A&E's Flip this house: Montelongo Realty?

Question

I want to learn how to flip houses. Armando Montelongo has a combination of e-books and cd's called "Flip it now" and "Flip and Grow Rich". Before I purchase anything I'd like to know if anyone has tried it.

http://www.armandomontelongo.com/products.php

Answer 1

There are many gurus selling books and holding seminars on how to do things in the real estate profession.

It is always a good idea to flip when you know what you are doing. In this regards you would normally select an area of your choice that is good for you to work and close to where you reside.

I would suggest that you go to your local book store and purchase a couple of books on foreclosures, distressed properties, and buying, rehabbing and flipping. You might also find several other books that you would like to purchase. You might also find a few listed in your public library.

You might also purchase one of the TV guru's programs. In the program you will find several things of interest. You will find script to use on potential individuals that you would want to purchase their house. A slew of legal forms that you can use as well as a formula that will tell you if the property you are purchasing is gonna give you a profit or not and how to use the formula.

Their package will also tell you things you should look out for in your purchase as well as things to that you should beware of.

You should form yourself a professional team to assist you in your newly found career. This is a partial list that you might start with an attorney, real estate agent, a mortgage broker, a home insurance agent, a notary public, a title rep as well as an escrow closing agent. You might want to add or take away depending on how you feel.

You will also need to develop away to market yourself so you can have an unlimited amount of properties to buy and sell even in a slow market. I will list a couple of ways to accomplish this.

#1 Advertise in the local newspaper that you purchase foreclosures and other distressed properties.

#2 Purchase a foreclosure list from a list broker (Do a mailing campaign like everyone else)(You might also cold call off this list but you must beware of the no-call list)

#3 Select an area in your city to devote full time work in. Walk the area for about 2-3 weeks telling the folks outside their homes what you do pass out flyers out ling that you buy foreclosures and distressed properties as well as probates.

After 3-4 weeks of walking in the neighborhood, contact your title rep and ask for a farm package of the names of the people in your farm area. Now each month mail a newsletter to the names on your farm list.

This method should give you 1-2 housed per month to buy and flip, word of mouth will give you another 1-2.

That will keep you busy with enough to do and earn. You can always expand and you will as you learn more about your trade.

I hope this has been of some use to you, good luck.

"FIGHT ON"

Answer 2

Armando Montelongo Bankrupt

Answer 3

Save your money. Real estate prices are flat or sinking, and some of these guys on A&E (such as Leccima) are being charged with fraud. Prices are so inflated now that you won't be able to make a profit after you've fixed up the home--the home's market value will have been dropping the whole time you were patching and painting.

People were flipping houses and making money, until about 2 years ago. Don't you watch the news? There have been stories on TV and on the radio about people who are stuck with houses they bought to flip, and now nobody will buy them, and the flippers are going bankrupt.

Finally, banks are losing their shirts over bad mortgages, and interest rates are rising, so you may not be able to get very good financing, making it that much more difficult and expensive to buy a fixer-upper. The bubble's done popped. No wonder Montelongo is selling DVDs now--nobody's buying houses.