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Real Estate Investing => Rehabbing, Fix and Flip, Rental Properties => Topic started by: motivatedceo on January 04, 2007, 12:08:47 pm

Title: The Montelongo's on "Flip This House"
Post by: motivatedceo on January 04, 2007, 12:08:47 pm
What do you guys think of the Montelongo's on "Flip This House"?

Based on what I've heard & seen, they appear to do primarily wholesale flipping and lease-options, plus operate some rent houses. Please correct me if I'm wrong though. Their market consists of the cheap houses...$20-$50k before being rehabbed...I bet...primarily in hispanic neighborhoods. Obviously if they're flipping - or rehabbing is the more correct term - 200 houses a year...they're doing something right. They now have an office building, and are doing some sort of big 600+ acre land development gig north of San Antonio.

They used to have a list of their houses on their website, but now they're gone. See
http://www.montelongohousebuyers.com online. My guess is they don't want their competitors to see what they do in real life...but just on TV. Hell, I'd get nervous too if I gave away ALL my secrets on national TV and then realized thousands & thousands of people might copy my success. LOL. You can still see their OLD listings by going to their website indirectly...

See http://www.montelongohousebuyers.com/all_listings.html?website_page_id=&sort=price_desc

Do you guys - especially new investors OR investors who might be tight for cash - like what they're doing?
Title: Re:The Montelongo's on "Flip This House"
Post by: Bluemoon06 on January 04, 2007, 01:16:16 pm
I love the show.  I like Trademark better than the Montelongos.  I have seen some of the ways that the Montelongos have cut costs on projects.  Now this may just be just TV, but when you talk about putting lipstick on a pig, I don't like that.

When I do my rehabs, I always do it as if I am going to live in the house.  I get enough money in my financing to fix up the place and I would rather make my profit when I sell it than shortchanging the family I am going to put into my house by putting duct tape on it a painting it over instead of doing the job right.  If I get the job done right and cheap, I will take that all day long, but I am not going to take the funding and not do the fix up.
Title: Re:The Montelongo's on "Flip This House"
Post by: motivatedceo on January 04, 2007, 01:57:41 pm
I agree, Trademark takes the cake, hands down. They're #1. But, I don't have the capital or resources that they do...yet...so I can relate far better to the Montelongos. I'm at a stage where I can start out like the Montelongos, and work my way up to doing what Trademark does. =)

Checkout http://www.trademark-properties.com/ - they actually a very large company with diversified real estate activities. As their website says..."Trademark Properties Real Estate Services is a full-service Charleston Real Estate firm. Specializing in residential listings and sales, commercial listing and sales; business brokerage, condominium conversion and sales, new construction sales, property management, corporate apartments, Relocation, and Investments."

Also, for those not in the loop, Trademark is (a) suing A&E for the rights to the Flip This House show [see flipthislawsuit.com]...as apparently Richard was the guy who thought of the show, (b) is making plans to start a new, competitive show on another cable network [Discovery, or something similar] and (c) is currently seeking investment partners across the nation. See http://www.trademarkareapartners.com/

Title: Re:The Montelongo's on "Flip This House"
Post by: kdhastedt on January 04, 2007, 02:02:15 pm

I think the Montelongo's are sleaze balls...my personal opinion.  I think they possess little or no business scruples and I think they treat their subs (and their wives) like dirt -- I'm not a big fan.

Again, my personal opinion.  I'm sure it's all a big act for TV -- they may be great guys...but they don't come off that way.

