Armando Montelongo - F Rating with BBB
I find these people in this report gullible dimwits personally. Why would you cash out your retirement account and then invest $1M of your hard earned money in properties based on advice from other people?! What ever happened to good ol' due diligence? I guess the old saying, "A fool and his money are soon parted," will always ring true. Crazy how greed just destroys people. News report with video:
http://www.wtae.com/news/investigation-reveals-fli...
And what's up with Armando's hair? Dude supposedly made $50M last year. You'd think he could afford a decent dye job and stylist. He looks like a 1990's Bobcat Goldthwait.
Part 2 of the story is here:
http://www.wtae.com/news/part-2-the-flip-side-of-h...
Best statement, "It's a business and you get out of it what you put in." I certainly don't think he's talking about writing big checks. He is more likely talking about that 4 letter word newbs tend to think doesn't go with flipping houses: W-O-R-K
Not to rag on anyone and I know it's been said over again but with the amount of money people spend on these types of courses they would be much better off just buying a place and going for it. When I started I had no idea BP even existed and it would've helped tremendously but by reading decent investing books and using some common sense, all my experience came from the real deal.
Hard knocks aside, you can't put a price on real life experience vs some guru course designed to magically work in every market. I cringe at the amount of money people spend on these programs and never end up even doing a deal.
Any sales seminar if people believe that someone is going to work with them one on one for free or for 1,500 then they are failing right out of the gate.
It's simple economics. If a professional makes over 1,000 an hour on average then WHY is that person going to agree to help people for 1,500. Let's say the mentorship takes 40 hours to work with someone. That's only 37.50 an hour!
If someone is working for a company then the company has to take their cut. So essentially the person might be making 18 bucks an hour as an employee.
HOW is someone making 18 bucks an hour going to help you flip properties and make 50,000??
You can't make sense out of non-sense but people want to believe in the magic. If you go to any seminar leave your credit cards and money at home. I do not make hasty decisions. I weigh everything heavily and thoughtfully before acting. If anyone pressures someone quickly there is a reason behind it and it's not good many times.
I know nothing of this company or how they work I am just talking about seminars in general.
