All Forum Posts by: Bill Vaughn

Why does this not surprise me, Chris? Probably charging an arm & a leg for that, too. Note investing is not that complicated, really - the hardest part is qualifying the note, but even that isn't so difficult. Anyone who wants to learn the basics, I'll send them a .pdf copy of my "How To Invest in Mortgage (or other) Notes" manual at no cost.

I keep getting emails asking if the Armando Montelongo stuff is a scam.

scam Slang n.

"A deception practiced in order to secure unfair or unlawful gain. Any act, expression, omission, or concealment that deceives another to his or her disadvantage"

It is not for me to say if his program is a scam - folks should determine that for themselves. But Mr Montelongo is no stranger to the use of lies and deceptions, as the following shows. And this is only one example of his use of deception.

In December 2012, Armando Montelongo attempted a forced take-down of our Armando Montelongo review page at that provided an honest review based on facts only,  by erroneously - and illegally - using the Digital Millennium Copyright Act (DMCA) which is strictly for copyright issues. Subsection A (17 U.S.C. 512(c)(3)(A)) states that to be effective a notification must include identification of the copyrighted works claimed to have been infringed.

Armando Montelongo did not identify ANY copyrighted works being infringed, because there were none. Still, he claimed in his DMCA to our server host, "I am writing to inform you of... copyright abuse in violation of the DMCA. Please see the information below related to this take-down matter." There was no "information below" because there were no copyright issues.

First and foremost, he falsely claims a copyright issue when his complaint fails to list ANY copyright issue, required by DMCA. There are no copyright issues listed in the Armando Montelongo complaint because the site does not use any of his copyrighted work. Obviously, his attempted take-down failed miserably because it was baseless. Not only that, it was illegal - it is a federal crime to abuse the DMCA in the manner he abused it.

So here is the point - through his "Licensed Branding LLC" team, he "fabricated" an issue of "copyright abuse" in order to try an illegal take-down under DMCA. He KNEW there were no copyright issues. And he also knows that anyone can use his trademark if it is for purposes of comparison or reviews, as clearly stated in the Lanham Act (trademark law). Armando Montelongo used - DECEPTION! And he perjured himself in an attempt to silence the truth. There is only one reason a person would attempt to silence truth...

So, without even having to get into the value (or lack of) of his actual real estate investing "program" or bus tours, we can see that deception is something Armando Montelongo uses whenever it suits him.

And deception is the hallmark of a scam.

Not sure exactly why anyone would believe a real estate license would be essential - my 50+ years experience would suggest otherwise. It could be beneficial, to a point, but there is also a downside. For example, many FSBO sellers won't even talk with a Realtor let alone do business with one. And a real estate license has little to actually do with investing, itself. If you can read the MLS listings, and if you can analyze potential for a property and you know how to comp properly - all things a good course teaches - there is no need to have a real estate license. Once upon a time, before sites like Zillow, only Realtors had access to the invaluable MLS SOLD book, which would be very helpful to investors. Not so any more - it's all online.

I am not opposed to investors having a license - I just don't believe it is necessary

Cool. You are a Marine. And being able to follow direction is great. But the problem was not that - it was that a) you were unclear as to why you did not have the instruction sheet, b) that you did NOT follow the Mentor Guidelines and did not provide the required info, and c) were insistent upon doing something that was not possible. Like I said, we are not miracle workers. And I only brought this up "after so many years" because a client of mine brought it to my attention, and it is only fair to not let your comments stand without providing rebuttle. You are supposed to be a Marine - Marines I know do not piss and moan like you do. So you may want to refrain from making a bigger fool of yourself. BTW - Marines are our family tradition. In fact, my dad helped to lay the railroad tie roads when they built Parris Island...and somehow I doubt your real estate success, but if you have managed that, I applaud you.

I really don't like having to call people out like this, but you are obviously someone who cannot accept any responsibility for your issues - like when you did not advise Chuck that you had lost the instruction sheet, then complained that we did not get you another one fast enough. We mailed it to you the SAME DAY you advised us you lost yours. But hey, keep pissin' & moanin' if it makes you happy

Hello again. I must say I am more than just a little irritated that "Clary" found my responses unhelpful, but the reality (as any experienced investor can tell you) I was spot on. You CANNOT get a short sale under contract without proof of funds.  And no offer should be made unless you know actual market value, especially if you are an inexperienced newbie. And he asked why market value is important if assigning - I should think that is obvious. You are unlikely to find anyone to assign to if your contract is for too much money. If the property is worth $139K and your contract is for $139K, where is the incentive for a buyer to pay you for the contract? 

A good coach first needs something to work with, and when the student does not provide the needed info, or is attempting something that is not possible, all the coach can do is try to redirect him. And when Chuck told him how to locate the mentor contact info, Clary did not tell him until a 3rd email that he had lost the instruction sheet, and then appears to blame us for it taking so long to get that info resent. It is not our fault if he loses the instructions, and it is not our fault that keywords for contact must be kept secure and not be sent to him via insecure email. 

I am a pretty good coach, especially since I and all our coaches are unpaid volunteers. We are coaches. We are not miracle workers. The advice I imparted to Clary, given what little I had to work with, was sound. Especially given the limitations of email coaching, which is the format he chose

As for Mr Hurney, if he really thinks I could have somehow pulled a rabbit out of the hat or Clary, and could have done better, perhaps HE should spend 25+ hours a week mentoring others for free instead of just making a curt, unwarranted aside without offering anything better.

I held the property for a little over a year. The house is in Hiram, ME. I did not 1031, nor did I pay taxes on the gain, as I used my solo 401K to do the deal. Eventually I will pay personal income taxes on the gains when I start drawing on them.

Thanks. It is always a joy to complete something like this. There's no feeling like it - which is why I keep doing it :)

Interesting thread. Here is my "take", for what it's worth. I have been investing in real estate successfully for almost 50 years. Never took a course - learned from my dad, who started in the Great Depression. I suspect some people can do just fine with the education they get from Merrill's FortuneBuilders. But here's the point - real estate is not brain surgery, and it should not cost as much as a college education. You can get all the education necessary for free if you want to take time and expose yourself to risk, or for a hundred dollars you can get the education, mentoring from a volunteer professional investor - everything you need. Frankly, if you have $35,000 or more to pay for Merrill's lifestyle of the rich and famous, then you probably don't need him - just use that money to buy your first property.

Sold to a middle-age single woman who just wanted a "country home". Not an investor. I rarely sell to investors - I'd rather not split the profits :)

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $45,000
Cash invested: $12,700
Sale price: $145,000

3 bed 2 bath, three car garage

What made you interested in investing in this type of deal?

I have been investing in real estate since 1969. Any type of property, and kind of deal as long as it is profitable

How did you find this deal and how did you negotiate it?

Found on the MLS

How did you finance this deal?

Cash

How did you add value to the deal?

Some minor rehabbing

What was the outcome?

After fixing, then renting it at $1050/month, I sold for a profit of nearly $110, 000