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.
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.
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 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.
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!
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.