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Currently @ Fortune Builders $197 3 day seminar
FB were at my local REIA meeting and offered this 3 day course. Im atending it now. After the first day I decided to research some and found out that this coaching they are selling is going to cost 25k. I dont want to spend that kind of money right now since Im rand new to real estate.
I want to get into and learn how to rehab houses. Im also trying to find the best ways to find private money. So I gues my question is are there any videos or books that you have read that would help me in my journey of learning the best practices for rehabbing?
I just got finished with the 3 day seminar today. I took tons of notes and was curious to meet / network with anyone who actually chose the Mastery program to see where they are at now with REI.
On day one there were about 200 people and I thought that was a lot. I attended with my wife as we figured the $197 wasn't a bad deal. Right from the start I told my wife that we were being pitched something else. I had no idea what Mastery was but I had a gut feeling that it was something NOT included in this three day seminar simply because of the way "mastery" was presented, and boy was I right.
The night of day 1 I came home and researched the Mastery program and when I told my wife the cost, she was like; no thanks. The troubling thing is this, for a weaker minded person they would have not been able to recognize the setup. The entire seminar revolves around the Mastery program and seeing just how many people "might qualify to be selected". Before the end of day one the speaker did an exercise and asked us, how many of us could raise 100k cash in 24hrs, not many hands went up. The speaker seemed troubled, the number was lowered from 100 to 50k and so on and so forth until it was down to 10k; which isn't even enough to buy the lowest priced Mastery program.
On day 2, fewer people showed up and on day 3 less showed up than on day 2, so much so that they removed seats from the room that we were in so there wouldn't be the appearance of a ton of empty seats. To my surprise some people, about 6 or 8 actually signed up for the Mastery program. I guess from the day 1 total that's about a just shy of a 5% conversion rate which, I guess isn't bad.
I know this for a fact; just starting out is tough and having a blueprint to follow is great, I'm just not sure that blueprint is worth 25k. I could have also benefited from the walkthrough of a rehab job with a coach, I'm just not sure that walkthrough is worth 25k. Knowing exactly what contracts to use, what docs to file, what order to file the docs and use the contracts would be great. I said to my wife; man if this was 5k, we might consider it but then I said, if their system works so well; they should finance my first deal (a deal that their system will ensure is correct and that I would make money on) and take their 25k from the profit.
We knew before hearing the price from the speaker (because I researched it online) that the Mastery program was not for us. Not at this time. I told my wife, the only way to really learn this business is to do this business. Even if we don't make any "live" deals, we can go through the motions. We do plan on joining DIG (our local real estate investing group).
There was a lot of great "surface" info from the seminar, but nothing really in depth. The instructor did make some live phone calls with FSBO's he had us pull from the internet. That was very interesting however I was expecting to get hand held through an entire deal; from the buy and or sell side of things and that didn't happen. I would have to sign up for the Mastery program for that.
Do I think the $197 was well spent? I'm not sure because I don't think I'm in any better place than I was at the beginning of day 1. I could have probably read a couple of books and got the same info for 1/4 the price. There was so much info spread over the three days mixed with sales pitching the Mastery program blended with tons of inspirational speech that you leave feeling good about the seminar but not because you learned anything valuable but because you just completed three days of very good motivational speaking.
In all seriousness, paying that much is absurd.
Originally posted by Darrick P.:
...
Darrick P. - I can send you a message with what I sent to Prashant if you'd like; send me a colleague request and a brief into with that request. I can also snail mail you a free pass good for attending one DIG meeting; if there will be two attendees, I can send two with one stamp. There is a thread in the local networking forum with a list of BP members who attended the last DIG meeting; that should give you a list to start networking.
I also went to the FB recently when they were in Connecticut. I didn't even last through the orientation. The second they said the 3 day course was normally 2000 dollars and was being discounted to 197 for the 3 day course for both myself and my wife I knew we were being prepared for greater fees. I was prepared to pay for some of their contract books and other forms as they started in CT, and would be helpful to have some of the state specific information. They run a great business, getting 3 people to pay 25k and it probably costs 20k for the facility rental and fee to the speaker, not a bad business. Gotta give than Merril, and Yale school of Business some credit!
@Jrock817 They allowed you to buy their contracts? That wasn't offered to us. I guess each seminar is a little different?
please delete.
This is very interesting. The only people providing an opinion are people who have not paid the 25k and actuallly gone through the program. I just completed the 3 days for $197. Acyually a friend paid it and insisted that I attend with him. Now I did several flips, rehabs and wholesale deals in the past. I carried too many mortgages and got stcuk with several houses that drained me and I eventually lost. The strategies that FB taught were not new to me. What was appealing was the marketing system, data base system and the access to private funds. My group decided to pool resources to minimize the financial impact and each focus on a niche. We start in two weeks with a neighborhood walk-through. I will give a first hand account of the program. By the way, how much does it cost to get a BS degree for a job that pays $40K ...1000K with stduent loans that you cant even bankrupt out of. Stay tuned!!
