This is just a hunch, but i think they had a big board meeting when they were nearing there target reserve levels to initiate release and it went: "well boys n girls, we will have the reserves built next week to start dumping these reo's, but know what, our lobbiests rocked and got us all the money we could ever need, and I'm loving these reserve numbers, screw it, lets invest these reserves and make MORE, and just trickle those reo's out until values make it worth our while to dump em" "but sir, what if these decaying assets start costing us, in Michigan we have to tear them down?"

Just wondering if anyone has gone through this route and on what level.

Michael,I think there are different levels, but realquest.com I believe has a trial period they offer then its 149 a month.

There are many ways to make money in real estate, but each of them requires some level of education, experience and skill.

The crazy part of this is that the wife went to the same college and me and they attend the same church i attended while i was living in Chicago.

While I'm open to pretty much any type of partnership opportunity (if the deal is right), the rehabs I've been doing for other investors have mostly been just a flat-fee type of arrangement where I come in and take care of all details of the rehab.Basically, I consult on the level of rehab and finishes, put together the deal analysis, help put together the budget/schedule, and then bring in my contractors, manage them day-to-day and complete the rehab for the investor as we've agreed (or as he wants).

Actually, I said the opposite way... if you're getting $3,000 a month out of a $135k property, that sounds very good (at a 50,000 foot level)... where I said you were getting fleeced was putting $100k down on a $135k property and getting charged 11% on the $35k note.I'm still not sure I understand your financing situation.Hard money on a buy and hold property tends to make cash flow pretty tough due to the higher interest rates.

(this is usually NOT the best course of action)All the attorney will do is hire a collection company that has more bark than bite and rarely collects any money.The other option is to use a judgement recovery company.They usually pay the court costs and filing fees and then split 50/50 of whatever they recover.Sometimes they will buy the judgement outright for real cheap.In this case you get your cash right away and move on.Judgements depending on the smarts of the tenant can take 3 months to years to collect.Some tenants are judgement proof.This can happen when:1.The funds are retirement funds in a bank or social security where money can't be taken.2.The tenant works a job where their income is at a level where they cannot be garnished by Federal Law.Even when you can garnish you can only take 25% each time.If their are other judgements already garnishing then the 25% gets split up among the garnishments.85% of judgements never collect a dime because of the work involved.Even if the judgement company you employ chases the tenants for money the tenant may pay or they might just file BK if they have other debts.A chapter 7 costs thousands so it would depend on their other total debts and how much your judgement is for.This is why it is important to carefully screen tenants.They need to have good credit,a good job with long work history,etc. or something where you know you can collect if they default.If you have multiple tenants staying in one place and they all make minimum wage it will be hard to collect on them later versus one person showing great income.Hope it helps.

Cost segregation works at virtually any level when there are sufficient assets in play to work with.

Glenn I am not a fix in flip person but this deal doesn't sound that great to me.1.What are the saturation levels and inventory you will be competing with on the market and pricing??