I forgot to mention, these REO were mostly apartment properties. A 32 unit. A 4 unit. A 40 unit. A 60+ unit, etc. Also a house in Malibu.
I tried to buy the same 4 unit and 32 unit. My bids were higher but they still got it. From 1972 thru 2000 they underpaid by half of the market value and ALSO GOT BANK financing putting only 20% down.
When I looked up their net worth, it was over 25 million back in 1980. Since then it's more than tripled.
One day I saw the wife who drives a beat up small pick up truck. She saw a painter labor walking down the street in front of one of her builds, a 32 unit -- next to my 8 unit.
North New Hampshire near Beverly Blvd, 90004.
She ask him to paint a small apartment for $100. He agreed. So the wife parked her truck and took 3 1 gallon cans of white paint and mixed it into a 5 gallon buck with also a white paint. None of these paints were the same color. She used Navajo Off White and several other white paints and mixed them together. Using old paint to save money...
And when they were ordered to install heaters for the tenants they installed direct vent heaters, next to window that doesn't meet code. When inspectors came to write up this violation, they walked away with a envelope with cash. Those heaters are still there today... --47.156.xx.xx