Should I purchase education from Rich Dad or Fortune Builders?

Business Owner/Investor · Baltimore, MD · Member since 2015 · 14 posts · 0 votes

Hello All,

My friend and I are just starting out in the business. He has spent the last year within the Rich Dad consulting program.

Would you recommend Fortune Builders over Rich Dad or vise versa?

Would you recommend another form of education?

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Chris Martin

Investor · Willow Spring, NC · Member since 2009 · 5k+ posts · 3k+ votes

10y

If your friend '...has spent the last year within the Rich Dad consulting program' ... don't you already have the answer? I assume your friend is now a multi-millionaire after a year of high dollar training... if not, why not?

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Chris Martin
Investor · Willow Spring, NC · Member since 2009 · 5k+ posts · 3k+ votes
10y
If your friend '...has spent the last year within the Rich Dad consulting program' ... don't you already have the answer? I assume your friend is now a multi-millionaire after a year of high dollar training... if not, why not?
11 Reply
Megan Carpenter
REI · Littleton, CO · Member since 2014 · 12 posts · 5 votes
10y
I'm a RD student and there are great attributes to the program, but my advice is educate yourself as much for free. Go to as many local RE Investor meetings as you can and see if there is another investor program that are local and will take you under their wing within their program (often cheaper and more personal). Markets are so drastically different and it's a better education when you can see and experience a local business system. REI tend to want to give back and help others. There are so many books I would recommend reading. Just don't take too long to pull the trigger and jump in with both feet or you never will.
3 Reply
Michael Boyer
Investor · Juneau, AK · Member since 2015 · 980 posts · 741 votes
10y
For a cheapskate version.....I did a short blog post today on some "Classics of Landlord Lit" and I suspect you could get all 4 books mentioned for easily less than 50 bucks used, new maybe $100. At most any library for free.
Not to go all "Matt Damon in the Goodwill Hunting in bar scene about Harvard", but you can get some great resources for free at the library.... I would start there and then see if you need a more expensive course or just some common sense, a good downpayment and some stick-to-it-tiveness. Maybe take a few successful investors for lunch or coffee for another 50-100 bucks....
My blog post was just for landlording classics, but I suspect the same may hold true for other areas of real estate investing.
Best of luck!
2 Reply
Mark Alexander
Whole Saler · Kansas City, KS · Member since 2015 · 54 posts · 11 votes
10y
@Denny I sympathize with you. I haven't did rich dad poor dad but I know on a lot of Podcast on BP that's a lot of people favorite book. I have yet to read it ! As far as fortune builders I'm in their program now. They have a lot of useful tools but of coarse they cost. I have a 3 day class with them this weekend. I will keep you updated how it went. Hope you a lot of luck.
0 Reply
Luis Aviles
Real Estate Wholesaling · Laurel, MD · Member since 2015 · 18 posts · 8 votes
10y
Don't do it, Fortune Builders are not going to give you anything until you purchase their "Mastery Program. Cut the gurus out of the picture and go to your local REIA and get information from them. Most of the time they will even help you with buyers lists, and even jump in with you on deals. Save your money and go to your local REIA!!!! How is someone that doesn't live in your State going to tell you the market in your state????
5 Reply
Luis Aviles
Real Estate Wholesaling · Laurel, MD · Member since 2015 · 18 posts · 8 votes
10y
On the flip side, most of Rich Dad's books are very motivating. They're good for Pep Talks when your feeling down about the business.
2 Reply
Ndy Onyido
Toronto, Ontario · Member since 2014 · 615 posts · 172 votes
10y
Not sure you need it! I believe in education and acquiring relevant knowledge and skill to improve my productivity, but frankly, I do not believe in buying expensive 'guru' education..
What you will pay for the program could well be your downpayment for your first investment property..
My one cent!
0 Reply
Pat G.
Rental Property Investor · Northville, MI · Member since 2015 · 179 posts · 92 votes
10y
Kenny:
Great move on getting education. I guess my question is this: in that year with Rich Dad what type of RE investing did your friend go for or like the best. In that year did he/she do any deals? If so, what type and did he/she like that type? If after one year with a mentor no deals were done - find a new mentor Quickly!
You two need to sit down and make a decision on what type of RE investing you are going to do...Residential - short sales, foreclosures, wholesale, fix and flip, lease with option, rentals, etc. or Commercial - cell towers, billboards, retail, apartments, self storage, etc. Then do find a mentor that teaches that skill and learn all you can.
Good Luck,
1 Reply
Account Closed
Professional Auctioneer · Baltimore, MD · Member since 2015 · 1k+ posts · 1k+ votes
10y
Before you take any and spend maybe $20-30,000, forget about it! If you are not learning how to invest from someone who is local to your marketing area, you are wasting time (only my opinion, there lots of great programs on BP). But I am sure you can learn something from those courses. Search the net for comments about those courses, you will find some very interesting comments.
May I suggest you order this book; Real Estate Exchange & Acquisition Techniques by William T. Tappan. Bill is gone now but leaves a wealth of information that will help the most experienced investor as well as someone starting out. You need to go to the creative formula section of this book. You will be amazed at how many ways there are to acquire properties creatively.
I have been involved for over 40 years now and when I have a real estate problem this is my go to book for help.
A great idea I got from his book, I wanted some creative financing on this warehouse I am purchasing, the seller wanted to sell and not pay capital gains on his estate property, his accountant informed him that he could receive $470,000 without having to pay Sam. So the offer was we'll give you the $470,000 (contingent on a first mortgage}, and that we'll lease the land for 10 years with an option to redeem the land at $100,000 with 25% of the lease payment going to option when redeemed. This is called a vertical break up. You separate the land from the building.
You'll like his chapter on "Private Financing and Negotiation Techniques"
I am sure the book is out of print, but you can find one if you look on the net.
Good Luck
Charles
7 Reply
Patrick H.
Investor · Wasilla Alaska · Member since 2014 · 123 posts · 55 votes
10y
i went threw the rich dad coaching program for 6500$ . I liked it gave me the confidence i was looking for. You can buy all the books or audio and learn it all there for much cheaper. But having a experienced coach is nice.
0 Reply
Account Closed
San Jose, CA · Member since 2015 · 132 posts · 50 votes
10y
@Denny Kisner
I definitely gained an education with the Rich Dad program in that I now know I shouldn't have dropped several thousand dollars on a mediocre (at best) product. All of the information covered in the Rich Dad program is available for free right here. You should know that although Robert Kiyosaki's likeness is used to sell the program, he himself has nothing to do with it.

