Why does everyone seem to despise Armando montelongo?
Real Estate Agent · Pompano Beach, FL · Member since 2015 · 249 posts · 73 votes
Why does everyone seem to despise Armando montelongo?
Most Popular Reply
Real Estate Investor · Saint Petersburg, FL · Member since 2013 · 1k+ posts · 951 votes
11yArmando was a great TV character, I found his show to be funny and entertaining. The issue is the only reason any of these TV flippers have the shows is to pitch their guru scams. The TV shows are all scripted and are for entertainment only.
They offer these free "seminars" that don't actually contain the "star" you were hoping to see. The seminars cover the following information
1. Call your credit card companies and ask for additional credit/Open new credit cards
2. You can buy houses with no money at all and flip them for huge profits!!! See step 3.
3. Pay $1-2k for the VIP seminar.
4. Find an agent that will beg you for your business to blindly submit 100's of offers on MLS properties at 50% of the list price.
5. Market these properties to your buyers list for huge profits!
6. Since you haven't actually made those huge profits yet.....now you need to pay $30-50k for the hands on coaching so you can really learn how to do this.
7. Keep making offers on MLS properties and continue to try to wholesale them.
8. Figure out how to pay off all the credit card debt you just racked up when you haven't made a single dollar with their "method."
31 Replies
- Real Estate Agent · Beverly, MA · Member since 2013 · 353 posts · 93 votes11y
Search the term guru on BP to find out member's opinions.
- Investor · Peachtree Corners, GA · Member since 2014 · 1k+ posts · 1k+ votes11y
Four years of tuition at the university of FL for in state residents is about $25K for four years. Many of these gurus charge $40K for a few weeks of education. Yes, they also promise you continued mentoring and access to "special deals" that all of the others who paid $40K have access to. BTW you won't know ahead of time if the mentor assigned to you has ever actually done a deal.
So you can either get a four year degree or for almost twice the price get a few weeks of education. I'm sure there are people who actually benefit from the gurus, but common sense tells me the majority if not the preponderance don't.
- Real Estate Investor · Saint Petersburg, FL · Member since 2013 · 1k+ posts · 951 votes11y
Armando was a great TV character, I found his show to be funny and entertaining. The issue is the only reason any of these TV flippers have the shows is to pitch their guru scams. The TV shows are all scripted and are for entertainment only.
They offer these free "seminars" that don't actually contain the "star" you were hoping to see. The seminars cover the following information
1. Call your credit card companies and ask for additional credit/Open new credit cards
2. You can buy houses with no money at all and flip them for huge profits!!! See step 3.
3. Pay $1-2k for the VIP seminar.
4. Find an agent that will beg you for your business to blindly submit 100's of offers on MLS properties at 50% of the list price.
5. Market these properties to your buyers list for huge profits!
6. Since you haven't actually made those huge profits yet.....now you need to pay $30-50k for the hands on coaching so you can really learn how to do this.
7. Keep making offers on MLS properties and continue to try to wholesale them.
8. Figure out how to pay off all the credit card debt you just racked up when you haven't made a single dollar with their "method."
- Wholesaler · Waldorf, MD · Member since 2015 · 459 posts · 245 votes11y
Patrick L hit it exactly on the head. I went through one of the gurus and it went exactly like that. I've learned more about REI & how to take action through BP & free podcasts on iTunes!! I have a multi-family unit under a JV contract and prayerfully by the end of this week I will have flipped it to a aquisition manager for an investment company. I will probably have a few more multis under contract this week to send her way to buy!!
- Real Estate Agent · Pompano Beach, FL · Member since 2015 · 249 posts · 73 votes11y
geez thats pretty sad they take advantage of people like that!
- Real Estate Investor · Saint Petersburg, FL · Member since 2013 · 1k+ posts · 951 votes11y
Originally posted by @Randy E.:
LOL. Do they really advise their students to do that?
It's usually some low percentage of list price. No need to even look at the property, just make offers. That way you don't actually have to do any work, people will just give you free money once you know the secret system.
