Complaint Review: The Flipping Formula

Bottom line is that instead of paying them anywhere between $20,000 to $50,000 and get a little of information, buy a property with those funds, fix it and sell it for a profit.  Their tip to pay their costs is to get into further debt by calling your credit card companies and asking them to increase your limit so you can attend their seminars.You cannot make any money on tax certificates because Tax Vault has taken over and no loger can you get 15%  to 20% profit.  

First of all you state that it is hard work.  You are right anything that is legitimate is going to take a lot of hard work, however I attended this class at Mazzeo's pizza in Danbury CT that they offered and they made this sound so simple and effortless that you could do it in your sleep.  This is nothing but a con sales pitch and they are not offering you an opportunity they are trying to sell you $3,000.00 classes that last only three days.  Here is the gist of what my wife and I experienced at this cheap infomercial.

The meeting starts by them showing you video scenes from the Boston TV show "Flipping Houses" this is to instill in your a sense of comfort that they are legitimate however this business offer has nothing to do with those guys and that show and the only thing they have in common is that they both claim to be involved in Real Estate.  You then sit through a grueling 2 hour sales pitch and they get annoyed when you want to ask questions.  In the beginning they promise that if you sit through the entire presentation they will have a question and answer section when the presentation concludes.  This never happened.  Once the presentation concluded they immediately went into HIGH PRESSURE sales mode and dropped the bomb that classes start in 5 days and that they are going to drop the regular price for these 3 day classes from $5,999.00 to just $1,997.00 for this time only but you have to take advantage now!!  They then tried to round you up to a table in the back where four men popped up out of nowhere to sign you up and take your credit card information.  I had several questions but they conveniently skipped past the questions and answer section to rush you into paying before this wonderful opportunity passes.

My wife and I walked out.  from the advertisements in my area for this they made it sound like the TV show stars were going to show us how to do and how to do it with other peoples money and not using your credit at all.  Instead it was not that at all.  The cheap tawdry sales pitch consisted of telling everyone how they can make 75% profits on every home, taking NO RISK, using someone elses money and the people whose money we use will take 25% of the profits.  They also made it sound so easy all we had to do was submit 10 forms a week to make hundreds of thousands of dollars and they SECRET network of their investors will do all the work, assuming all the risk by putting up their own money and all we do is submit the paperwork and we will make more money then them.

Now for the reasonable person and anyone with half a brain come some serious questions and red flags.  Business 101:  The more RISK you take on the MORE profits you can expect to gain.  Their tawdry sales pitch are trying to tell you that you assume ZERO risk as it is not your money used to buy the property and you do not use your credit and yet your profits you take home will be THREE TIMES then those who assume the risk by putting up the money!  RED FLAG NUMBER!!  Another RED FLAG is if this is such a lucrative business with so many opportunities out there and they have this huge experienced network and business model designed to exploit this opportunity then why are they looking for competition and willing to allow others to cut into their potential profits??  If it is because the volume exceeds what their current staff can handle, then I can see that!  They want more people to buy more properties in order to flip these homes in order to increase their CASH FLOW but if this is the case then why are they trying to sell you $2,000.00 classes??  ANOTHER RED FLAG!  Real opportunities that are REALLY going to make you and them MONEY don't need to sell you 3 day classes!  They will train you in their own time and dime knowing that getting you out there and becoming a productive agent is going to make them money!

Then came the CHEESY justification to try and silence the RED FLAGS of the class.  They tell you you are essentially paying nothing as you can write off the $2,000.00 you pay for this class on your taxes as an educational expense.  There is NO opportunity here this is just a con man scam trying to sell you a WORTHLESS class that you don't need and that will offer you nothing!  If you want to learn Real Estate use that money to take a legitimate course and get a REAL license.  This SCAM is playing on peoples financial distress and offering them a dream of EASY RICHES and people will bite.  My wife and I walked out of this because this was just a cheesy, dishonest scam but rude and obnoxious used car sales men in cheap suits and unmatching outdated ties.

By the way after my wife and I attended this sales pitch, I was so annoyed at how they wasted our time I called and wrote this David Seymour and asked him all the questions that I was never allowed to ask at this seminar and he never responded to any of my calls or emails.  The only thing you will get out of this is DEBT and there is ZERO return on your $1,997.00 investment!

This program preys on people. I demanded a refund for a $6500 mentor program that provided me with O useful information or training. Flipping Formula won't even respond to give me my money back.

How can ypu give these scam artists a favorable report? I attended their free seminar. I have a real estate license and have been buying selling and renting out property for over ten years. They throw out some half-truths to get everyone excited but anyone with a license can tell you they are full of it. Most pf the seminar is, surprise, an aggressive sales pitch for another seminar for $2000 and from what I understand the next seminar is an evn more aggressive pitch for a $30,0000 seminar. Honestly, of you got 32k burning a hole i. your pocket just go buy a property on your own. youll make money instead of giving it away to these clowns. 

When I say no free lunch, I mean literally. The "snacks' they promised to serve during this 3 hour mind numbing waste of time was a sandwich bag with a couple of granola bars left on each seat. And don't expect Pete or Dave to show up at the seminar. Although their pictures are plastered everywhere, they have absolutely no involvement with the seminar - not even a video message, other than to say "please welcome your next speaker." And the speakers were the slimiest fast talking snake oil salesmen. They spent hours repeating the same five minutes of gibberish about how they were going to make you rich. "You want that don't you?" Then at the end of the 3 hours explaining how paying them several thousand dollars to learn the "real" secret to becoming rich is a bargain. Don't waste your time!!

I have went to Armando Montelongo's seminar and thought that I did not get enough information. I have went all the way with Pete and Dave to the "Inner Circle" and it was totally worth every penny and more. What people do not understand is just like the mentors tell you "You have to work for it, this is not easy" and that I did. If you watch the testimonials after the "Inner Circle", We are real people, we are not going to lie if that was the case.

The Strategies that they show you is remarkable. I have done real estate with my father for almost 20 years and never had a license, I never really needed one but after learning what they have taught me, I am already working on my 8th property, I have made a profit of $93k dollars, I made my money from the seminar and more. The people that Pete and Dave have under them are incredible. They will help you every bit of the way. 

We got to go on house hunts with them personally and answered every question that we had thrown at them. If I was still sitting on my arse, yes I would probably feel like this was a scam...But this is not. 

For example: We met RG , who teaches you some very great strategies as well....even on the fly. He showed us how to use craigslist as a tool. Figure out where you want to find your house, then you look up a house in that city or area, see what the prices are like, Then you make your ficticious ad for a house that is $20k-$$70k lower than the houses that you have been seeing, make sure that you put "cash only", he then waited for about 2 hours and dozens of emails came in, NOW you have your buyers with cash, Make your contacts list with these people and these people would be a possible client or buyer to you. 

I got what I paid for and more.