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snwmot 06-01-2012 1:43 PM

house flipping seminar???
 
has anyone ever been to one of armondo montolongos seminars? hes the guy from that a&e tv show long story short my grandmother went to his free seminar and purchased his 3 day course for 1500 bucks upon telling me this i did some research and im afraid she may have been scamed i read lots of reviews calling it a scam but ive also been reading some that are claiming success any thoughts??? thanks guys

bigdtx 06-01-2012 3:03 PM

Is your grandmother a construction/renovation contractor?

He's been sued multiple times.

jperkinsttu 06-01-2012 3:15 PM

Yeah he's a total dbag. On going lawsuits. I would not touch one of his places with a mouse click.

spencercoon 06-01-2012 3:22 PM

Quote:

Originally Posted by snwmot (Post 1756514)
has anyone ever been to one of armondo montolongos seminars? hes the guy from that a&e tv show long story short my grandmother went to his free seminar and purchased his 3 day course for 1500 bucks upon telling me this i did some research and im afraid she may have been scamed i read lots of reviews calling it a scam but ive also been reading some that are claiming success any thoughts??? thanks guys

If your Grandma has the cash to invest and would like an experienced partner PM me. I have flipped over 90 homes in the past 4 years here in Phoenix. I feel bad for her. Hopefully the class works out or she can get her money back...

poser007 06-01-2012 9:31 PM

over 90 properties in 48 months? That is flipping a property every 2 weeks for 4 years. I have some experience in flipping properties and I can say that I have never in my life seen anyone have that much success flipping properties. On the majority I would make a profit but on many I lost money or came out near even after renovation Realtor costs etc.... The fastest flip I ever did still took 45 days from purchase to resell and close. Some properties took over 2 years to sell and others never sold. I'm just saying if what you are saying is true then you should start selling your Real estate strategies or do your own seminars.

Back to the original question. These guys on tv are making their money by selling their product. If they were doing so well at flipping properties then that is what they would be doing full time. They may have had some success at the Real Estate game but realized they could make more money selling their ideas then trying to actually implement them. That being said I have purchased many of these systems over the years from Carlton Sheats to the tax properties program. While most of the material is nonsense there are a few things I picked up from them.

Your Grandma didn't get ripped off. She was interested in making money purchasing properties and she spent the money to find out the secrets from the so called Guru. If she finds any nuggets from the course and implements them and makes money then it wasn't a loss. If not then she wasted her money. It's up to her to use the techniques to purchase and make a profit from the system. In the long run whether she or anyone else makes a profit from this one thing will remain true, the guy selling the system is raking in literally thousands from selling the course. Keep us posted

spencercoon 06-01-2012 11:04 PM

Quote:

Originally Posted by poser007 (Post 1756599)
over 90 properties in 48 months? That is flipping a property every 2 weeks for 4 years. I have some experience in flipping properties and I can say that I have never in my life seen anyone have that much success flipping properties. On the majority I would make a profit but on many I lost money or came out near even after renovation Realtor costs etc.... The fastest flip I ever did still took 45 days from purchase to resell and close. Some properties took over 2 years to sell and others never sold. I'm just saying if what you are saying is true then you should start selling your Real estate strategies or do your own seminars.

You make it sound so unrealistic. I have been fortunate enough to only lose money on 2 deals. Accounting for those losses I average a 7-10% profit on each flip. Selling a home every two weeks isn't impossible if you have enough properties in the hopper. My goal is to buy 4 homes a month but it doesn't always work out. At any given time I have 6-12 homes getting ready to be sold. From purchase to resell it usually takes anywhere from 45-90 days. As far as "selling my real estate strategies" goes I have never thought of it but I am always looking for equity partners.

jonathanwood 06-08-2013 12:44 AM

I haven't been in a house flipping seminar but the ultimate goal of any house flipping project is to make money. You should always have an idea or how much money you want to make on your house flipping project. Flipping houses was a big trend for a while there, until the housing market failed. However, the quantity of people doing it has begun to increase.

srock 06-08-2013 8:06 PM

In a gold rush its often the sellers of shovels and pick axes that make the most money.

poser007 06-10-2013 6:34 PM

Before the Market crash I was doing very well buying and selling real estate. It's like anything else you invest in..Buy low sell high. If you are in a market where the houses are starting to move again and you can find a house at lower then market cost with relatively minor improvements that need to be made making room for realtor fees etc... then more power to ya. I wouldn't touch a house unless I felt I had at least 30-40 grand in profit when I flipped it. Even with that in mind there were times I lost a little bit of money. As far as the seminars I will say this, I have been to a couple and I did pick up a few minor nuggets but the reality is the guy putting on the seminar is making his money from the purchase of his how to material. If they were making a killing selling real estate believe me they would be out there doing it still. Selling to schmucks like you and me is easier then looking for properties, dealing with contractors realtors and buyers escrow companies attorneys etc...

These types of seminars are very good money makers...these people realize with the right marketing and hype they can get 100 people to a seminar, get them excited about making big money in real estate and selling their packages for $1500.00 Heck if they just have 25 sales and 75 people walk they just pocketed 45 grand in a 2 hour event. They do that 2-3 times per week moving across the country and they are making some serious money. I guess you can say there is one born every minute and yes, I have been one of those suckers.


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