Complaint Review: Armando Montelongo - Draper Utah

Please note AMS Employee Morgan has submitted the same statement "cut-and-paste" verbatim on many complaints written here.

Please see Report: #460238, Report: #624314, Report: #625434, Report: #645904 (and probably others)

 

"Armando Montelongo firmly stands by the quality and value of the goods and services offered, and genuinely wants his students to succeed.  We are concerned about the reported circumstances and remain open and available to address these and any other concerns that you and other students may have.  We are here for YOU and our ultimate goal is to see you succeed.  Please let us know if there is any way we can assist you."

 

February 22, 2011 SANTA MONICA SEMINAR NOTES:

I just went to the Armando Montelongo seminar in Santa Monica, California (yesterday) - and was very impressed that Armando Montelongo was actually present in the banquet hall, behind the sign-up tables.  This said to me that he stands behind the product, so gave it a shot.  Sadly, by the break, my husband and I were walking out. 

The warning signs were: speaker Lance Robinson spoke for an hour, a large portion of it invested on content intended to trigger people's insecurities & desires...and then the $$$ came out.  Lance did discuss some specific data on the real estate market today, and alluded to a strategy, my notes outlined below.  I am very cautious. If anyone can give a report after the March 4, 5, 6, 2011 seminar, this would be great.

EMOTIONAL TOPICS: Some of the insecurity triggers (this is not verbatim, nor complete, but absolutely many subjects he talked about):

Show of hands: How many of you were born between 1946 and 1964? (many hands) Then went on to discuss baby boomer woes: how social security was going to tank once the baby boomers reached retirement age, how retirement age keeps rising and rising, and baby boomers should want to create a family legacy by building individual wealth. And...if you don't act now, younger people (like me) are going to snap up all the wealth out there.

How hard it is to get ahead, pay off debts.  The most important thing is to get rid of the debt overhead (and talked about how most of the population and everyone's kids have gotten into a debt cycle)

 

How everyone who works on average goes through 4 careers changes in their life...always starting over in pay grade - and who is actually going to care? Your boss? Boss is the only one making money.

Who pays the most taxes? Poor, Middle Class or the Rich? (his answer: the Middle Class)...continuing to say that in time the middle class would shrivel up, and everyone is going to be either poor...or rich...which do you want to be?

Lance talked about how his father was a Long Beach Grand Prix (photographer? sorry he was talking fast) and that he grew up on the sidelines. How he was in his 20's and a millionaire wanted to take him under his wing, and how his wife was very skeptical of the whole thing - why would a millionaire want to share with you? What is so special about you? But once he brought home the first check - she was in his corner from that point on.  (I was asking myself what was the check for? What did he do to earn it? Could've been for any business - not real estate)

Then, more in question form, rather than saying this is what he & Armando have as their mission statement:  don't we all want to be wealthy and then do good things by sharing and raise others up too? (some audience members then vocalized in agreement)

Don't you all have a "bucket list" of things you want to do before you leave this earth? (this is where the slide show of the AMS sponsored "rookie" driver race car, and poker competitions, were displayed & subsequent adventure story how they made money off of both ventures)

Lance went on to discuss how the "middle class" take vacations, but is that money well spent? Sure, the justification is that you worked hard and "you deserve it" - but how do the rich make vacations work for them? As a write off!

He then regaled a story how he and Arnaldo (here come vacation pictures Lance, Arnaldo & wives in tropical setting) went on a recent vacation to Puerto Rico...had a great time...all we had to do was check out two properties while we were there!  (I notice the non-committal language he was using throughout the speech but made mental note here - there was nothing Lance stated thereafter that said specifically if they actually went out, actually inspected two properties, nor if they actually got that vacation as a tax write off)

REAL ESTATE TOPICS:

Some of the things Lance said alluding to an actual strategy being offered & to be learned (All the things I wrote in my notes):

95% on Real Estate investors are not investing right now due to fear.  This is a downturn market, and probably will be a downturn market for the next 8 years (those #s were what he stated)

Banks are not lending doesn't matter if you have bad credit or good credit.  Banks are trying to straighten out the mess right now. 

In an upturn market, there are conventional ways to flip. Save your own money to buy your first flip.  Buy low, invest 10c-on-the-dollar maximum into a property, then sell high for a profit. 

Let go of these conventional flip ideas. Don't go into it emotionally. This is not going to work in a downturn market.  During a downturn, the strategy is to buy really low and still, sell lower than market value.  Its about quantity not quality. 

Do you know the term REO? No, it's not a cookie (laugh) its Real Estate owned property.  Research the location. There are lots of opportunities in the OC LAC area. Did you know there were 79,000 default notices that went out last month?

How does this sound? Armando is moving 35 properties in a month. (and alluded to unlimited riches are out there, Armando can't do them all, so that's why he is sharing the info)

Have you heard how banks are putting a moratorium on foreclosure sales?  This is an exciting time, once in a lifetime, because once they are released, there will be discounts - pennies on the dollar.  Watch banks that have put a moratorium on sales.

Don't let the banks "BS" you: 85c on the dollar is what most are trying to get.

Buy 35c on the dollar, move to an investor 50c on the dollar. Move property in 3-5 days.

How can you do this little or no credit or money?  Learn how to make money in this downturn market.  Learn how to do it with NO money out-of-pocket.

Find the "investment deal" and "put it under contract"

The #1 RULE is an Exit Strategy: A way out.

Always have a buyer in place before. Sell to investors. Find a property, lock it up under contract, sell to an investor (who does the flip themselves).

Always have an investor in place before putting anything under contract. (this was almost verbatim)

Would you like to learn how to do this with NO RISK to family or ourselves?

The seminar in LA will deal with how to do the deal HERE. Learn how to do the deal.

This is when the particulars of the 3 day seminar came out & the $.

Good luck to all. I wish it was true, and would like to see a report from someone who goes to the March 4, 5, 6, 2011 seminar.

Please note that employee of AMS Morgan's rebuttal is a verbatim "copy & paste" rebuttal on Report: #624314, Report: #363831, Report: #625434 (and probably others) submitted on Friday, October 15, 2010.

Armando Montelongo firmly stands by the quality and value of the goods and services offered, and genuinely wants his students to succeed.  We are concerned about the reported circumstances and remain open and available to address these and any other concerns that you and other students may have.  We are here for YOU and our ultimate goal is to see you succeed.  Please let us know if there is any way we can assist you.