Last night I found myself with some time on my hands so I thought I would stop by the A&E's website http://www.aetv.com/flipthishouse/ and take a look at the Season 4 Premiere of Flip This House. While there, I clicked on "videos" and watched a few short clips of past episodes and it started me thinking...whatever happened to Armando Montelongo and his company? How are they weathering this market in San Antonio?
I pulled up another browser window and googled "armando montelongo"...one of the sites that came up was called "Flip This Lawsuit" http://www.flipthislawsuit.com/2007/04/16/anyone-purchased-armando-montelongos-real-estate-package/ this website immediately caught my eye and I went right to it. This website is dedicated to the discussion of Armando Montelongo, his Master Home Study Course and his series of Flip and Grow Rich Ebooks.
Much of what I read was really no surprise to me. It touched on several of the issues I already found irritating about the show, at the end of the show they never tell the public about all of the other associated costs that went into the deal, such as; holding costs, realtor commissions paid, taxes paid, settlement costs, etc. They leave the public believing that here is a guy who owns a company that was able to buy this house for $65,000 and low and behold after a quick cleanup, paint, new carpets, they turn around and sell it for $125k thus pocketing $60k in profits. The program never mentions how many days it took for that property to sell or, if it was able to sell at all...it may very well still be on the market!
The site comments go on to talk about how Armando claims that he has flipped over 1,000 homes. A figure that cannot be verified. It was interesting to read that others who had posted in that forum were able to verify with court documents that Armando and his wife Veronica had filed for divorce in 2003, and that he is currently in bankruptcy. According to what I read, he only earns $150 through disability per month. I guess he better start hawking those $997 Ebooks and CDs!!!
"Helping You Get What You Want In The Time That You Want"
Keith M. Elliott Jr.
PRINCE WILLIAM COUNTY REAL ESTATE EXPERT
Realtor®, e-PRO®, ABR®, SRES®, Commercial Specialist®
RE/MAX Olympic Realty
15100 Washington Street
Haymarket, VA 20169
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