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Rich Dad Training?
Hey I have a chance to attend one of those "FREE" Rich Dad training classes tomorrow. Now I know that they will undoubtedly try to sell me some ridiculously high priced package, but was wondering if anyone has attended these before? and if so was it just a waste of time?
Thanks,
I almost signed up for Rich Dad mentoring. It is over priced and the reviews are bad.
That being said I really like his books. The first Rich Dad book was one of my great inspirations to start my own business and get out of the rat race...
Ironically I did sign up for it. Ha. It's been fine for me so far. They stop marketing once you buy the program and I ended up getting saturated with info in my first class. Eh, but ce la vi. The price was ungodly, but do what you must. Haven't had the mentor yet though, so we shall see.
edit: as an aside, you get what you make of it. there were quite a few people in the class that I talked with, but most of them lost their drive and just went back to their jobs. Teaching is only good if you want to learn. No use filling a cup with a hole in it :P.
i generally like his books but not his real estate books. he teaches using your credit to get loans. i buy houses "subject to" so loans have no place in my strategy.
I signed up for the course and went through the 12 weeks of coaching calls last year. I did NOT get the value out of the course. Nor was there any personalized focus on my goals. They have 12 modules and they go through each one in succession, whether they are relevant or not.
Unfortunately, Rich Dad Coaching was my first endeavor in real estate investing education. Alas, it has made me gun shy to spend similar amounts of money for courses that I know would be much more beneficial.
My final word...
:protest:
My wife and I signed up for their mentoring program, which cost us $1800. It was definitely NOT WORTH IT. They call it personalized and tailored to your own circumstances, but really they run everyone through the same template and the phone calls aren't that insightful. All the coach really does is rehash what you had read and work on during the week, but didn't provide much more than that. We were seriously disappointed and disillusioned with the Rich Dad Company. Like I saw in this post or another one regarding Rich Dad Company, the books were great motivators and educational material at a conceptual level. But once you have the why in getting out of the rat race, Rich Dad Co. is NOT the place to find the how to.
They give you access to an exclusive, mentor program discussion forum, and almost everyone on there was feeling pretty lost with a feeling of their expectations not being met. I posted a reply to this poor lady that was evident that she was having a hard time getting support from the program and her family was VERY unsupportive. In my reply, trying to empathize with her, I stated that we weren't completely satisfied with the program, the coaching system, but that we can still get something out of it, even if it was minimal. Well, a day later, my disgruntled reply was erased from the forum!!! That was the last straw for me. So this is what I got out of the program:
I was so pissed off about using my credit card to give the Rich Dad Co. $1800, (they encourage you to use a credit card because it is a "leveraged investment in your education" they say). I didn't have $1800 cash at the time. I was so upset about the program that I committed to myself that I would not let the $1800 go to waste, but determined that I would find deals to pay back the course that didn't even teach me the specifics of investing. So in that sense, the deal was more than worth it. I have learned a lot since then from books priced under 30 bucks and free websites like this one and free podcasts. I still haven't closed on my first deal, but I am now making offers and getting out there every weekend, researching during the week after my regular job.
And that is my 2 cents worth on Rich Dad Mentoring. Say :protest:
That said, anyone used any programs that they really liked?
That said, anyone used any programs that they really liked?
For new people I recommend bookstores, libraries and REIA clubs who have a lending library.
There is a lot of info out there that you can read for very little money.
Once you have the basics then the online forums are really very good for advice on specific deals. The books are better to start as you can get a more complete plicture. Also the book is there when you are in the middle of a deal and need to look up an example.
The forums are best when discussing details and trying to tailor something to fit your requirements.
There is something for meeting people so a REIA membership can be valuable. I do like attending weekend seminars but you need more money for such things. Better after you have made a bit on a deal or two.
There is one secret.