There is some good content in this seminar--they have SYSTEMS that are excellent and that obviously have made the owners and the presenter millions. Unlike what one is led to believe in the preliminary material that you will get this material at the 3-day training, you do not get any of unless you purchase their additional training. The amount of useful content was about a day's worth and the rest of the time was filler so that they could "interview" the people one-by-one that they were trying to sell their $15,000 and way up ($30,000 and more) training packages.
Additional critiques:
Ahead of time we requested an agenda and received one from the company. Our biggest complaint is that they DID NOT follow it. They did not give out a schedule for any of the days. You never knew what would be covered, when the breaks or lunch would take place, or even when it would end each day.
We, along with everyone else, I'm sure, attend a seminar for specific content. To ask people to commit for 3 days is a HUGE investment for many people (it was no small matter for us). People come to these things to learn what we were told we would learn. That is an immensely important, unwritten contract between people who come and the presenters. They broke that contract by giving bits of useful information, but not in a take-home form and hours of:
-- Tony Robbins knock-off, change your life rah, rah, positive thinking talks
--Would-be actor impressions and dancing from the stage
--Political, state of the economy reports (this was especially offensive if one did not share those views and if you have read a newspaper or listened to any news in the last year)
-- Lengthy personal stories--short is OK--over an hour and more not relevant
--AGAIN and again and again selling of the program which took hours of time--this was incredibly irritating. If the content of the program is truly worth it--people will buy it--and they didn't have to have to sell it that hard.
Most upsetting is that there were a lot of obviously disadvantaged people there who desperately wanted to buy into the American dream. These people most likely do not have parents with lots of money to fund their deals (as did the presenter and other examples) and no matter what you told them, most of the people in that room will never get an investor to lend them money or make a huge deal. They were told to charge the training on credit cards. I found all that very upsetting and really borderline immoral.
In addition, for the $200 we got almost no handouts and in addition, no coffee, food or even tables for most of the people. Not only no agenda, but the forms and "Systems" were quickly flashed on the screen and no one could take a picture of them.
The people managing it ranged from kind to mean to wierd. And if they did not like what you talked to someone about at breaks or lunch (they had staff with no identification) you were rebuked in a public setting for what you said. Women were demeaned from the platform: numerous references to the little woman out shopping, and "yeah, gals you too can do this." When someone asked about a break (because no schedule) he was told "there is the door." If your phone went off, you had to come up to the stage and do the chicken dance—that is junior high behavior and many of us did not consider it funny.
All in all I WOULD NOT recommend this 3-day ordeal to anyone. If you have piles of money or access to it, contact them directly--I'm sure their Master's program for real estate investing is useful, but don't subject yourself to 3 days of sales pitches and juvenile humor sprinkled with tiny bits of useful information for this.
Paul Prehn
Originally posted by K Lewis:
K Lewis - It's been a month.. what happened? I went on a rehab tour walk through with my local REI Group for $49 (Full day event and it included lunch)
Darrick P. Any response from K Lewis ? I attended the 3 day in November of last year in San Jose. Same sell game.
Patrick Martinez - no response yet.
Just went to the first event in El Paso. Lots of people signing up for the three day event. Had two friends with me, none of us went for the three day thing because we already had Bigger Pockets. They showed these CA flips, umm this is El Paso. One 'sample' was a $279k 3 bed 2 bath that they put $60k into. My 4 bed 2 bath recently appraised at$58k, fully remodeled.
I went to the 3day seminar and agree that it was a good program that they were selling was tring to get more infor on fb and seem to get the run around have seen comments on how you can wait them out and the price goes down has anybody taken the mastery coarse that can or will talk about how it is
For many years, I work for law firms where they sue landlords and win without a fight, and the landlords don't know how to protect themselves from the big bad wolf, and I might have a change of heart and teach landlords how to beat the system and win each time from lawsuits. I wonder how many investors will sign up.
My 2cents Not promoting anything just a thought.
Joe Gore
@ Chandra Wright I went last year in San Jose they will ask you to fill out an application of your financials because they will roll out the mastery course. It started at $25000. Than they will suggest you increase your credit card limits. Next they will"interview" applicants. I answered honestly and was never "interviewed"
u guys are getting a deal . It's 35K now this week. yeah Right!!!!!! Looks like great systems for lead generation. lots of info. but when it gets down to it, they tried to show me how I could put it on a credit card, or pull a heloc loan to pay for it. Sorry I didn't fall off the turnip truck yesterday. I'll just keep rehabbing, renting, occasonialy flipping. It's been working for 8 years now.
It is shame that all the guru snake-oil salesmen ripping of hard-working people.