I also learned the hard way that by signing up with the program my name and contact information was distributed to other companies who contacted me and pushed garbage products. In short, the marketers of such guru programs are masters at suckering people out of money, without a whole lot of useful information in return.

As stated in a previous response, your best vehicle by which to gain knowledge is to network with experienced RE investors. Your local REIA is a great place to start. Other than that, be sure to browse the free educational materials under the "Learn" tab above. The podcasts are fantastic (with regard to the information) and the ebooks aren't too bad either.

I do not have any experience with Fortune Builders, but my guess is that there no better than the Rich Dad program.
Good luck
6 Reply
Karen Plyler
Charlottesville, VA · Member since 2015 · 22 posts · 5 votes
10y
@Denny Kisner I have heard and read the Rich Dad program. I think you should see what you are desiring to gain from the course and if you desire support afterwards. I found an organization that teaches & mentors/coaches. I think reading is great, however speaking to a real person anytime that was in your situation. I find that my local REIA don't share their experiences. If you want to know more about where I am learning about investing, send me a private email.
0 Reply
David Dachtera
Rental Property Investor · Rockford, IL · Member since 2014 · 4k+ posts · 2k+ votes
10y
First off, I have no experience with the Rich Dad program.
Second, I did do the FB 3-day thing and was pitched the Mastery program. I didn't like that it was light on education and disproportionately heavy on activity. I'd prefer folks learn how to do something before being "thrown off the deep end". It IS oriented toward building REI businesses, however.
Third, I am connected to an REI education "school" whose classes are on-line, no boot camps or upsells. I find it highly valuable as do my fellow students. We gather for study groups weekly and have monthly workshops. This month's is on short sales, next month's is on business credit and personal and business credit building and repair.
For what it's worth...
1 Reply
Brian Gibbons
Investor · Sherman Oaks, CA · Member since 2008 · 6k+ posts · 3k+ votes
10y
Originally posted by @Account Closed:

Before you take any and spend maybe $20-30,000, forget about it! If you are not learning how to invest from someone who is local to your marketing area, you are wasting time (only my opinion, there lots of great programs on BP). But I am sure you can learn something from those courses. Search the net for comments about those courses, you will find some very interesting comments.

May I suggest you order this book; Real Estate Exchange & Acquisition Techniques by William T. Tappan. Bill is gone now but leaves a wealth of information that will help the most experienced investor as well as someone starting out. You need to go to the creative formula section of this book. You will be amazed at how many ways there are to acquire properties creatively.

I have been involved for over 40 years now and when I have a real estate problem this is my go to book for help.

A great idea I got from his book, I wanted some creative financing on this warehouse I am purchasing, the seller wanted to sell and not pay capital gains on his estate property, his accountant informed him that he could receive $470,000 without having to pay Sam. So the offer was we'll give you the $470,000 (contingent on a first mortgage}, and that we'll lease the land for 10 years with an option to redeem the land at $100,000 with 25% of the lease payment going to option when redeemed. This is called a vertical break up. You separate the land from the building.

