- Report: #938852
Report - Rebuttal - Arbitrate
Complaint Review: Armando Montelongo
Armando Montelongo2935 Thousand Oaks San Antonio, Texas United States of America
Armando Montelongo Real Estate Training International Hard Sell, Deceptive, Bait and Switch, over promises, upsell to $40,000 bus tours San Antonio, Texas
*Author of original report: I wrote original complaint. They did geve me a refund
I Could have gotten most of this information for free in the internet, or from a few basic real estate books from Amazon. Never got the promised insider info such as hard money lender contacts, or specific sites or ways to find pre-foreclosures or other distressed prooerties.
They manipulated and pressured lots of poor, broke ass, and uneducated people into the $30K or 40K bus trips, which they can't afford. They'll have huge credit card debts or liquidated 401-k's.
Maybe some very few will do well, but from what I saw, it was lots of desperate people being manipulated. They'd be better off to spend the $40K on down payments on one or two actual properties.
Also, it seems their true motivation is to lend money for the real estate deals to these broke-ass people, and charge huge interest rates, like one half of the profits on the deal for lending the money for a few weeks or months. They are the hard money vultures that go on the bus rides to cream skim teh best deals and take the easy profits, while all the studendts compete against each other and bid the prices up. I also read that many of the properies they look at are ownwed by Armando M, so its a total conflict of interest.
Some may do well, but buyer beware, that "free" seminar ends up being very pricey.
Now I just need to cancel my $30,000 visa charge within the 3 day window, as my subsequent due diligence and discussions with other investor friends have since caused me to reconsider my rash decision. I'll cancel ASAP tomorrow. or tonight.
This report was posted on Ripoff Report on 09/09/2012 11:34 PM and is a permanent record located here: http://www.ripoffreport.com/r/Armando-Montelongo/San-Antonio-Texas-78247/Armando-Montelongo-Real-Estate-Training-International-Hard-Sell-Deceptive-Bait-and-Switc-938852. The posting time indicated is Arizona local time. Arizona does not observe daylight savings so the post time may be Mountain or Pacific depending on the time of year.
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