- Real Estate Agent · Pompano Beach, FL · Member since 2015 · 249 posts · 73 votes11y
I know i read somewhere that real estate for these so called "Gurus" no longer become as profitable as being a mentor and having classes for wanna-be investors
- Real Estate Investor · N. Charleston, SC · Member since 2014 · 43 posts · 10 votes11y
@Rod Desinord So Sad to say yes it goes just like that. I've learned a lot from BP & the people in my REIA group. So I don't even entertain the guru's & there offers I immediately delete & unsubscribe when the pop up in my email. How on one hand you say you can become a profitable REI with no money & no credit, then take a breath & say for $30-40K can get their coaching & mentoring program to be coach & mentored over the phone by people you never meet in person. Yes I have a serious problem with that. At least with REIA they teach, you can see, talk & interact with experienced like minded people who don't mind sharing & teaching you or holding your hand if need b
- Real Estate Broker · Canton, GA · Member since 2010 · 15k+ posts · 11k+ votes11y
People that sell information understand that it is easier to make money SELLING the dream then finding a grand slam deal over and over again.
So they sell systems and generate revenue. Then they plow the highly taxable business income into owning real estate assets which are separate of course from their sales company.
So the money keeps flowing in and they locate awesome deals to partner on or hold the cash for when they find the right deal themselves.
RESIDUALS is the name of the game. You can hit a big deal every once in awhile but having the constant money coming in on a monthly basis is nice.
I am talking in generalities and know nothing about this particular company.
I have said over and over again that EDUCATING people to be successful costs money and time.
If I make 400k,500,600k a year income and I take time out to help someone with no monetary benefit then not only am I not getting money from them but I am also losing money because my income goes down from not putting time into income generating activities.
That is why I love Bigger Pockets because you can drop knowledge 24/7 and it's up to the reader what they do with what they learn.
To expect a local investor who is successful to spend hours on end for free helping people make money is not realistic. To meet someone for lunch for an hour is something that is not out of the norm if they pay for your meal. I just think people have way to unrealistic expectations with this stuff.
- Flipper/Rehabber · Greeley, CO · Member since 2013 · 2k+ posts · 1k+ votes11y
Originally posted by @Joel Owens:
People that sell information understand that it is easier to make money SELLING the dream then finding a grand slam deal over and over again.
So they sell systems and generate revenue. Then they plow the highly taxable business income into owning real estate assets which are separate of course from their sales company.
So the money keeps flowing in and they locate awesome deals to partner on or hold the cash for when they find the right deal themselves.
RESIDUALS is the name of the game. You can hit a big deal every once in awhile but having the constant money coming in on a monthly basis is nice.
I am talking in generalities and know nothing about this particular company.
I have said over and over again that EDUCATING people to be successful costs money and time.
If I make 400k,500,600k a year income and I take time out to help someone with no monetary benefit then not only am I not getting money from them but I am also losing money because my income goes down from not putting time into income generating activities.
That is why I love Bigger Pockets because you can drop knowledge 24/7 and it's up to the reader what they do with what they learn.
To expect a local investor who is successful to spend hours on end for free helping people make money is not realistic. To meet someone for lunch for an hour is something that is not out of the norm if they pay for your meal. I just think people have way to unrealistic expectations with this stuff.
Exactly. Creating these education programs is much like owning rental properties. Passive income. You create the program, set up the coaches and money keeps coming in without much work. There are good gurus and bad gurus. I like what J Scott said about them. If they don't offer a money back guarantee be very wary!
If you want personal coaching it will cost you a lot of money if you want someone successful to teach you. The trick is weeding out the scam artist that don't know what they are doing.
- Maumee, OH · Member since 2015 · 12 posts · 0 votes11y
A lot of the TV flippers are just actors. They learn a little lingo grab a sledge hammer and a camera crew and there you have it. They are all only after one thing. YOUR MONEY. Beware of all things FREE.
- Las Vegas, NV · Member since 2015 · 237 posts · 107 votes11y
Originally posted by @Rod Desinord:
A lot of these how-to guys seem to be not really liked much by investors I have noticed.
Hey Rod,
Yes most of the "guru" programs are widely and nakedly despised here on BP, and to some extent for good reason. I don't personally hate them or like them, I really don't have an opinion on them other than I would never pay for one. They are atrociously expensive, they are generally misleading about the success you will have, and they are very much about getting into debt.
Really the "misleading about the success" you will have comes down to the fact that they only tell you the home run stories, very similar to any other type of company advertising, or reading BP most days. (Most forum posts start with "How I Made $xx.xx..." "Or deal analysis" in fact one post a few days ago started with "The RE market too good to be true right now") So one can certainly not blame them for representing the most positive aspects or anecdotes.
The getting into debt part is also not something that is exclusive to gurus, hell, there are 100s, probably 1000s, of posts on BP forums promoting the same type of strategy that they use. Essentially leveraging out cash and getting into massive amounts of debt.
