ED Magedson – Founder
armando montelongoSan Antonio, Texas USA
armando montelongo AM Too much hype San Antonio Texas
I went to the free Armando Montelongo seminar just to learn more about real estate investing. The free seminar is heavy marketing to get you to attend 'the 3-day class.' At this point 'the class' is the main investment. This is where you will learn alot. The 3-day class costs $3000, (or $1497 if purchased tonight ONLY) Well, I paid the $1500 and went. Once you get to the class it is alot of marketing and hype to get you excited about being independent and making all this money and not having to work. They use lots of examples and stories. They say you only need to put in 8-10 hours a week.
By the end of the first day they are now promoting an upcoming 3-day bus tour with Armando. This is THE BIG DEAL, where you will gain mentors, learn how to quickly size up a home or property to buy, locate deals, find homes to 'flip.' They tell you that people everywhere are in line on waiting lists for this trip. By the second day of the class they are giving more ideas and examples of Armando's system, and hype stories to get your mind converted over into the cult. By the end of the second day, they are heavily promoting the bus tour, and you now find out the cost is $30,000-$40,000 for an intense 3-day bus trip.
The prices are for 2 packages, (the cheaper you get 1 year of mentoring, and the most expensive you get 2 years of mentoring.) This money is nothing to them, because you can make it back (yeah right) within 6 months to a year. Also by signing up (not tomorrow) but by today only, you can save $10,000 on either package. However there are no guarantees, and if you remember back to day 1, in small print, it said the results are not typical. I paid the $1500 for the 3-day class, but that was it for me.
They are now trying to get you to use your savings, 401K, assets, or credit card to pay for another $30,000 3-day bus trip and class. They will come out and ask you to cash out your IRA! Another thing I noticed at each lunch break of end of the day, the split second the speaker stopped talking, the music came on so loud you could not talk or ask questions. Any questions were only for the promoters in the back of the room. They did not want students talking amongst themselves and used the loud music for this purpose. That was a long weekend for me. By the end of the second day I had a headache (I never get headaches) and did not even return for the 3rd day. It was an expensive weekend!
This report was posted on Ripoff Report on 03/09/2014 06:23 PM and is a permanent record located here: http://www.ripoffreport.com/r/armando-montelongo/San-Antonio-Texas/armando-montelongo-AM-Too-much-hype-San-Antonio-Texas-1129466. 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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