That depends. Who is the speaker? What is the product? Was it done in a pitch-fest? I tell you what, as of now; there are just a small handful of real estate investor speakers that I feel good about promoting and they deserve to make good money selling their education. Then, there those that I would sooner close down my real estate club before I would ever endorse them.
My mailboxes, both email and snail mail, are getting bombarded with opportunities to attend Wealth conferences, wealth seminars, how to Earn Millions on auto pilot seminars and “gurus” banging down my door to speak at my club.
What are my red flags and pissosities about real estate investor gurus, seminars and events?
- Seminars, conferences, workshops that have 4-8 speakers. I mean really – how much do you think you’re going to learn from that many people speaking in 1-2 days? They barely have time to get you good solid info before they have to start pitching their product so he next speaker can come up and start the whole process again. Especially since so much of their speaking time is spent bloviating about their incredible life and millions they made in real estate. Do we really care about their beautiful spouse and kids or need to see pictures of them in front of their 60K car? “Selling the dream” is what this is called.
- FREE seminars. While there are a few good ones available – I watch out for these in general. They tend to be biggest pitch fests around.
- You pay a good chunk of money (anywhere from a few hundred dollars up to many thousands!) to attend a speakers bootcamp and before you know it – you have other speakers coming in to pitch you their product as well! Gasp (!) This is one of the worst offenses in my opinion.
- After you buy a speakers product, they spend the next several months hard selling you to buy into their mentoring $20K $30K or even $60K program! (But first they “qualify you” by checking to see how much money you have on your credit cards!) YIKES! And the worst of this is that most of the time you will not even be coached by them personally! YIKES Again! This is the biggest of all scams! Run as fast as you can! (TIP: Take that $30-60K and use it for down payments on a couple of properties. There – now you’re a real estate investor!)
Now – don’t get me wrong. I am not dismissing how important it is to receive ongoing real estate education and training. I am a huge advocate for education and know that it is nearly impossible to be a success without it. However, what I am saying is that we need to choose our gurus, coaches and mentors wisely. Believe me – I know it’s not easy to navigate through the muck of the investor seminar propaganda and pitch fest. I mean – I am in the business and I too find it hard to figure out who the real deal is! When I was a brand new-bie investor – good Lord, I was so confused by all the hype. I really do understand.
Now my best way of finding my favorite educators is to seek out those folks that my gurus, coaches and mentors listen to and follow themselves. Darnet! Even with that said – I have started to see a horrible pattern of real estate club owners and promoters hawking all real estate gurus as their “good friends”. Arghhh! Well, I suppose that is what is so great about discussion boards and forums on sites such as Biggerpockets. We can all help each other with feedback and recommendations as to who we like and dislike!
I personally have several great gurus & mentors and most of them came from word of mouth and networking with successful investors. This past year I really only spent money on just one “big name” educator (Mr. Bruce Norris- who is worth every dollar!). The rest of my education generally comes from lesser known speakers, real estate professionals and real estate investors themselves.
Bottom line, I strongly agree that we all need to continue with our education; however just buying blindly from speakers who sell a good story is not the way to go. Get recommendations from your peers and sources you trust! Networking and asking a lot of questions is the key!Is Making 100K in One Day Selling Real Estate Guru Product Bad for Business? by Guest Blogger