Keith
Title: Re:The Montelongo's on "Flip This House"
Post by: bdub on January 04, 2007, 02:53:30 pm
i've heard their rehab work isn't top notch (and have seen some things in watching that didn't seem quite right).  apparently, they profit from it, which is what's important (for the most part.)
Title: Re:The Montelongo's on "Flip This House"
Post by: motivatedceo on January 04, 2007, 03:24:31 pm
Well, I imagine that your rehab work does not have to be top notch as long as you have a renter or a lease-option clinet. If you have an buyer, and don't disclose something, that could be pretty serious issue though...but I wonder if those disclosure laws apply if you have a cash buyer getting it 'as is' or if you do 100% owner financing?
Title: Re:The Montelongo's on "Flip This House"
Post by: motivatedceo on January 04, 2007, 03:33:08 pm
NOTE: the only problem I see with the Montelongos is the way they - specifically David - deal with people. He can be a real jerk sometimes. However you have to respect the fact that he is a shark, and has a never say never attitude. He's a winner in the business world. His basic strategy of starting out with the small deals, and working your way up from there, is smart. Plus he uses the cheapest labor, which is smart. I don't like the idea of doing a bad job on a rehab, but again if the situation applies where you don't have to take care of anything beyond the basics, that's all that you have to do. Not every place needs granite counter tops or new appliances even - especially considering your dealing with 'poor mans' housing anyway. In the end most of their places look good. I bet you a nickel they're smart enough to disclose any underlying problems...e.g. termite damage that was not fixed, but patched. He's doing something good for the nasty inner urban areas of his city. I just might wind up doing that in my town...but I sure as hell won't treat people the way he treats them. LOL!
Title: Re:The Montelongo's on "Flip This House"
Post by: triton63 on January 04, 2007, 03:35:05 pm
I agree with the posts above that you should rehab the house so it is in a condition that you would be comfortable living in it.  On one show the Montelongo's had a house with a foundation problem.  The contractor said it needed something like 26 supports under the house.  They chose to go with just 7 to get the floor level enough to sell the house.  That is not the type of work I want to put my name on.   Maybe it is all an act for TV but they don't impress me as being a good example for rehabbers.  
Title: Re:The Montelongo's on "Flip This House"
Post by: DannyTheGreat on January 04, 2007, 03:55:25 pm
I agree with all of the negative comments about the Montelongo's.  ;D

To add a few more; the main character (the brother who talks the most) is like the blind leading the blind. He has all kinds of stupid phrases like putting lipstick on a pig and call it a potbelly. Then there is his oh-so-wise shark/whale/dolphin analogy. He's the type of person everyone wants to jump in a bar.

I'm boycotting the Atlanta and San Antonio crews!!!
Title: Re:The Montelongo's on "Flip This House"
Post by: klproperties on January 04, 2007, 04:45:59 pm
Yes I agree with danny and some of the others as well. I do not like at all the Atlanta and San Antonio crews i all ways.
Title: Re:The Montelongo's on "Flip This House"
Post by: big_sb on January 04, 2007, 11:52:07 pm
FTH has gone down hill without Trademark. I still watch the show as entertainment, knowing that they are just acting. The sub they always low-ball and beat up on the price, I think it's Sergio, looks like he's passing a stone on every episode...when he say's "I don't know David, I will be losing money if I do it at 10% my bid...ok I will do it". The show is so predictable. Now David's wife is pleasant to watch although her whiney voice gets annoying.
Title: Re:The Montelongo's on "Flip This House"
Post by: BobbiOh on January 05, 2007, 12:20:33 pm
They're like a train wreck...I can't stop looking.

First off, why is it that neither the San Antonio crew or the Atlanta crew know how to rent a freakin' dumpster? They waste an amazing amount of time moving their detrius twice.


Armando treats his subs like crap. There's a reason why a sub "stole" the cabinets that had just been installed. And...you'll notice that the police were not notified of the "theft".

Then sending his wife and SIL into the garage to kill bees while he had a beer. I wonder if he realizes that if you get stung by a swarm, you can die?

It was obvious from one epsiode that they don't pull permits. In the same episode, he yells at his brother for pulling the rotten bathroom down to the ground. He just wanted to sugar coat that bathroom.  :-X

The Atlanta crew is just as bad. The Victorian had a 5" floor slump under the kitchen which they were jacking up. They never even thought about unscrewing the cabinets from the walls, so all of them were ruined. How can they be pros at this and miss such an obvious issue?

In the same house, hours before the open house, the project manager falls through the floor. Their answer? Don't bother checking the rest of the floor to see if it's safe.....just replace the one broken board.  ::)

And my personal pet peeve with them: Since Sam is driving a brand new 7 series, I'm reasonably sure that they can afford maternity pants for the wife. Walking around in unbuttoned and rolled down jeans with your belly hanging out is just classless.

I liked the way Trademark operated. They make it clear that you can be profitable at this without exploiting others. I'll certainly be watching their new show. Maybe Ginger will manage to wear closed toe shoes?

I admit that I'm addicted to these shows. Flip That House, Flip This House and Property Ladder all get recorded in our house. They've taught me what not to do in our flips.

Bobbi
Title: Re:The Montelongo's on "Flip This House"
Post by: cherdwelth on January 08, 2007, 11:46:22 am
I'd have to agree with many of the negative statements as well. They are in it for the "bottom line" as they like to say. They squeeze every nickle out of their subs - don't the subs need to make money to live too? We don't treat our subs like that and still make a very nice profit.

