Hello BP community, I was approached by a local broker to help her with some bank reo's in Texas, Florida, and California.  I am trying my hand in virtual wholesaling I was trying to get an idea as to where are these ...

I am not a former student of the Rich Scam program. 

I know when someone calls from overseas, a red flag goes up for me since there are so many scams that occur over the phone from overseas.Perhaps the real estate agents you called didn't have experience enough to realize it was a legitimate business opportunity and an opportunity for further investments.Keep trying, it may be well worth your time.Andrea 

I don't really see HUD getting to involved in a residential equity fight or foreclosure, unless there is an issue for bigger fish to be fried, like investors being scammed and such notes were given as collateral for other investments.Buying a note from an individual usually doesn't give you much to fall back on in the event of fraud or omission, they get the money and spend it, how would you force them to repurchase the note if they don't have the ability to do so....The proper origination and compliance of origination can be covered in the purchase contract for the note, a repurchase required if the note is found to be worthless, but look to the ability of that broker or "institution" to do so.On any note originated after July would need either the seal and number of a MLO or the Bar number of the attorney who originated the note for me to be comfortable, perhapse if I had true copies of the transaction and could show clearly that the seller was exempt in that transaction, I'd consider it.

I have a set amount of money to devote every month to my direct mail campaigns.If I initially select say 200 for each group to start with, what happens next month?

You verify his income and don't accept his word for it.You never allow the tenant to supply his own credit report-- too easy to modify.One scam that must happen everywhere, but I've only seen it in Southern California, is that a nice clean couple with income and good credit come and rent the house.

Lots of scams out there.

A lot of the REI events are marketing seminars and I want to network with actual investors not people selling an MLM investing scam.

Rich Dad Education seems to be a total scam.  

These guys are, mostly, scam artists who are trying to sell their products.