In almost all cases the value of a course is dependent on what you make of it. I know some courses that are pretty expensive. I know others that are pretty reasonable. All are a waste if you do nothing with the information you have purchased. If you attend a weekend event for $10,000 and you do 1 extra deal or you make $10,000 extra profit then the course paid for itself. Yet if you just go back to your normal routine no RE education investment is going to pay off.
You have to do something with what you are buying.
John Corey
By the way,
I've learned so much more on this site, for free, and very specific to particular transactions. This site is a great resource for anyone active or getting into REI. Thanks to everyone here for all their posts.
Also, I've been using the search feature to look at particular topics when I don't want to read a million posts that are educational, but not applicable to where I am.
Originally posted by "KarNan":
Hey I have a chance to attend one of those "FREE" Rich Dad training classes tomorrow. Now I know that they will undoubtedly try to sell me some ridiculously high priced package, but was wondering if anyone has attended these before? and if so was it just a waste of time?Thanks,
Karl,
Did you attended the free session? If so did you learn anything from the session?
John Corey
Went to the free session. Got suckered into signing up for the 3 day seminar for $495 that took place this past weekend. And then found out... it's the Russ Whitney program (Wealth Intelligence Academy) rebranded under the Rich Dad name. The three-day session was TERRIBLE. It was basically one long infommercial for their products, with a bit of Cashflow playing in between. Totally my fault; I should have done some research before signing up.
The free session was okay (hey, it's free).
From everything I've read about the Russ Whitney program, it's totally overpriced. I think there's a site out there called Ripoff Reports. If you do a search on Rich Dad Education, you'll get other people's first hand accounts.
Personally, I was very disappointed that Kiyosaki basically sold his brand to the Russ Whitney program. I'm sure plenty of people have made money going through these programs, but I sure as heck am not going to pay $9k-$63k for seminars and "mentoring" from people who have been investing for less than 5 years.
Mad at myself for falling prey, but glad I made it out with only $495 spent. I have no problem paying for a great seminar or course, but I felt that it was one big sucker-sell-a-thon. Just my personal opinion, take it for what it's worth.
Originally posted by "luckylily":
Mad at myself for falling prey, but glad I made it out with only $495 spent. I have no problem paying for a great seminar or course, but I felt that it was one big sucker-sell-a-thon. Just my personal opinion, take it for what it's worth.
Two things.
1. You paid for an education and you received one. An education on doing more homework before signing up.
2. If you took away one idea or one good contact from the audience you can turn that into a deal you would have missed otherwise.
Set a goal to earn back double the money by doing something you would not have otherwise done. That will make it feel better and will also force you to look for the nuggets hidden in the dross.
Good hunting.
John Corey
Agreed, do your own research.
My husband thinks the 3 day training was worth the $495 for a few pieces of information that was learned or reiterated. Personally, out of all the seminars I've been to (including free ones!), I found this one was the most disappointing. But again, it's just my opinion. It was only $495 for both of us, so it made me feel better that he thought we got our money's worth. ;)
Just FYI, we do a fair number of RE deals... in the midst of 3 rehabs, own multi-units, have negotiated successful short sales, wholesales, etc. I completely agree that education's worth paying for, and we've spent tens of thousands on ours so far. So, I'm not too miffed about the money, because I'd gladly pay for a good seminar or course.
The real reason I was mad is that I went to the Rich Dad Education program thinking it was a new program.
Instead, it was the Russ Whitney program (which I have really bad negative associations with), hiding behind the Rich Dad name. I don't agree with the selling tactics of that company; for example, they PURPOSELY discourage networking at the event, and they use intimidation and talk-down on people to get you to sign up for their courses. They also have other weird tactics that you can read about on the internet.
Again, just my two cents.
Originally posted by "Mr Noob":
I almost signed up for Rich Dad mentoring. It is over priced and the reviews are bad.That being said I really like his books. The first Rich Dad book was one of my great inspirations to start my own business and get out of the rat race...
I agree! Its did it for me too.....