I can even see their rehab work isn't up to par even on the TV screen - and everything looks good on TV!!! LOL

And I don't like the statement made above that said - 'well it doesn't need to be very good workmanship if you are just renting it out!' == WOW ...

As a builder - everything I do needs to be up to par or better. Why would I put my name on something that is a below standards or looks shabby? Why purposely hurt my reputation? That's not good business.

And you can see by the comments about the Montelongos made here that they are presenting that image.

BTW - I'd love to find a house for $50,000 in my state ... I haven't seen one of those is many, many years!
Title: Re:The Montelongo's on "Flip This House"
Post by: SpaceAce on January 08, 2007, 10:44:23 pm
The wife is cute as hell.  :o
Title: Re:The Montelongo's on "Flip This House"
Post by: Bluemoon06 on January 09, 2007, 10:41:22 am
producers show flips where a deal "nets" $50K or more. Did they really? I've heard these guys claim to do 30 deals a month. Are they making $50K x 30 deals a month? That would be $1.5 million a month. Hmmm. I've seen the guy drive a Hummer (before that a pickup truck), but lives in a $350,000 house

Hey Jimbo that is what I keep telling you guys.  That is Texas.  You can get a mansion for $350k and live like rockstar.  Anybody that pays more than $400k for a house in Texas is just throwing money at it.  You can have 4,000sqft on the lake for $500k.  You just can't justify spending much more that about $400k on a house.  You ask can they make $50k on every house?  I am closing on a house Thursday that every other house like mine in that neighborhood sells for $140k and mine will be purchased and rehabed for $109k.  That is not $50k but is a strong $35k.  The house I did last month has a value of $150k and I bought it and rehabbed it for $105k  that is a solid $40k and I don't have a dedicated crew.  You need to live where real estate actualy works and also where it is cheap to be rich.
Title: Re:The Montelongo's on "Flip This House"
Post by: DannyTheGreat on January 10, 2007, 09:14:19 pm
Besides, who knows how much money these guys are really making. The producers show flips where a deal "nets" $50K or more. Did they really? I've heard these guys claim to do 30 deals a month. That's an insane pace, even with the four of them working full-time plus a poor intern who's been totally taken advantage of (free labor). Are they making $50K x 30 deals a month? That would be $1.5 million a month. Hmmm. I've seen the guy drive a Hummer (before that a pickup truck), but lives in a $350,000 house (last season I think). What are they doing with all that cash from all these flips, besides paying over 45% in income tax?
I can only speak for my own company therefore I don't disagree with anything you mentioned about the Montelongo's. Rehabbing 30 houses a month is not as insane as it sounds. My company's record is 49 in a month. That was back when the market was in frenzy mode and some of those rehabs were really "prehabs" but they still netted a my minimum criteria of $50k.

That would be a minimum "net- gross" of 2.45 million (it was actually much more) in a single month. Albeit, I have many more employees than what I've seen from the Montelongo's which made it even more attainable. Most of that money goes right back into the company to finance more and more rehabs, especially luxury homes and commercial properties. I'm not sure how the Montelongo's finance their properties but their unused profits certainly give a plausible explanation as they aren't driving Bentleys, McLarens or living in a real mansion.
Title: Re:The Montelongo's on "Flip This House"
Post by: 4R Management on January 11, 2007, 12:48:24 am
I have to agree with those that have posted. I remember the Atlanta episode where they were going to hire the neighbor to do lawncare then screwed him over. The NEIGHBOR!! I always befriend neighbors because they help sell the house.

As to the San Antonio crew...I think all of their money goes into their wives plastic surgeries. ha ha ha. No way those are REAL!

Also, I saw where someone said they were hired as an extra to stand in front of a house in San Antonio to pretend to be in an AUCTION.

Stuff just doesn't sit right with me.
Title: Re:The Montelongo's on "Flip This House"
Post by: gameface on January 11, 2007, 08:40:07 am
I agree Trademark was the best








Title: Re:The Montelongo's on "Flip This House"
Post by: motivatedceo on January 12, 2007, 07:41:40 am
There is no way the Montelongos are making $50k per house. They sell houses that are not even worth $50k, AFTER being fixed up, in some cases. I think whomever said that $ figure was mistaken...or he was talking about their average sales price. They deal in 95% low income homes. Don't forget in the worst part of the suburbs of the big cities of Texas, take Fair Park in Dallas as an example, you can get a pre-rehab house for under $10k. Just query the MLS and you'll see a couple NOW. LOL. That's not talking what you can get at auction.
Title: Re:The Montelongo's on "Flip This House"
Post by: kdhastedt on January 12, 2007, 08:19:32 am

They're in the San Antonio area...right now there are 143 properties  listed on Realtor.com for less than $50K, 684 less than $75K, and 1464 less than $100K...that's a pretty TRE (target rich environment)...and if you expand the search area outside of San Antonio proper, the numbers are even higher...

