Tuesday, October 9, 2012

Armando Montelongo's Real Estate Course

As a real estate investor and mentor, I get a lot of emails asking for information on the "infomercial real estate gurus". I even helped IntelliBiz put up a site that provides reviews of the better known gurus, to help folks do their due diligence. But I still get the emails.

Of all the gurus, the one most people want an accurate review of is Armando Montelongo.

Mr. Montelongo was once the star of the A&E series, "Flip this house". The series would showcase how they would buy a home in need of rehabbing, fix it up, then resell it for a profit. Quite interesting. But the problem lies in the simple fact that in most cases, the show paid nearly full value (to insure getting the project house), and the profit might not have been NET profit. And you should understand that Armando Montelongo & crew had the financial backing of A&E. The average investor cannot compete with a corporation who can get huge discounts by paying cash up front.

Now, Armando has moved on and is promoting his own real estate course, seminars and training - all at a very high price.  The problem: the people he teaches do not have Montelongo's money or other resources. If you did, you would not need his program.

And that is pretty much the story with most of the "infomercial gurus". They all charge an arm and a leg (except for the IntelliBiz course, "The Simple Man's Guide to Real Estate") and their "mentors" are not real investors - they are telephone operators ("The Simple Man's Guide to Real Estate" includes FREE mentoring by actual investors).

As for Mr. Montelongo, Joe Covert writes, "I have some info on Armando Montelongo. His hard money lender foreclosed on 27 houses he owned in April 2007. Also, he overpays for his houses. One time he was competing against me for a repo I tried buying. Instead of bidding low, he offered full price, which made no sense to me. Later this house was one of the 27 he was not able to sell, I assume because he paid too much for it and tried selling it for quite a bit more than retail. I've been flipping in San Antonio for ten+ years and he never seemed genuine to me. Rather he seems like someone who attended a real estate seminar and upon graduation became an "expert"."

That said, everyonre has to do their own due diligence and if determined to learn real estate investing, must eventually make a choice.

Choose well, my friend.


1 comment:

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