I must read book!
Originally posted by "Mr Noob":
I almost signed up for Rich Dad mentoring. It is over priced and the reviews are bad.That being said I really like his books. The first Rich Dad book was one of my great inspirations to start my own business and get out of the rat race...
I agree! Its did it for me too.....
I must read book!
I am signed up for it and will be attending a training next weekend. My cousin and I went to the free training, and signed up for the $495 3 day course. Since he signed up for it and can bring a guest, it basically costs us $250/piece. Although I have not been to the training yet, I am excited. I have listened to 9/12 audio cds and read through the book. I believe the knowledge I have already learned and the changes to my way of thinking make it worth it. Even if it was just to open my eyes to the world of real estate.
Like some others have said, even if this helps you get 1 extra deal, it will more than pay for itself. I will drop in a review after I attend the training.
Well, I attended the training and was very impressed. There were several pieces of information that they gave which are worth it by themselves (paying off your mortgage early, smart use of credit cards, etc). It also opened my eyes up to how many different types of investing there are.
I will agree with others though, they do push a lot for their advanced training. The three day course was basically an intro course that gave you a little bit of info on each topic, and they recommend you sign up for the advanced courses to learn more.
My cousin and I signed up for an extra 4 courses together. Once you sign up for the courses, they stop pushing you to buy more stuff. they also then promote networking and provide you with a plan to start, and contact info for your instructor. It cost us each $7,500. I am looking forward to the additional training.
And I believe that you get as much out of a training course as you want to. I will keep everyone updated as I begin taking these courses.
I know its not "right", but you can get pretty much all of robert kiyosakis stuff through torrents; as well as alot of other real estate guru stuff. You wont get contracts though; which is the most important in my opinion.
ok . the Rich Dad mentoring seems like it is not what I need. I have done a few small deals but I really need someone to look over the bigger deals I want to do and just give me the thumbs up..These bigger deals are pretty intimidating compared to the smaller ones and I dont want to make a big mistake. Just a little 'basic hand holding' When I started in business I met alot of good people who really just wanted to help and teach and most of these people are still with me today but unfortunatlly they are not big real eastate people and real estate is where I want to go. So people what do you suggest .... ?
Originally posted by "balagary":
ok . the Rich Dad mentoring seems like it is not what I need. I have done a few small deals but I really need someone to look over the bigger deals I want to do and just give me the thumbs up..These bigger deals are pretty intimidating compared to the smaller ones and I dont want to make a big mistake. Just a little 'basic hand holding' When I started in business I met alot of good people who really just wanted to help and teach and most of these people are still with me today but unfortunatlly they are not big real eastate people and real estate is where I want to go. So people what do you suggest .... ?
I am new into real estate as well, but anytime I want to learn something here is what I do... find someone who does it well and offer to work for free. You will be helping them, and you will gain the invaluable education from them for free.
Originally posted by "balagary":
ok . the Rich Dad mentoring seems like it is not what I need. I have done a few small deals but I really need someone to look over the bigger deals I want to do and just give me the thumbs up..These bigger deals are pretty intimidating compared to the smaller ones and I dont want to make a big mistake. Just a little 'basic hand holding' When I started in business I met alot of good people who really just wanted to help and teach and most of these people are still with me today but unfortunatlly they are not big real eastate people and real estate is where I want to go. So people what do you suggest .... ?
Google a local realestate investing group. They cost 100 dollars a year to join and they are filled with experaianced investors wanting to help. You can also network to build a strong team. Wish i would have know that befor spending 17k on rich dad.
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Originally posted by "stokedsurfer":
Google a local realestate investing group. They cost 100 dollars a year to join and they are filled with experaianced investors wanting to help. You can also network to build a strong team. Wish i would have know that befor spending 17k on rich dad.
No need to Google it . . . we've got a directory of clubs here on BiggerPockets.com. You can find the link along with many hundreds of other resources to the left of the forums.