The pickings there for their model seem pretty good...

Keith
Title: Re:The Montelongo's on "Flip This House"
Post by: Bluemoon06 on January 12, 2007, 08:45:29 am
Ditto what  kdhastedt said.  I live and invest in Houston my CPA owns about 50 units in Houston but he is expanding in San Antonio for the reasons  kdhastedt stated.  In San Antonio houses that need some work are cheap and fix up is also cheap.  San Antonio also has a really good market for really clean low priced homes (there is a shortage).  You can pick up some really cheap houses with not that much rehab needed (dollar wise)  In fact in San Antonio if you put $10k into a 1200 sqft house you really have a new property.  These houses sell for around $80 to $90k and they can be bought for under $50k.  My CPA has already bought 20 of them.
Title: Re:The Montelongo's on "Flip This House"
Post by: Rich_in_CT on January 12, 2007, 09:51:51 am
Here you go everyone.....your favorite part of the show:

(http://www.montelongohousebuyers.com/images/VeronicaBioPic2.jpg)

Title: Re:The Montelongo's on "Flip This House"
Post by: DannyTheGreat on January 12, 2007, 09:53:13 am
"Wowweewa"
Title: Re:The Montelongo's on "Flip This House"
Post by: motivatedceo on January 12, 2007, 10:14:18 am
Oh lordy. LOL!!!!!!!!! She is pretty, that's for sure. Maybe that's one reason A&E chose the Montelongo's...they're a good looking group. Both of those guy's wives are 10 on a scale of 1-10...and they've had kids even!!!
Title: Re:The Montelongo's on "Flip This House"
Post by: gameface on January 12, 2007, 10:33:26 am
yea they are cute..but dont seem to be the brightest sometimes
Title: Re:The Montelongo's on "Flip This House"
Post by: Rich_in_CT on January 12, 2007, 10:34:49 am
Sometimes?   ::)
Title: Re:The Montelongo's on "Flip This House"
Post by: kdhastedt on January 15, 2007, 09:00:47 am

We were watching these two the other night and my wife made me turn the channel...it had NOTHING to do with properties, investing, flipping -- it was just about whether they could effectively abuse an "intern"...

Keith
Title: Re:The Montelongo's on "Flip This House"
Post by: Rich_in_CT on January 15, 2007, 09:01:35 am
Intern was their code for we are too cheap to hire even cheap labor so we found a sucker to work for free.
Title: Re:The Montelongo's on "Flip This House"
Post by: kdhastedt on January 15, 2007, 09:08:33 am

Yeah, but you get what you pay for...the idiot didn't even know how to put a tailgate back on hte pickup when he smashed it of...

Keith
Title: Re:The Montelongo's on "Flip This House"
Post by: Rich_in_CT on January 15, 2007, 09:34:12 am
I don't know what their problem on hiring out stuff like backyard cleanup was......in TX the day laborers are CHEAP.  Good luck finding anyone to work that cheap in CT, our minimum wage is around $7.50 an hour and people cleaning up the yard might even get over $10/hr.
Title: Re:The Montelongo's on "Flip This House"
Post by: rlack72 on January 15, 2007, 10:24:03 am
I do watch FTH for entertainment and tips. The Montelongo's seem to be really cheap with their rehabs. I know that is the name of the game for some, but spend a little extra and give your future buyers a great home that they can be proud of.
Title: Re:The Montelongo's on "Flip This House"
Post by: Rich_in_CT on January 15, 2007, 10:26:10 am
I do watch FTH for entertainment and tips. The Montelongo's seem to be really cheap with their rehabs. I know that is the name of the game for some, but spend a little extra and give your future buyers a great home that they can be proud of.
On the flipside of the coin I think they are mostly going after relatively low income, you don't want to overbuild for your buyer.  But don't underbuild either.....
Title: Re:The Montelongo's on "Flip This House"
Post by: kdhastedt on January 15, 2007, 10:28:58 am

Spending a day cleaning the mess would have cost him probably about $100...and it would have added thousands to the value.  Plus. I'm gonna guess that there was a tow-truck bill to get his sorry butt pulled out of the muck because he's an idiot...plus the cost of new Italian leather loafers...
Title: Re:The Montelongo's on "Flip This House"
Post by: Rich_in_CT on January 15, 2007, 10:30:11 am
He probably got his shoes at Payless.
Title: Re:The Montelongo's on "Flip This House"
Post by: DannyTheGreat on January 15, 2007, 10:39:54 am
I find myself yelling at the TV when I watch these clowns. Not only did the problem of the house sinking have little to do with the backyard, but it wasn't even eroding away as it was not on a hill.

