REO Rockstar Reviews – Legit or Scam?
from 26 reviews Review It


REO Rockstar is a new program being promoted by Preston Ely which claims to give anyone the ability to flip foreclosed homes each month, without using any money or credit, and without any risk.

Traditionally, the term “flipping houses” comes from a real estate investment concept centered on buying cheap homes, fixing them up, and then quickly turning around selling them for a profit.

Unlike the traditional method of flipping houses, Ely says that you will not need to do any work on the houses you acquire – in fact, according to his presentation, with the REO Rockstar system you can get a house and flip it for a profit in less than two hours.

How Does REO Rockstar Work?

Ely says this program is made possible through a secret loophole in the $787 billion stimulus bill which allows people to flip specific types of foreclosed properties without closing on them, without using your money or credit, and without risk, experience, or manual labor.

These properties are REO, or real estate owned, properties meaning that they were foreclosed on and remain in the ownership of a financial institution due to unsuccessful attempts at selling these properties at foreclosure auctions.

But having these unsold foreclosed properties on their books is actually bad for the banks, so the banks are willing to let them go at a fraction of their value.

The REO Rockstar online training system consists of an eBook, a series of how to video training sessions, all the forms and contracts you will need, email support, and more, all for just $37.

The Concerns

It is always healthy to be skeptical regarding systems which claim that they can teach you how to make money using secret methods that they will reveal to you after you have paid them. However, REO Rockstar is not the first home study course on real estate that makes these promises.

Perhaps the biggest issue with this program is its sales method. Preston Ely’s entire presentation is focused on convincing you how easy this system is, how anyone can do it, how you’ll be able to use his automated system to sell houses for you while you are “laying next to the pool.”

He even says directly in his presentation and on his sales page that this system takes so little effort that he – the “laziest guy he knows” – can be successful with it.

However, in direct opposition to this is their earnings disclaimer, which says that to make money with this system takes lots of hard work and effort and that “lazy people” will not be successful with this system.

It is not uncommon when selling any product to try and cast it in its best light and to highlight all of its attributes so someone will want to buy it. That’s what selling is. But to base your entire sales pitch on how even the laziest person will be successful with your system but to say directly in your fine print that this is a system requiring hard work and lazy people will actually not be successful with it, well that’s just deceptive marketing.

If you are still willing to pay the $37 for the system to see what is involved, be aware that if you have complaints regarding what you receive, they have no refund policy stated in their Terms & Conditions.

If you're at because you are looking for a way to make money online then check out our article "7 Ways to Make Money Online" - methods that anyone can use to earn an income from home.

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Customer Responses, Reviews, or Complaints

Average Rating for " REO Rockstar " is 2.12 out of 5 based on 26 reviews.
  • Just sold my first REO property all thanks to Mike Costigan's REO Rockstars!!!

    Like a lot of the people on here I wanted to find out if this was a scam. Once I realized there was a difference between REO Rockstars and REO Rockstar I went ahead and signed up with REO Rockstars. I am glad I did because it really helped me understand how to make connections with asset managers in my area and then make the sale.

    I cannot speak for that other program but Mike's program works as long as you follow his course and get on the coaching calls. I know my sale is just one of many REO opportunities for me in my RE business.
  • Seeing the reviews on here, I realized that their is a big difference between REO Rockstar and REO Rockstars. I eventually signed up with REO Rockstars since the two programs were being ran by two different companies. Mike Costigan with REO Rockstars helped me identify asset managers in my area, when I was clueless on how to even start.

    Now, I have a relationship with two asset managers and really got the ball rolling in getting the REO side of my RE business running and running with great direction. I was really skeptical when I saw the reviews here but once I realized that REO Rockstars was different, I figured to give it a try and it's not like they don't back it up.

    Highly recommend Mike and his program. I know it's going to be helpful in increasing my business this year as it has already given me direction on how to make connections on something that would have taken me a LOT longer to figure out.
  • I wanted to leave a review on here since I've wanted to add the REO business to my traditional real estate business, and came upon REO Rockstar and REO Rockstars. I ended up purchasing REO Rockstars since Mike had a ton of experience in REO and consulted with other agents already in his program.

