (Austin RENC) – the largest investment club in Central Texas.
Phill Grove | Investor Guru?
People often ask the REI Maverick why he has taken on the extra task of becoming a real estate educator. Skeptics like to throw the old axiom: “Those who can do; those who can’t teach…” at Phill and ask why he’d teach if he was making so much money in real estate. Let’s hear what Phill Grove has to say:
After investing for several years, and frankly gaining a reputation in central Texas as a ‘very experienced investor’, i found that by 2008 I was getting asked frequenty to speak to various groups about investing. To me this has always been an opportunity to network and invite others to bring me deals or partner on deals with me. Also by 2008, my wife and I were offered and purchased the largest investor club in central Texas (http://www.AustinRENC.com).
When I’m available, I’ve always been open to accepting meetings and luncheons from others who want to pick my brain about what I know and what I’ve done. In fact, I believe it’s a responsibility that goes along with success in this business. Well, I started spending about 2 hours a day going to lunch and helping others when my wife, Shenoah, said “Why don’t we just create a new investor class and offer that to anyone who wants to learn?”.
This investor class grew in popularity and turned into an online training class and it was then picked up by some big-name national internet marketers that sold thousands of copies.
Phill Grove is still an active investors, though he admits that as the education business took off, it’s taken time away from his investing business. Since his courses are online, he travels the U.S., which makes it difficult to focus as much time on his Texas business as he’d like. But Phill still has a passion for doing creative deals, and if you visit his website, www.HippieHollowHomes.com, you can still see some of the deals he’s involved in.
So to answer the question ‘if your real estate business is so lucrative and fulfilling, why teach?’ Because teaching is lucrative and fulfilling too! I really enjoy teaching and get great satisfaction from hearing about others success stories. If I can satisfy a passion and make money doing so, why wouldn’t I partake in that business? In fact, I wish everyone the same satisfaction out of life.
Phill Grove | In the News 2013