In March I attended an Armando Montelongo seminar for 1500.00 & then was convinced by many seasoned sales professionals (Who immediately dismissed your relevant questions) to purchase a $30,000.00 package that included a software package for estimating deals (that is of extremely minimal use and is very general - I have put together a better simple excel sht for estimating repair values) and they never told me that I would have to pay my own way to one of their bus tours to his market dominated areas where supposedly they show you intensive training and take you to propertys that you will be able to buy for 45 - 65 cents on the dollar / ARV - which according to the videos I have watched are nothing more than brainwashing through extremely long durations that sleep deprive you & music that is so loud - in another attempt to allow you to invest more money foolishly in properties with their set up lenders & then tell you that you can no longer purchase deals without having "gap funding" from their invited lenders - because you can no longer purchase deals for 45% - 65% of the after repaired values. You have to borrow more money or use your own.
Those days / years are gone; I believe it was possible before the bank / financial institution bailouts took-place; However they are still teaching those methods and stating that they can be done. REO properties (other than teardowns) can no longer be purchased in that manner and according to research have not been possible - for at least 2 years.
I have applied submitted at least 12 deals (according to their direction & a "sometimes available mentor - my other 2 only called me two times - and offered no insight) and spent countless hours educating myself with my own found factual information, real estate agents, (somewhat investor savvy) devoted hundreds of miles to appointments / driving around and locating homes that are abandoned or in visibly distressed condition researching those and only to discover that they sold for an average of 90% of there after repaired values. They are still selling those same strategies - based on 2007 techniques / applications.
I have to recover my $30k investment through some type of legal action.
I can not be the only one in this situation.
Respectfully,
Christopher A DeVuyst
0 comments