    I am enjoying the program because it has zero BS and I've already connected with some asset managers in my area. I would not have known to do that if it wasn't for REO Rockstars. I am glad I purchased the program and saw the difference between REO Rockstar and REO Rockstars. I am giving the online course REO Rockstars 5 stars. Highly recommend for anyone who wants to add REO to their RE business.
  • REO Rockstars is great! It’s pretty cool to be able to learn from a guy who really cares about helping agents. Mike will spend personal time whenever you need. That’s not something you find very often with coaches. He’s a regular guy and treats you like a friend. It’s an interesting niche as well. Banks aren’t emotional. They just need agents to sell their homes fast and Mike shows you how to do that. It’s a good skill to know and I figure that for $300 you really can’t go wrong with REO Rockstars. Heck, you get a list of banks and links to their REO agent registration pages. That’s worth it alone. The program itself walks you through every step of learning to become an agent for banks. It’s also nice that it is broken down in little bites so it’s easy to follow. There are a lot of really good agents in the FB group that are helpful as well. In my opinion it is pretty important to be educated in all sides of real estate because let’s face it, the market does cycle. Mike’s program is a great resource and I think it’s a lot better than any of the “education” that you get from most real estate companies. And when you need support you get to talk to his two girls on the phone (rare these days) who have managed his traditional and REO teams so you have access to a LOT of knowledge. He has a lot of great reviews in Trustpilot. In reading this page it looks like this got mixed up with an investor program that a guy named Ely or Preston used to have. Mike is a different guy. REO Rockstars is worth every penny. I highly recommend it to new and established agents. There is a lot of learning for everyone and the support ROCKS.
  • So today is 21 April 2022. I checked the reviews and this person has been scamming people since at lease 2015. Man that's a lot of money they have scammed people out of. They are liars and thieves. Do not spend your hard earned money on this get rich quick scheme. They will be rich not you. Keep your money.
    • You are so right. I am a REO broker for 15 years. I actually have contracts with Fannie, Hud & the VA. I got them from going to real estate conferences and meeting the asset managers. At the present time there are a minuscule number of reo properties available. But taking these courses only line the pockets of the presenters.
    • the classic "there's gold and I'll sell you the map and the shovel"
  • I'm a relatively new agent and received an email that was pretty vague as to who it was from inviting me to a webinar on selling REO Properties as I'm always looking for new ways to increase my business as well as my own investments I decided what the heck I've got some time.

    Now I guess my first clue should have been that I registered for one Webinar that said this is a ONE TIME ONLY OFFER due to something coming up. Only to find an email the following morning offering me a SECOND chance to attend another one. So I listened to what I'm sure was a prerecorded Webinar telling me all about this wonderful program and how easy it is and all I have to do is register for HIS class.

    So glad I checked here as well as several other sites prior to spending a cent. Sadly there are far too many of these "Let me show you how to make millions doing something" When all they are doing is making millions doing seminars or webinars!
    • I believe you are right ! I get an invite everyday and signed up for 2 different times since I wasn't sure if I would be done in the field for the day. Both webinars were the exact same right down to the end with the same questions, the white screen of death, it being at the max for agents and brokers and even him saying the exact thing at the end when he "thought they turned off the sound and ended the webinar" about it being a great group, great questions and him bumping the price up to $1,500 after today. I'm glad I came here before signing up.
  • I believe this is a scam
  • Guess I needed this page when they started this crap. Agreed to pay 97.00 3 months. Now I have monthly subscription for 65.00? What the H E Double toothpicks! Check your bill when you sign up!
    • Same thing here. I had to email 3 or 4 times to get it straight. No mention ever on their part about additional charges AFTER the 3 mos. I finally got my money back, but not very happy with them. I also didn't like that he liked to slip in that he was a "hypnotist". Really???.
    • In the seminar 7/30/2020 and he has not reduced the cost originally from $2197 to 3 X $97 and now, to just 2 X $97. He keeps saying, don't have any time to answer questions now, sign up for course first then ask questions. Glad I found this page. This is truly a scam, preying on those of us who are having financial difficulties. I hope Karma gets him.
  • After reading all the comments from all the gullible people I would not sign up this program. I have posted several places to be aware of this scam artist.

    In his presentation he has invited and encourage the agents who are totally new and have not sold a single property. That made me suspicious of this person as no reo company will entertain if you have not sold atleast 10 houses a year or are in a grp of several agents. Your application also have to go through the broker who will be paid the commission not you as an agent.

    Any listing you have from these REO vendors it is with your RE Company not with you so your broker of the record has a big control on them.

    This scam artist is hitting all the new desperate agents or those who are losing the business.

    Stay away from any such deals.
    • They have been charging my credit card and now I am up to $454 dollars. They do not make that readily apparent and I just checked it and thought I was paying like $250 for the course but now I am out Almost $500!!! For what?? I was only supposed to be charged for the first initial video?? SCAM! Another $97 and $67 just came out of my account!! And there is no number to call etc. !!!
  • I asked for a refund today 5/16/19 Ordered subscription yesterday & the classes the day prior. I will keep you posted on the refund.
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