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.
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At the webinar its for $97 a month.
Which is correct?
Check your credit card statements! They continue to charge random amounts on a monthly basis!
They state that they mailed lifesavers and a thumb drive. I did not receive. They are refusing to refund even with the allotted time.
Don't believe anything Mike is saying. He is proving to NOT be a nice guy, poor business man. False statements about sharing and wanting to give back. All lies. RUN RUN RUN. DON"T TRUST THEM.