They tried to remedy the situation by putting mulch over the dirt to stop a house from sinking??? They could of planted grass (or anything with roots) to keep the soil from moving around.

The lack of support piers was the real issue. By spreading the weight of the house over a larger ground surface area, they reduce the weight per square inch on each support pier. Think about how many pounds of pressure it would take to sink a nail in the dirt, not much. Now how many pounds of pressure would it take to sink a 4x8 sheet of plywood laying flat into the ground? A LOT more.

I especially like opening credits when the main character is wearing his clean clothes and designer sunglasses standing behind people who work for a living giving the "Rally" hand signal and saying "Let's go, Let's go, Let's go!!" Definitely shows what kind of person he is....
Title: Re:The Montelongo's on "Flip This House"
Post by: bull136 on January 16, 2007, 04:34:56 am
I've bought and sold many properties even when we under priced a house in a hot market selling so many houses in one day i find hard to beleive. and many new investors who watch some the other episodes of flip this house they leave out alot of expenses i''ll give you an example. someone buys a house on one episode in southern cali. for $300'000 they  put $40'000 into it and sell it for $400,000 they say we made a profit of $60,000 they toke a mortgage  out to buy,they spent closing costs of about $5,000 when you sell they always leave out commision of 6% they dont sell on there own they even show the realitor in the show  when most buyers are working with a realitor because its free for the buyer. and even if you sell in the first week you would still have 1 mortgage payment of about $2,300 therefor the accual profit on a hgouse like this is $28,700 an some states also have a reality transfer fee when you sell which would make the profit less.  
Title: Re:The Montelongo's on "Flip This House"
Post by: Bluemoon06 on January 16, 2007, 11:51:03 am
the accual profit on a house like this is $28,700 and some states also have a reality transfer fee when you sell which would make the profit less.  

And of that $28,700 they owe ordinary income taxes of say 30% plus both sides of social security which is about 15% and any state income tax which leaves $15,700 you can actually spend.
Title: Re:The Montelongo's on "Flip This House"
Post by: BobbiOh on January 16, 2007, 12:09:35 pm
I just recently saw the episode where they auctioned of the house. It made me laugh knowing that a lot of the people standing there holdings numbers were "extras". Melina had put an ad up on Craigslist to get people to show up and stand there.

I've been trying to figure out what Armando thinks he's teaching the intern by having him fill in the sinking area with mulch. I found it hypocritical because Armando never actually does any physical labor. He's not teaching the kid anything other than how to cheap out.

That same episode they "painted" the lawn green.  :-X
Title: Re:The Montelongo's on "Flip This House"
Post by: kdhastedt on January 16, 2007, 01:35:21 pm

<<I've been trying to figure out what Armando thinks he's teaching the intern by having him fill in the sinking area with mulch. I found it hypocritical because Armando never actually does any physical labor. He's not teaching the kid anything other than how to cheap out.

That same episode they "painted" the lawn green.
>>

He's teaching him to be sleazy...when I get done watching the shows with the Montelongo family, I feel a strong need to wash my hands (if you follow me)...

Keith
Title: Re:The Montelongo's on "Flip This House"
Post by: tkc on January 16, 2007, 02:22:32 pm
 I think the Montelongos are brilliant! They have what it takes to be successful in their house rehabbing profession. I wish I could do that.
TKC :)
Title: Re:The Montelongo's on "Flip This House"
Post by: rlack72 on January 16, 2007, 02:29:49 pm
Successful and unethical are two different things in my book though.
Title: Re:The Montelongo's on "Flip This House"
Post by: BobbiOh on January 16, 2007, 02:30:50 pm
I think the Montelongos are brilliant! They have what it takes to be successful in their house rehabbing profession. I wish I could do that.
TKC :)

I'd rather be able to look myself in the eye each morning and make less, than be making millions by walking on the backs of others.

