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Armondo's Secrets to Flipping Houses for Millions...

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lib2DaBone Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Dec-27-08 03:08 AM
Original message
Armondo's Secrets to Flipping Houses for Millions...
Just watching a TV commercial by some guy named Armondo and his wife. All you have to do is sign up for his 1 day seminar and buy his DVD's.

Only one question? How can you make money flipping houses when the the value of Real Estate is going down?

Rent the house out? Sorry, your tenants moved out in the middle of the night owing you 3 months back rent. And their Chow dog ripped all the screens which have to be repaired before you can re-rent.

And you have one week to come up with $2000 property taxes. But the first , last and security deposit is not enough to cover the payment.

Is Armondo related to Bernake or Paulson?
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murielm99 Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Dec-27-08 03:54 AM
Response to Original message
1. Maybe the infomercial was a rerun?
Are they short on things to put on late-night TV, so they are using old infomercials?

:shrug:

I saw a young woman on Wheel of Fortune the other day who was quite proud that she and her husband flipped houses for a living. I was hoping that she would not win any money. (She did not win much).

I hope all those flippers lose their shirts.
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Clovis Sangrail Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Dec-27-08 05:57 AM
Response to Reply #1
3. there's still money to be made
the real estate boom made it so that people could pretty much buy a house and sell it for more without doing a thing to it because real estate was going up.

but some people did (and still do) look at the selling price for a house and how much they can sell it for if they do x, y, and z to it.
Right now isn't a great time to be doing this (understatement) but if somebody buys a place for $200k and sinks $10k of improvements into it - I'm not bothered by them trying to make a profit from their work.

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tomreedtoon Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Dec-27-08 05:24 AM
Response to Original message
2. Can somebody POST this seminar?
I mean, someone who attended, who was ripped off by it...could you post on a Bittorrent site or someplace exactly what you paid your money for? Including PDF's of the printed materials and videos, if you got them?

I would like this done, not to rip off this worthless piece of intellectual property, but to have someone who understands real estate, law and taxes to pick it apart and show why it's a lie.

There are a dozen entities running the same "get rich quick" infomercials, and since we don't have a US Government that's interested in investigating fraud, we citizens will have to do it ourselves.
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Hannah Bell Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Dec-27-08 06:06 AM
Response to Reply #2
4. Do you click on those emails that tell you you've won something?
I never do, but some people do.

I never would have believed it until i saw someone all excited by one of those emails at the library. I said "Scam," but they preferred to believe.

Some people just assume too good to be true is, others want to believe. I have no idea what the difference is. I don't think it's brains, really.

But it's hard to talk folks who want to believe out of their belief. Or into cynicism, as they might put it.

Life is less fun for cynics.
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pokercat999 Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Dec-27-08 07:14 AM
Response to Original message
5. There is a regular show about flipping featuring Armando
and his wife, manager and contractor. He works mostly in south Texas and specializes in flipping low end properties. Texas has passed a law that flippers spending $10,000 or more MUST have an inspection and a new CO before the property can be sold. On one recent show Armando and his contractor conspired openly to offset some of the repairs (assign them to another job)keeping the cost of the flip under $10K on paper so they wouldn't have to have the home inspected. They had covered some severe damage that was going to lead to huge repair bills when uncovered.
He treats his co-workers like crap and pushes his sub-contractors so hard on price and added work after the price has been agreed upon that the will not work for him a second time. With adequate regulations this clown would never be allowed to work in the real estate industry.
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