New Trouble For Armando Montelongo
The real estate world is not without problems. It may be true that there’s lots of money in this field notably for investors but when careful planning is not taken in whatever ventures these investors get themselves into, there’s bound to be trouble too. And even the so-called experts experience their own set of woes.
Just take the case of Armando Montelongo who’s known as the flipping machine. This man is a big time real estate investor who hosts the popular home flipping show on TV "Flip this House" along with his wife. Watching their show would make you think that every flipping project they have ends up a success. But that’s not all there is to it because the difficulties encountered by the Montelongos are not really shown on camera.
The latest buzz is that Armando Montelongo recently faced financing problems and the lender involved is VCH Funding Corporation. Mandoman Management Inc., which is owned by Montelongo, secured a temporary restraining order last August 6, 2007 for four foreclosed properties, just a day before their scheduled sale. The restraining orders were good for two weeks and expired last August 21, 2007. The properties involved are located in Bexar county, Texas. Specifically, they are in University Park Subdivision, West Lawn Park, Villa Corona in San Antonio City and Lackland City Subdivision.
In the application for temporary injunction, Montelongo reasoned that he has arranged alternative financing to pay his firm’s loan with VCH Funding Corp. in full. He was asking for a one-week time period to close the new loan and pay VCH in full. The foreclosure sale for the four properties would have been set on August 7, 2007 at the Bexan County Courthouse. So far, none of the parties involved have issued their statements on this matter.
Surprisingly, these are not the only cases of foreclosure experienced by Armando Montelongo because there are many more including civil cases listed in public records.
Montelongo gets another failing grade from critics because of this new trouble. Some people blame the folks behind Flip This House for showing only the good side of the Montelongo’s ventures believing that it is actually in revealing the challenges and predicaments during the flipping process that people can learn more.
With these problems revealed, it is high time that real estate investors, especially the novices, be extra cautious in their home flipping projects and engage only in ventures one at a time with good planning and budgeting. Another key thing to remember is to constantly communicate with the lenders for whatever financial difficulties that may be encountered to remedy the problem at the soonest time possible and avoid foreclosures as well as court cases. Lenders are usually flexible in that they are willing to iron things out if the borrower can provide a possible and solid solution to the problem that will be beneficial to the parties involved
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