If you consider being unethical as being brilliant, then I guess you're dead on. But, then again, being unethical tends to be easy. There are other companies that are flourishing and doing the right thing. They're the brilliant ones.
Title: Re:The Montelongo's on "Flip This House"
Post by: Rich_in_CT on January 16, 2007, 02:31:53 pm
Who can't tell the lawn is painted?  It wouldn't take a genius to notice that, it looked obvious even on TV.....who are they fooling?
Title: Re:The Montelongo's on "Flip This House"
Post by: Rich_in_CT on January 16, 2007, 02:32:27 pm
Btw, if the paid extras were actually bidding (not sure if they were) isn't that illegal?
Title: Re:The Montelongo's on "Flip This House"
Post by: BobbiOh on January 16, 2007, 03:41:52 pm
Who can't tell the lawn is painted?  It wouldn't take a genius to notice that, it looked obvious even on TV.....who are they fooling?

What!?! You mean that straight line of green and not green against the neighbor's lawn wasn't just better lawn tending?  ;D

I wondered if any of the extras were bidding.......
Title: Re:The Montelongo's on "Flip This House"
Post by: Lizbuyshouses on January 16, 2007, 06:22:12 pm

I used to think Richard was a bit full of himself until the San Antonio crew came on the air.  Good grief.  

I am amazed at how poorly the San Antonio brother's treat their contractor.  I cannot comprehend bragging about taking advantage about someone who has less.   I admire their growth but cannot condone their methods.

Of course, still can't resist watching the show....
Title: Re:The Montelongo's on "Flip This House"
Post by: christoncuspud on January 17, 2007, 04:06:32 pm
I agree with all of the comments.  
The Montelongo's crew suck.

Also, I have a question.  Why I do not see anyone do a major plumbing or major heating job on the show. Some of those houses were so beat up, I know they had to replace the heating and plumbimg.
Title: Re:The Montelongo's on "Flip This House"
Post by: 4R Management on January 17, 2007, 04:28:18 pm
Because I am sure they are cutting so many corners with those subcontractors that the SUBs are being smart and not wanting their faces put out there with the work they are doing.
Title: Re:The Montelongo's on "Flip This House"
Post by: kdhastedt on January 17, 2007, 05:36:56 pm

The Montelongos replaced a water heater in one episode because the bottom rotted out of the old one and they had no choice...they live in San Antonio...most of the year the rubes buying their properties don't check stuff like heat and hot water...when you're as crooked as they are, the word eventually gets around.


Keith
Title: Re:The Montelongo's on "Flip This House"
Post by: jagsterr on January 21, 2007, 04:03:50 am
I've only seen the show once, but that was enough for me.  The brothers are absolute users.  They take advantage of everyone, and squeeze the life out of people so that they can be the only ones that make a large profit.  And then theres the work they do - it is just a band-aid or cover up job they do, whether its lease to own or purchase, no one should end up with a surprise when they scrimpted to buy.  Now those buyers will be faced with more expenses once they move in and discover all the cleap band-aid coverup jobs that were done to the house.  It's ashame that they can make a killing and not give a damn about ANY one in the process.  They have no conscious.
Title: Re:The Montelongo's on "Flip This House"
Post by: cherdwelth on January 21, 2007, 08:24:45 pm
Sorry, she does nothing for me! LOL :-*
Title: Re: The Montelongo's on "Flip This House"
Post by: pep007 on February 10, 2007, 10:01:38 pm
I've been to two of the properties theyve shown on the San Antonio crew.  The one where they redid 5 houses in a row, well my wife and I drove by probably a month after the show aired and some of them still were fenced off and being worked on.  I got the impression that they were all finished.  Then the other one they did is still sitting vacant with a for rent sign outside, I drive by that one about 2 twice a month since its close to where I go have a beer.

I also saw the more tolerable brother last week at a stop light.  He was driving a real nice Mercedes, that's the only reason I saw him, the car got my attention.
Title: Re: The Montelongo's on "Flip This House"
Post by: fadi on February 11, 2007, 08:23:21 am
I met them at our local San Antonio REIA group. They gave couple of hours presentation offering new investors a chance to buy 10 houses each from them at 100% ARV occupied with bad credit tenants in bad sides of town promising them 10% appriciation per year.

If you think they are bad on TV, try the brothers in person. Their wives are hot in person though :D
Title: Re: The Montelongo's on "Flip This House"
Post by: Rich_in_CT on February 11, 2007, 10:02:37 am
The one where they redid 5 houses in a row, well my wife and I drove by probably a month after the show aired and some of them still were fenced off and being worked on. 
A few fell through on financing back to the previous renters, they were sold off unfinished to another investor.  Those are probably the unfinished ones.