So being local and on top of it has numerous advantages.

They would get paid management fees, hefty salaries, and most likely, numerous other sorts of fees to operate the company.

I have had numerous conversations with Robert over the phone and in person on topics including marketing, women in my life, REIA goals, personal goals, health issues, networking, management, and even how to hypnotize a chicken.

I agree with you Flipper, but at the end and after the banks numerous deductions you end up buying where I suspect is 10-20% of final and reduced list price which most probably is 15-20% of as is market value.So in essence you are not purchasing these REO at 50% original list like your 1st post claims.

(That's 1,200 x $2,495 = $2.99 million a month, in case you left your calculator home.)Allen is just one of dozens of artful salesmen who preach fancy financing, "no money down," flipping properties quickly and numerous other strategies to get rich buying and selling real estate.

I have seen numerous examples of downturns and recessions to know that your statement does not apply to everyone.

Everyone that I have spoken too recently in terms of plumbing has been praising this stuff so I did some research and found a lot of faulty material.

@Robbie Knecht I look for many red flags which will be a sign that they are motivated to sell:* Very tall grass*windows covered up with boards, tape, sheet, or card board*damage roof or garage door*Paper attached to the front door (could be letters from the city)*Mail spilling out of the mail box*broke down cars in the front yardThere are numerous of signs that you can look for.

It is a rather large first deal to do in Multifamily (250 units, 5 retail spaces in addition), and it is a property that has tremendous capacity for forced appreciation, as well as multiple viable exit strategies.I have written numerous business plans for different business types, but I have never done an in depth plan for real estate to secure funding on this scale.  

Everyone calls me xcaliguy cause i'm from San Diego and i praise about it all the time lol