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Author Topic: The Montelongo's on "Flip This House"  (Read 27388 times)

Offline DannyTheGreat

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Re:The Montelongo's on "Flip This House"
« Reply #15 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.
"I fear all we have done is to awaken a sleeping giant and fill him with a terrible resolve."- Isoroku Yamamoto, Japanese Admiral- After the attack on Pearl Harbor

Offline 4R Management

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Re:The Montelongo's on "Flip This House"
« Reply #16 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.
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Offline gameface

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Re:The Montelongo's on "Flip This House"
« Reply #17 on: January 11, 2007, 08:40:07 am »
I agree Trademark was the best








« Last Edit: January 11, 2007, 08:46:45 am by Mdhaas »
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Offline motivatedceo

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Re:The Montelongo's on "Flip This House"
« Reply #18 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.

Offline kdhastedt

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Re:The Montelongo's on "Flip This House"
« Reply #19 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
I have CDO...it's like OCD but in alphabetical order - the way it should be!

Offline Bluemoon06

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Re:The Montelongo's on "Flip This House"
« Reply #20 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.
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Offline Rich_in_CT

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Re:The Montelongo's on "Flip This House"
« Reply #21 on: January 12, 2007, 09:51:51 am »
Here you go everyone.....your favorite part of the show:




Offline DannyTheGreat

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Re:The Montelongo's on "Flip This House"
« Reply #22 on: January 12, 2007, 09:53:13 am »
"Wowweewa"
"I fear all we have done is to awaken a sleeping giant and fill him with a terrible resolve."- Isoroku Yamamoto, Japanese Admiral- After the attack on Pearl Harbor

Offline motivatedceo

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Re:The Montelongo's on "Flip This House"
« Reply #23 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!!!

Offline gameface

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Re:The Montelongo's on "Flip This House"
« Reply #24 on: January 12, 2007, 10:33:26 am »
yea they are cute..but dont seem to be the brightest sometimes
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Offline Rich_in_CT

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Re:The Montelongo's on "Flip This House"
« Reply #25 on: January 12, 2007, 10:34:49 am »
Sometimes?   ::)

Offline kdhastedt

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Re:The Montelongo's on "Flip This House"
« Reply #26 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
I have CDO...it's like OCD but in alphabetical order - the way it should be!

Offline Rich_in_CT

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Re:The Montelongo's on "Flip This House"
« Reply #27 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.

Offline kdhastedt

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Re:The Montelongo's on "Flip This House"
« Reply #28 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
I have CDO...it's like OCD but in alphabetical order - the way it should be!

Offline Rich_in_CT

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Re:The Montelongo's on "Flip This House"
« Reply #29 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.

 




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