So if these 2 factors are fairly similar to some other businesses or investment strategies, #1 They highlight their best successes, #2 they use primarily debt to buy property, then there is really no reason to hate a guru program, unless you also hate the other persons or companies who behave the same way. I.e You would also have to be mad at every hotel that used their nicest property on a television commercial to represent their lackluster properties, or anyone on BP who advocates constantly leveraging property to buy your next property.
#3 Atrociously Expensive. is the one that draws the greatest ire, and I'm really not sure why since the entire BP boards existence is predicated on the notion of an industry that specializes in selling at a profit, or servicing for fees. Yes, some gurus will charge you in excess of $40,000.00 for training, but I god damn guarantee you that no one would ever cry bloody murder if you made $40,000 on a flip, or took a $40,000 commission for brokering a deal. Basically my point is, if you have a right to charge someone $40,000.00 more than what you paid for something or for providing a service for them, why would a guru be evil or scum for doing the same thing? Granted their commodity in this situation is "knowledge" that is not necessarily good, not any tangible property, but value is determined by the free market, and clearly the free market can support a $40,000.00 price point. I had to fire my CPA last year because he wasn't getting the job done correctly, does that make him evil because he messed up my taxes, for missing something and causing me a small penalty and a large headache?
When it comes to REI, who is to say what strategy is good or bad? There are multiple forums daily discussing various REI strategies, tips and tricks, creative financing ideas etc, would BP be an "evil guru" if they charged for acceess? Is the only thing that keeps them a good resource the fact that the access is free? Of course not, people get on BP for what they believe is good knowledge, just like people pay for guru seminars for what they believe is good knowledge.
Full disclosure, this is just my opinion, and I am in no way affiliated with any guru, program, scheme, flim-flam, fast one, hosing, con, shakedown, sting, or hustle, I am simply a fan of seeing grown RE investors digress into 12 year old World of Warcraft forum trolls anytime someone mentions a "RE Guru". The illogical and hypocritical hate is HILARIOUS!
- Investor · Sarasota, FL · Member since 2008 · 18k+ posts · 17k+ votes11y
Originally posted by @Cal C.:
Four years of tuition at the university of FL for in state residents is about $25K for four years.
If you make under $125K a year in income, you can go to Stanford for essentially free (77% of Stanford grads graduate debt-free these days); get into Harvard and make less than $188K a year in income, and you can go there for free.
Many big universities now have grant programs where, if you're not earning, you're not paying. I haven't seen that with the guru programs...even the ones that like to compare themselves to the Ivy League universities... :-)
- Investor · Sarasota, FL · Member since 2008 · 18k+ posts · 17k+ votes11y
Originally posted by @Adam Hershman:
The getting into debt part is also not something that is exclusive to gurus, hell, there are 100s, probably 1000s, of posts on BP forums promoting the same type of strategy that they use. Essentially leveraging out cash and getting into massive amounts of debt.
There is a big difference between secured/leveraged debt and unsecured/unleveraged debt. To lump them together in comparison is laughable...it's like saying, "A pound of gold is no different than a pound of salt-- they're both a pound of natural mineral!"
- Investor · Meridian, ID · Member since 2013 · 133 posts · 50 votes11y
What I didn't like about Armando, and the Flipping Vegas folks for that matter, was how crappy they treated people (spouse, workers, etc.) and the temper tantrums. If they treat people they love like that, then they surely don't give a rats-behind about you or your success.
- Investor · Central Valley, CA · Member since 2012 · 6k+ posts · 3k+ votes11y
Originally posted by @Richard C.:
Because he is a sleeze.
I just knew someone was going to say sleaze or sleaze bag. Armando has done a really did a good job over the years of upholding the sleaze image.
- Investor · Central Valley, CA · Member since 2012 · 6k+ posts · 3k+ votes11y
Originally posted by @J Scott:
Originally posted by @Cal C.:
Four years of tuition at the university of FL for in state residents is about $25K for four years.
If you make under $125K a year in income, you can go to Stanford for essentially free (77% of Stanford grads graduate debt-free these days); get into Harvard and make less than $188K a year in income, and you can go there for free.
