Well, multi family homes selling for $4,000 are mainly going to be city tax foreclosures where the properties have been abandoned for years in some cases and they are all going to be in D areas.  

@Chris McDaniel I simply told them "thanks for your interest at 123 Main Street, unfortunately you're application was incomplete and you did not meet our criteria.

It is located in a nice town but on a main road.

My parents were the inspiration - mainly my mother. 

But he just a small guy with only a few guys working with him and I already booked him til November, and hopefully he is my main guy so I'll keep him busy til he quits showing up. 

The main reason is liability protection, but as @Terry Alexander mentioned, when you structure your entities correctly and do so working with lenders, it does open you up to a much larger pool and world of financing.

BTW a bank does not have to make a loan - but packaging mortgages was the most lucrative business - which of course led to the crash - banks did not care to whom they loaned - they made so much money on the tranches, they just needed to keep inventory coming so they could sell it to the stupid well heeled investors - it is mainly the banks that brought the crisis to us, by not having to make a buck - by lowering their criteria and lending to people they clearly should not - but as they had no skin in the game once it was tranched so who cares!

Notes originated for the secondary of institutional portfolios are not the main thrust, those come from distressed situations directly with the bank and borrower in unique situations, not tapes.There are much better note opportunities from the note holder, not brokers.

I mainly focus in the San Fernando Valley and some parts of West LA.

I guess the main goal I see initially is getting people face to face and aware of what we are doing in real estate.