Odell Barnes (entrepreneur)
James Odell Barnes Jr. (aka Odell Barnes) has earned the nickname "Foreclosure King." His firm, Odell Barnes REO, is a bulk-buyer of foreclosed homes in the United States. For decades, Barnes has been buying foreclosed homes in bulk from banks and other mortgage-lenders and selling them to a network of private investors and directly to homeowners. Barnes and his investors sell the homes below current market value, typically with low down payments and higher-than-normal interest rates. Foreclosure crisis Odell Barnes gained notoriety after being featured on "Nightline". In 2008, with the Financial Crisis in full swing, Odell was one of the few people still doing well in the real estate market. "Two years ago, you bought 100, 200 houses a month, now you buy 2,000 to 3,000 houses a month and it's going to be more," Barnes said. "They don't know what to do with them, the mortgage companies, and they're just dumping them." Business practices Barnes buys homes from banks at deep discounts ("pennies on the dollar"). He and his investors mark their homes for sale at prices below comparable rentals and apply higher-than-market interest rates. "People want to own a home," said Barnes. "And these people -- they're