Many big universities now have grant programs where, if you're not earning, you're not paying. I haven't seen that with the guru programs...even the ones that like to compare themselves to the Ivy League universities... :-)
Hard to compare Stanford with Armando. In 2014 Stanford had a 5% acceptance rate of its 42,0000 applicants. Pretty sure Armando has a 100% acceptance rate. :)
Going to Stanford or Harvard or Berkeley tuition-free doesn't mean you graduate debt free. Any family making under $82K in CA can send their child to any public CA university tuition-free (and there's a "middle class" tuition-free program too). It's housing/food/travel that everyone borrows for, and the cost is usually more than a UC or Cal State tuition.
I've never been one to promote a college education for it's own sake as I think it's not for everyone. But compared to giving Armando $20-40K? Take the free education!
- Investor, Entrepreneur, Educator · Springfield, MO · Member since 2009 · 21k+ posts · 12k+ votes11y
There are sh!t heads who are marketers that know very little about real estate, they sell schemes, programs, etc. They know that 40% of the population or more are naïve, stupid and ignorant who want to make easy money. If you believe them, consider your position in that population. They play on psychological aspects of the population, they sell the dream.
This guy was here on BP, chased him off as well as others. For some reason, when I jump in, the gurus don't last long......wonder why that is?????
One of the toughest things about RE is identifying the BSers, I don't have a problem with that, it just comes with experience, sorry, can't teach that! :)
- Herndon, VA · Member since 2014 · 1k+ posts · 324 votes11y
Originally posted by @J Scott:
Originally posted by @Cal C.:
Four years of tuition at the university of FL for in state residents is about $25K for four years.
If you make under $125K a year in income, you can go to Stanford for essentially free (77% of Stanford grads graduate debt-free these days); get into Harvard and make less than $188K a year in income, and you can go there for free.
That is a very generous policy from Stanford. The parents/students are still on the hook for the 15K-20K in room/board/etc, so some of those families in the 70 to 90K range probably are having to borrow for that. Although a Stanford degree is probably very helpful in paying off that debt.
- Las Vegas, NV · Member since 2015 · 237 posts · 107 votes11y
Originally posted by @J Scott:
Originally posted by @Adam Hershman:
The getting into debt part is also not something that is exclusive to gurus, hell, there are 100s, probably 1000s, of posts on BP forums promoting the same type of strategy that they use. Essentially leveraging out cash and getting into massive amounts of debt.
There is a big difference between secured/leveraged debt and unsecured/unleveraged debt. To lump them together in comparison is laughable...it's like saying, "A pound of gold is no different than a pound of salt-- they're both a pound of natural mineral!"
I completely agree, I'm just saying the system that is most often used by guru's is to buy distressed properties, minimally rehab them, and then sell them at a guaranteed enormous profit. Now besides the "guaranteed enormous" that sounds like any number of BP threads that have been posted time and time again. Sure the guru types are more about excitement and emotional decision making, but that's sales 101,
Like I said I get why most people hate the guru programs, and I certainly would never pay for one. That being said, if you break down what they do, and compare it to similar companies, it doesn't seem to warrant the extreme hatred they get on BP, unless maybe people are just jealous that these guru programs can make $40,000 for listening to questionable advice, when no one will listen to their good advice for free?
Granted, I agree that their sales practices are very sketchy and intimidating, but that can be the case in many industries. I did consulting work for a car dealership about a year ago, and they were bleeding money because they were an old school, hard sell dealership. No one hated them for it, they just chose not to buy cars there. That's why I don't understand the extreme reactions from people, if I said I could turn lead into gold and ill teach you for $100.00 and then got out a can of gold spray paint, would I be evil for taking your money, or would you be silly for giving it to me?
Again, no real interest in any of the gurus or programs, just fascinated by how polarizing they are.
Adam
- Las Vegas, NV · Member since 2015 · 237 posts · 107 votes11y
Ah Crap,
Just realized that this guy Montelongo did business here in Vegas, and it semi looks like I might be sticking up for him (which I'm not)
So just one more time for clarity, I do not have, nor have I ever had, any interest or relationship with any guru!
Adam
- Real Estate Agent · San Antonio, TX · Member since 2014 · 52 posts · 23 votes11y
@Rod Desinord, as a TV personality he was okay and even quite hilarious unknowingly. But living in San Antonio as he does, I've noticed that he has been characterized as abrasive and arrogant perhaps due to his success. I wish him well nonetheless but it's just my observation. Lately his guru workshops are under lots of scrutiny for the high admission costs and the lack of a "real" education and ROI for attending such classes. Very similar to that of Than Merrill and his team who appear to be great guys but may have other financial motives.
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