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Updated 10 months ago on . Most recent reply

User Stats

9
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3
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Poonam Barad
  • Rental Property Investor
  • Las Vegas, NV
3
Votes |
9
Posts

Anyone done mentorship bootcamp offered by Richard Garcia? Any reviews/feedback?

Poonam Barad
  • Rental Property Investor
  • Las Vegas, NV
Posted

Hello I have come across IG page for Richard Garcia. He has really good content and tips and I am looking to sign up for his mentorship program. I was wondering if anyone has any experience about it?

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Quote from @Becca F.:
Quote from @Guy Gimenez:
Quote from @Joe S.:

So it looks like two of the post were created for the sole purpose of writing a positive review. 😳


 Exactly Joe. These are are always red flags but will often be overlooked by novice investors. 

 I've participated in Richard Garcia's free webinars or his spur of the moment Instagram Live, where people can type in questions in the comments and he answers them. His real estate contracts and some of the advice makes sense. Most of the content he has posted on IG recently is asset protection and international trusts (trust in the Cook Islands), international bank accounts (in Dubai), etc with videos of his family traveling in different countries.

For someone who owns multi-millions in real estate, that makes sense but for 98% of the investors on here, especially new investors, it makes no sense to pay $20,000+ to establish international trusts, holding companies and LLCs for asset protection (from lawsuits) and a tax shelter. If someone is buying a $200,000 to $1+ million property, all those fees will eat up any rental income and any "tax savings" is obliterated. A new investor buying a $150,000 SFH house in the Midwest or $500,000 duplex doesn't need a trust in the Cook Islands - ridiculous and not practical.

I know many California investors with millions in real estate who purchased umbrella insurance who don't even have LLCs. If someone's going to get an LLC, do it in the USA. Getting an international trust is overkill for most investors.

Most of the RE advice I've gotten is from networking with local and out of state investors, real estate agents and asking what they did and checking to see if I analyzed the deal correctly (rehab costs, etc) ... all free. Next time I go visit an OOS mentor, I'll take them out to lunch/dinner, costs way less than $5000 to $18,000 than what these programs charge. Attending local real estate meet ups is a great tool to learn from experienced investors. Talk to inspectors, local contractors and start walking properties (ask a local investor if you can tag along if they have projects in the works )- you start getting a sense of how much renovation costs are, what are major safety issues and what's minor, what your offer price should be, and the ARV.

I can't speak to the mentorship program since I'm not in it. Interestingly when you go to Richard's website and try to look up his courses and programs and the costs, it says "page not found".

When I asked him about asset protection and trusts he was pretty clear that unless I owned a good amount of properties it wouldn’t make sense for me to open trusts or set up offshores. I am sure if you ask him he will say the same. 

In his masterclass he lays down exactly when and how an investor should start protecting his assets.

As for networking and local mentors, I guess that’s up to you, but I don’t see how someone who worths millions would with a simple dinner sit down with you and teach you unless you have some other sort of value to offer him/her with your services or got similar experience with him/her.

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