MIAMI—Armando Montelongo, star of the reality TV show Flip This House, is now sharing his expertise on million dollar flips. In part one of this exclusive interview, 'Flip This House' Star Talks Million-Dollar Flipping, we asked him about he principles for success and his secret sauce in this luxury sector. In part two, we're diving deeper with his predictions on the economy in 2014 and how it will impact real estate investment.
GlobeSt.com: Are you now teaching how to invest in million dollar flips? Is this the next “big thing”?
Montelongo: Yes, I teach a limited group of advanced investors how to do million dollar flips because these are not for the novice or the guy who watches a decorating show and who wants to get rich quick. And yes, million dollar flips are the next big rage to happen. They are bigger, better, sexier.
GlobeSt.com: You have said you think we are going to enter into another recession in 2014 and that now is the time for opportunities to be capitalized on by educated investors. Why do you think this?
Montelongo: Banks have short memories. They are once again writing stated income loans also known as "liar loans" and are requiring less documentation to get people housing. Ultimately this is a phenomenal time to get into real estate because so many buyers of finished houses are in the market and there are still a large number of unfinished and damaged houses on the market.
GlobeSt.com: Where are your key target areas in South Florida, and who are you competing against?
Montelongo: For the South Florida market, I love Miami. The market is red hot, and you have buyers from all over the world interested and houses only sit on the market for a few days. The competition is red hot between foreign investors and hedge funds so you have to get in now and get your piece of the market.
© Touchpoint Markets, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to asset-and-logo-licensing@alm.com. For more inforrmation visit Asset & Logo Licensing.