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.
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.
Customer Responses, Reviews, or Complaints
Then they process a refund in batches. BUT, the keep the $26.00 shipping charges, so it's not 100% refunded. SCAM!!! SCAM!!! SCAM!! I am still trying to get one of the $97.00 charges refunded. They claim they did, but my bank says there is no $97.00 credit from REOROCKSTARS.
REO rockstars says that they have a transaction #. Well, that transaction means NOTHING to my bank. I said you probably sent it to the wrong bank. I have no idea where it went, all I know it's not in my bank.
I am writing a letter to the National Association of Realtors, to the BBB and to Consumer Affairs in Washington DC and in my home state as well.
This company is a scam company. If they send out 1000 of these a week or even a month, at $26.00 per transaction , that's $26,000.00 per month.
I wouldn't even give them a star. They deserve NOTHING!!
By the time the package arrived I knew I would not be able to work the system the way it needed to be done. Immediately I called their office for their "Honor System Refund", got the return information from Heckinger and sent the unopened product back 4/13/2015. Kristy emailed me that they could not refund to an updated number on my credit card. They would send a check. Now 9/4/2015 with numerous emails to Kristy she does not respond nor have I seen the refund. They must be really hard up when they have to keep $100 from an honest person!! Going to post this everywhere so people think twice before buying from Mike Costigan and REO Rockstars !!
Up to now, more than 3 weeks later, no refund has been tendered. Sent off a follow up email yesterday, September 16th.
Have you used this program? If so how was it?