Here is the direct link:
http://www.biggerpockets.com/real-estate-investment-clubs.html
I am currently taking the advanced courses through Rich Dad.
At first I was excited, but if I had to do it again I would not have taken them.
I first took the three day course with my cousin, which cost $250/piece. I think this course was totally worth it. It gave me an overview of all the possibilities, and some great ideas in some aspects.
This was all that I personally needed. From there I began reading books, ordering audio course off e-bay and meeting with other investors at my local reia.
There is some good information, but there are several problems for me.
1. They throw some much information at you. You don't need to know how to do every strategy in real estate when you begin. You need to pick one strategy any execute it, and then learn another.
2. They are not local. You will learn general information from the courses, and you will have to figure out how they apply locally.
3. They are expenses. I spent $7500 to go to 4 advanced trainings. Add on the cost of starting my business and other expenses, I am @ around $9,000. Add on the cost of creating my LLC when I purchase my first property, and I'm over $10,000.
If I had to do it again, I would not do it. I would learn as much as I can on my own, and find someone from my local reia to mentor me.
Another things is that you can have all the knowledge in the world, but if you don't take action it is worthless. Also, much more than knowing different strategies is knowing how to talk to people. If you do not know how to talk to people, your strategies are worthless.
I just finished the 3 day $495 course in which the sales pitch for the advanced schools began Saturday afternoon. I did come away with things I didn't know before. I learned the many different ways to make money real estate. I learned that you have many different ways to finance the investment. I met some cool people and left motivated to continue this path to wealth through real estate investing.
I wasn't going for the advanced courses. The audience became deflated once the sales pitch began and we started losing interest. Then on the last day, they 1-on-1 you and try again to sell you the courses questioning how serious you REALLY are. Then, they even tried to sell you a trip to Florida to watch the Richdad hall of fame be inducted. I knew it was time to leave at that point. I had gotten everything I was going to.
I did get something out of it so I guess it was worth it. Out of all the investing opportunities there are, I think I would like to begin with Lease Optioning. It seems like a pretty good way to start my real estate investment company. I could also look for wholesaling opportunities along the way. It feels a little better helping someone with bad credit get a new home while you make money. (The trick is to find someone who is serious about getting back on their feet and who can pay the lease every month). I didn't like the sound on preying on people going into foreclosure.
I will also start attending meetings with my local REIA.
I did the seminar in April. Most real estate strategies were taught on the surface level. To get more indepth you had to buy the training program.
Rory
Originally posted by "Mr Noob":
I almost signed up for Rich Dad mentoring. It is over priced and the reviews are bad.That being said I really like his books. The first Rich Dad book was one of my great inspirations to start my own business and get out of the rat race...
My opinion of Robert Kiosaki's RichDad books: if you've read one, you've read them all. Each just repeats the stuff from the others. Most of the book is fluff. You can put all the useful information from each book on one 3X5 card...in large print!!
I am in the advanced training. Sorry now that I signed up, but have to make the best of it now. If you do a Better Business research of RichDad, he comes out squeeky clean, BUT, his advanced courses are taught under Wealth Intelligence Academy, which has a terrible BB record. All kinds of fraud and misadvertising. If you do sign up, use American Express Gold, like I did. They have a customer satisfaction guarantee, so if you don't like a purchase, AMEX will get your money back. I had to use the threat of pulling back over $40K worth of classes my wife signed up for, using AMEX Gold, to get a seminar canceled and refunded.
Hi, i've read the books they are written well and provide the basic information for investing etc,, but more than anything i felt like all they did was make me start dreaming, WHich is a good thing, but not for someone who already spends many of my waking hours thinking big, usually too big, check out the books and seminars that are less popular, With popularity, your buying more trend and less information. Read local books, attend local seminars, these guys might not get you as motivated but they also keep the speculation to a minimum. Same feeling goes for anything donald trump has ever put his name on.