NEWPORT BEACH, CA – Armando Montelongo, real estate expert known for buying and renovating lower to middle income residential properties as profitableand CEO/Founder of Inc. 500-ranked Armando Montelongo Companies, Inc., recently expanded the focus of his investment company to include million dollar homes. With his first luxury residential purchase in Newport Beach, Calif., Montelongo stands to earn more than $1 million in less than one week after closing, based on comparable properties in the area.
Montelongo’s purchase is a rare three-bedroom, three-bathroom home facing the ocean, providing panoramic, Catalina Island and sunset views. The home boasts recent updates including French doors, a marble and wood fireplace, hardwood floors, and a large breakfast bar and dining area. Comparable homes in the area average approximately $4.7 million, nearly twice as much as Montelongo’s final purchase price.
“After years of successfully flipping homes ranging from $150,000 to $300,000, we are now applying our system to multi-million dollar opportunities,” said Montelongo. “Southernis a residential real estate market that has been booming for several months now, and we have identified several additional areas that are quickly following suit.”
According to recent reports, home sales across the U.S. priced at more than $1 million are occurring at triple the pace of the broader market. Flips of high-end estates have risen by almost 40 percent over the last two years as banks have loosened up restrictions on lending, creating an economic environment for residential investors to acquire wealth.
“This is a sophisticatedplatform and one that I have been eying for some time,” said Montelongo. “The best time to invest is during the ‘warm up’ phase which indicates that the area is on its way to a healthy recovery. The result – greater profit potential.”
The former star of A&E’s hit show “Flip This House,” Montelongo is an influential businessman with diverse interests across multiple platforms, including a powerhouse portfolio of companies that span real estate, education and investment. Armando Montelongo Companies Inc. is ranked as the top education company on Inc. magazine’s 30th annual Inc. 500 list of fastest-growing private companies and 19th overall on the exclusive list of 5,000 of America’s top independent entrepreneurs.
About Armando Montelongo Companies, Inc.
Armando Montelongo Companies promote the concept of creating alife and wealth accumulation through personal growth, self-reliance and empowerment. Founded and solely-owned by Armando Montelongo, one of the most successful real estate investors in America and known as the tell-it-like-it-is host of A&E’s hit reality show “Flip This House”, Armando Montelongo Companies consists of diverse corporate investments including a series of educational guides and workshops designed to share Armando’s success at creating a personal fortune in real estate. In 2010, the companies further diversified to include a motorsports company designed to support drivers in the Indianapolis 500. Then in 2011, it launched a media production company to promote the production of independent motion pictures and cable television programming in South Texas.
Armando Montelongo Companies, Inc. was listed as one of the 2011 Inc. 500 fastest-growing companies in America. For more information about Armando Montelongo and Armando Montelongo Companies, visit http://www.armandomontelongo.com.