REO’s
As of last night, I made an impulse decision to not only wholesale real estate owned by owner-occupants and landlords, but also to wholesale property’s that are Real Estate Owned (repossessed by the bank). I went ahead and splurged on a coaching program called, “REO Rockstar” by Preston Ely. As broke as I am right now, the $1K price tag has me hurt right now. It may be a while before I can buy fresh produce and steaks again. But what the hell, it’s only money right? Right. Plus, he has an arrangement that as soon as you flip your first REO property and send him a testimonial video about it, he refunds your $1K! I can’t lose! Due to the record setting foreclosure statistics, I had to add REO wholesaling to my arsenal. One of the two coaches for this program, flips approximately 20 REO properties per month. Most wholesalers average $4K or more per flip, so let’s do the math, I’ll say even if he only made $1K per flip, that still amounts to $20K/month or $240K/year. I’ll take $240K/year. But really that guy is more like doing a couple M’s per year. The program lasts 90 days, so by July 1, 2009, I should have some news to report about some REO flips in the pipeline.
- Justin
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