If you had friends that were shut down I would guess they were doing something pretty egregious, as it is rare that someone gets the boot without a chance to self-correct first.

Their concern is, if we take a property back, we have to sell it low enough to compete with everybody else's REO.I feel like we are in an environment where banks are actually self-destructing by driving property values down (dumping their stock).They get into a vicious cycle of lowering property values because they are forced to keep lowering REO prices to move them.

After you get to know him, and he you, you can ask intelligent questions about REO...for starters...and it won't appear self-serving.A source like this isn't only good for REO's...and, in all honesty, in the centralized banking world he probably doesn't even deal with them directly...but what's the first thing a new couple moving to town does?

If I had to do the things he does to earn his living, I would do something else.Keep in mind that Mike operates a self-employed business.

You can end up owing SET (self employment tax), too, depending on how you structure it.

Also, your one selling price needs to take into account closing costs, potential hard money points assessed to your buyer, repairs... and your assignment fee.

He probably would have been successful had he not even gone to college but music (he even got a Masters Degree in Music) contributed greatly to him.His first business about 5 years after college was writing a set of music books with my mom (also got a Masters in Music....lol) and self publishing them.

It may also be subject to SET (self employment tax), about 15%.

Tell us about your self and your background and goals in RE investing.

After the adjuster for the hoa came out to assess, the missing caps, they all mysteriously started appearing back on the holes.Any thoughts or feedback would be appreciated.Thanks.Benjamin Subercaseaux