Joe Gore
I'm going to the freebie 1/23 in NYC. when will the $197 be offered? i go a week later to Dom Rep for 6 weeks
@Bernard Castillo You can go if you want, but you can find the very same seminar online (free webinar) for all these kind of deals. They are all "scams", and I put scams in quotes cause they do give you information, just very vague information, unless you buy their course for anywhere from $97.00 - $50,000 depending which Guru real estate shaman you happen to be listening to.
Mentors, just another scam IMHO. I spent 3 months looking for a real, no BS mentor that I would give 50% of any deals I worked with them on, and at minimum my first 3. Know how many I found? 0, none, nadda, zip, zilch. I have contacted probably close to 40 investors that claim they mentor, and that they are the greatest and have the best system in the world to make guaranteed money in 30 days or less. BUT, they want $500 - $5,000 to make sure your serious so your not wasting their time. Well, IMHO, if their system is so good, so successful, and so guaranteed, then they should be confident that they are going to help make me successful that 50% of the first 3 deals should be like money in the bank and a hell of alot more money than what they are asking. Of course they ALL, EVERY SINGLE ONE, has an excuse for that, and excuses are like .... well you know the end of that sentence.
You don't need fancy seminars, fake guru's, and all the other "get rich quick" trash. Read the forums here, ask questions, learn from real people who are not trying to sell you something, swallow that fear you have, and just go for it.
"BUT, they want $500 - $5,000 to make sure your serious so your not wasting their time. Well, IMHO, if their system is so good, so successful, and so guaranteed, then they should be confident that they are going to help make me successful that 50% of the first 3 deals should be like money in the bank and a hell of alot more money than what they are asking."
William,
You are asking them to share all of their knowledge with you and time for a potential back end compensation down the road. Anyone that is smart knows that is a bad deal for them. The success rates are really low for new investors and also agents for example. I would get contacted all the time from people wanting to learn etc. for commercial brokerage. Every time they would follow just some of the steps and then get lazy. They would all talk a great game.
The reality is you have to make it painful for them if they do not follow through. I do not want people to train. If they ask 25,000 is my answer upfront credited off their first commercial re deal they do as an agent. They would be on a 50/50 split for example so would get back if they made 50k commission they would get 25k and then the other 25k they put down before.
Many people have limited funds and can't do that and I understand. That is why these courses do 97,197 bucks because they know they can likely get that off of anyone with volume. They scrub the people to see who has access to the big funds. If they do not buy the mentorship then they can sell them some of their properties to profit from.
I know this thread is quite long ago but I am so thankful I found it and another fellow BP'er suggested that I pass on FB if I can. I am so grateful for taking heed. BP has been a great resource for some of the same things I imagine that they are "selling" and more so, I am actually in the process of connecting with people in investing that connect with me personally. That is invaluable to me, for the which again, I am grateful. When you are a "newbie" like myself, you are so eager to get started and learn you will try almost anything but exercising wisdom is also profitable.
@Pat L.I would am in that category of seeking people to show them the ropes. I think the opportunity of seeing a rehab hands on with you is more profitable than the expensive 'Gurology'. I would take you up on that offer any day. Knowledge+experience+connection/relationship=priceless and well worth it.
Best to all!
Originally posted by @Tyisha G.:
I know this thread is quite long ago but I am so thankful I found it and another fellow BP'er suggested that I pass on FB if I can. I am so grateful for taking heed. BP has been a great resource for some of the same things I imagine that they are "selling" and more so, I am actually in the process of connecting with people in investing that connect with me personally. That is invaluable to me, for the which again, I am grateful. When you are a "newbie" like myself, you are so eager to get started and learn you will try almost anything but exercising wisdom is also profitable.
@Pat L.I would am in that category of seeking people to show them the ropes. I think the opportunity of seeing a rehab hands on with you is more profitable than the expensive 'Gurology'. I would take you up on that offer any day. Knowledge+experience+connection/relationship=priceless and well worth it.
Best to all!
You're welcome anytime !!!
I am currently tearing apart a perfectly good Lake-house adding 3 bedrooms, 2 baths & a 23x12ft kitchen overlooking the Lake.
I am here in Hollywood florida doing the 2 hour seminar right now. I appreciate having been able to look at this forum and decide not to do the 3 day seminar. I know this is a 3 year forum but very helpful. I also have seen this same information provided by the real estate bible.
Thank you
I recently attended the 3 day seminar in my town. What got my attention and the reason I attended was the fact that they told you what you would be learning at the seminar. I knew that there would be a sales pitch and that u would have to suffer through it. As an investor I knew what I knew and what I didn't, and here was an opportunity to learn about a lot of the things I didn't know. There were a lot of people at my event that interviewed for the Mastery Program, though I'm not sure how many paid. All in all I found the event worthwhile, though worry about all of the motivated people chasing what deals are out there, though there might be more in my local market than I'm aware of. Hope this helps other people who are thinking of attending.
