Real Estate Seminar Scams - Armando Montelongo?
The definition of SCAM includes, "A fraudulent business scheme; a swindle. To include misleading, misdirected or exaggerated claims in advertising. A ploy by a shyster to raise money. A deception practiced in order to secure unfair or unlawful gain. Any act, expression, omission, or concealment that deceives another to his or her disadvantage" . Does this fit the Armando Montelongo seminar scam?
A "free" seminar, designed to lure people into the web. Check. Get just enough information to get you all fired up, high on promises, and pressured into popping out $1500 for the next seminar, a 3 day extravaganza. Check.The second seminar is like the first, gets you fired up some more, tells you that, to insure your $1500 is not wasted, you need to get on board the grand "bus tour" - at a whopping $40,000 per couple! Check. On the bus tour you get to ride around with a bunch of other hopefuls, in seedy neighborhoods, looking at abandoned foreclosed homes. And here is whereyou are told - after shelling out over 40 grand - that all you have to do is max out your credit, go into hock for mortgages and fix-up money and with a bit of luck, you may be able to sell the place for a profit. Check.
So there you are - over $40,000 in the hole, looking at dumps you did not have to spend $40,000 to see, and being told what you already knew - if you want to spend a lot of money and borrow your way into oblivion, you can make some money. Really?
If that does not sound like a scam to you, then maybe you should review your other beliefs, like the Tooth Fairy and Easter Bunny.
It's a scam, folks. Pure and simple. But that is not to say all real estate investing "gurus" are scammers. A few are actually legitimate, and deliver the goods. And in the case of Bill Vaughn's "Simple Man's Guide to Real Estate", it includes coaching by true professionals, and all for under a hundred bucks, complete. It is truly the best real estate investing course available, with the highest success rate of them all and an A+ rating with the Better Business Bureau. Why not check it out - it costs nothing to look - but it can cost you a great deal if you do not.