|
|
Bio - Philip A. Cates
Fifty six years old, father of four and grandfather to twin seven year old girls. He has an entrepreneurial background. In 1974 he was one of the first people involved in recycling products. He cut used whisky barrels in half, creating the first whisky barrel planter. This new type of planter helped the distillery industry dispose of barrels and provided a wildly successful landscape product, which continues to be very popular.
In 1987 Phil entered the mortgage industry becoming a top loan originator and soon, the host of RNN (Real Estate News Network), one of the first radio programs dedicated to real estate. As luck would have it `87 was the perfect year to get into lending, since interest rates had just tumbled from 13%-9%. He was very successful for six years, but without the experience and wisdom to understand that real estate is a cyclical industry, and the good times do come to an end, he lost all he had gained, resulting in bankruptcy.
Financially devastated and embarrassed by his lack of insight about real estate cycles, he stayed in the lending industry but changed his perspective on life. Out of his personal collapse he began to realize there had to be more to life than just making a lot of money, especially now that he had no money.
In 1996, while still searching to find out what he wanted to be when he grew up, he accidentally discovered how he could make a difference in the world: lending to those who care for people with developmental disabilities. After eleven years in this field, his company, Service 1st Lending "Critical integrative support for all special people" is recognized as a lender that supports the residential care provider in serving the needs of special people.
With 21 years of mortgage/real estate experience, Phil has gained considerable knowledge about real estate cycles and in fact, predicted in 2004 what the market is currently going through. He says, "You don’t have to be clairvoyant or an economist to understand that real estate cycles, all you have to do is live through one and lose everything, and you figure out how to avoid being slaughtered by the next one"; also known as 'the school of hard knocks'."
His experience and comprehension of the real estate cycle, coupled with his desire to help people avoid foolish real estate mistakes like he made in `96, has enabled him to teach his clients the risks associated with buying property during the upside of a real estate cycle. Heeding his advice, though difficult to do, many of his clients fought the desire to buy property. By taking a position on the sidelines they watched the frenzied real estate market climb while millions of people continued buying homes, unaware the upside of the cycle was over and the downside was about to begin.
His willingness to forgo large commissions on loans and his courage to inform people of the reality of real estate saved those who chose to take his free advice, hundreds of millions of dollars. Why would Phil do this? He's not interested in immediate gratification; he is interested in clients for life.
|
© 2007 www.StJosephStatue.com
All Rights Reserved
| |
( Phil Cates - Circa 1992 )
Phil hasn't required a recent business photo, but here's what today's 56 year old grandfather looked like when he was a high roller in 1992, four years before he lost it all and wised up.
|
|
