This is a number given by a broker for First Choice REO Goup. He called from 888-892-5201.

This is very questionnable. They claim to be selling bank owned properties in Detroit. They actually have you buy unsellable crap. There is no  broker presently licensed under the name John Roberts in Michigan, the broker they gave me in Detroit who would sell the property within 30 days for a 100% profit.

When you call the 888 number, they answer "Corporate Headquarters" not "First Choice REO Group." When you call the broker's number, it goes to voice mail and he doesn't return calls. Maybe because I asked for his Michigan license number.

Too many inconsistencies for me.

I got the same call from the same number (888 892 5201) and have been trying to research their claims.

Here is what they told me: They work mostly in the Detroit area right now and need individual investors because of some law that says banks can't sell more than 5% of their REO properties to a single investor. You buy a home for say $10K, they package it with other homes and sell the package to a hedge fund for $15K to $20K per home. First Choice takes a 20% fee of the profits only and the whole process takes 30 to 60 days. Sounds to good to be true.

I have done some research and have not found any law restricting the amount of REO property that a bank can sell to a single investor. In fact I have found numerous "REO Bulk Buying Programs" touting different ways to profit from buying huge blocks of REO property.