First I attended the Free seminar that was supposed to teach us about how to use the Armando Montelongo system to buy and flip realestate. Most of us have seen Armando on Flip this House. So he had some credibility and sounded like an interesting seminar.
I attended with a friend...did not see Armando, but a speaker who talked about how much money he made. How great Armando's system is and how we can be turned on to how Armando does his flips. We were told that we would learn the soup to nuts, be turned on to his group of lenders, builders etc at the 3 day seminar. We needed to sign up right then. The cost would be $3000 but if you signed up now it would be $1495. ( to be honest it was like the same tactics used to get you to buy the Timeshares)
In any event, I thought I had nothing to lose...so I would try the seminar, because after all I was going to be hooked up with his lender team of hard money lenders, gap funders, builders. We would be getting the whole sytem or so I was lead to believe. The entire seminar had one focus and that was to tell us we need to think like millionaires and act NOW! We heard about the speakers years of investing and flipping and how he has made it. We saw numerous slides of his Mazarati...saw the car he bought his mother-in-law. Heard about his expensive suits and flying only first class. Hours of time were spent talking about nonsense...and scolding folks for asking questions, telling the group we were moving ahead and he would answer the question later. We saw stupid video clips. Very little time was spent on the subject matter of flipping houses. We talked for over an hour about what we should do to manage properties....yet we were told to use a managment company. His explanation is that we needed to tell the management company this is how things should be done. It was ridiculous. We spent time on the 21 things that make you successful, we went through one to twenty one with stories in between...all designed to eat up time.
There were a few nuggets of material that I learned. Certainly not worth $1495. Yet we were told over and over...that without going to the next step, Armando's Bus Tour we would very unlikely be successful. We were told we were standing in our own way...putting up the Red light. Stories were told about husbands that did not want their wives to pay tons of money to go on the bus trip...and vice versa. But we were told just do it, don't let anyone hold you back.
We were given homework assignments at night to call our credit cards and up our limits, apply for a new card. " Hey why not go on the bus tour and charge the expense...after all you will be able to pay that back after your first deal." That was the theme of the meeting.
See they believe you need to have "skin in the game" I guess $1500 was not enough skin in the game for Armando Montelogo Seminars.
Read all the other posts here. The price of the next step in the program is
$51,000 for the super duper program...you get the bus tour to LA, coaching, a program for your computer, viewing 10 properties and learning from Armando himself. Plus a bus tour to Las Vegas. You have to pay your own transportation to and from the event, hotels and food.
But if you buy today....you will get a discount of $10,000
OR you can just go on the LA bus trip for $41,000 with a discount of $10,000
but you must buy now because the bus trip is going to sell out. In fact our leader had just spoken to Armando and there were two seats left.
These are three day trips...yes and we were told very intensive! So I guess that is why they cost so much. Humm!
Geez, why flip houses when you can coerce folks to pay you yet again for another seminar. The team must get a percentage of money for all the folks they sign up for the bus tour. (That is my guess anyway)
Plus do the math: 4 busses of 50 people at $40,000...can you see the money? Perhaps this is where the hard money, and gap funding is coming from...and you can loan the money to the students and get 50% back from the deal. The money making senarios with my money and your money just seem infinite.
What a SCAM!