You'll like his chapter on "Private Financing and Negotiation Techniques"

I am sure the book is out of print, but you can find one if you look on the net.

Good Luck

Charles

Thanks Charles I just ordered it!
See
http://www.amazon.com/Real-estate-exchange-acquisi...
0 Reply
Teresa F.
Residential Real Estate Broker · Clinton, MD · Member since 2008 · 297 posts · 178 votes
10y
Hi Denny, I am all about getting real estate education but I am also a cheapskate. I borrowed my cleaner's Carlton Sheets "No Money Down" program, read it, listened to it, watched it, and then went out to various REIA meetings. It took me awhile to finally pull the trigger on a deal, but when I did, it was a really good deal. I've since paid for some programs, etc., but I typically try to buy off e-bay and since I am much more focused now (I've been doing this full time for around 9 years), I can buy something that is geared for what I am trying to do. I have been a buy and hold investor for a long time so I follow Mike Butler's training but have recently decided to try my hand at doing a few rehab and flips. So, I bought J Scott's rehabbing book available here on Bigger Pockets. I have also talked to a few of the bigger rehabbers in the area to get some extra hand holding.
One extra point, in some areas you could buy your first property for the cost of the training. Best, Teresa
4 Reply
David Dachtera
Rental Property Investor · Rockford, IL · Member since 2014 · 4k+ posts · 2k+ votes
10y
Originally posted by @Teresa F.:

One extra point, in some areas you could buy your first property for the cost of the training. Best, Teresa
... and you could lose that much or much more from lack of education.
2 Reply
Teresa F.
Residential Real Estate Broker · Clinton, MD · Member since 2008 · 297 posts · 178 votes
10y
@David Dachtera True. That's why I mentioned education in the initial paragraph and discussed how I educated myself before I started investing. Teresa
0 Reply
Ben Leybovich
Rental Property Investor · Phoenix/Lima, Arizona/OH · Member since 2012 · 4k+ posts · 4k+ votes
10y
Originally posted by @Denny Kisner:

Hello All,
My friend and I are just starting out in the business. He has spent the last year within the Rich Dad consulting program.
Would you recommend Fortune Builders over Rich Dad or vise versa?
Would you recommend another form of education?
No - I recommend my CFFU. It'll cost 100 times less, but teach more :)
1 Reply
Cheryl Packham
Rental Property Investor · Surprise, AZ · Member since 2014 · 196 posts · 86 votes
10y
Regardless of the education path you choose, the real issues lies with a persons ability to execute the knowledge they have. I know someone who did fortune builders mastery and 2 years later they are doing 30 flips a year and everyone in town seems to know who they are. Yet I have met others who have done other mastery programs and have yet to pull the trigger on their first property.
So, as with any educational decision the first step is committing to your career choice and then determining what level of education you need to reach the level of success you have decided you want. Just like with any career, sometimes formal education is imperative to knowledge and reputation.
Do you feel like your credibility package will look better if you complete a mastery program from RD or FB? Does it help you grow you network? Do they have tools available to build you business that you do not have to invent yourself or pay someone else to do? What is it that you are looking for in an education system? Will your investment in your education give you the returns you are looking for?
The one thing I am certain of, is no matter what you decide there is absolutely no system "to get rich quick and easy in real estate", while it may happen from time to time, there is no sure fire system in existence. If you are hoping these forms of education will teach you a heart ache free way to get other people to give you their money so you can get rich on real estate without having to work hard, then do not waste your money on that and stick to a regular job.
8 Reply
Jacobus Bor
Investor · Las Vegas, NV · Member since 2015 · 111 posts · 18 votes
10y
THE best lesson JUMP in and do it DO IT DO IT yes jump in me high school drop out
but have made lots of money more money than most people dream about also lost a lot during the recession but always keep positive attitude just signed agreements to purchase two more buildings to convert to self storage which will make it 5
JUMP in
2 Reply
Thang Cao
Fuquay Varina, NC · Member since 2015 · 38 posts · 7 votes
10y
Originally posted by @Denny Kisner:

Hello All,
My friend and I are just starting out in the business. He has spent the last year within the Rich Dad consulting program.
Would you recommend Fortune Builders over Rich Dad or vise versa?
Would you recommend another form of education?
-- I recommend all the podcasts here on BP... It's free and you can use the money you would spend on the seminars on acquiring an actual property. I've paid my dues with seminars and if I had a chance to do it again, I would absolutely not pay for anything over 2K-3K.
2 Reply
Gino BarbaroPro Member
Rental Property Investor · St Augustine, FL · Member since 2014 · 2k+ posts · 1k+ votes
10y
@Denny Kisner
I did a rich dad coaching program several years ago. It was pricey but had a lot of good information and the coaching environment is favorable for beginning investors, the coaches hold you accountable and give you a framework.
People that complain about the programs are the ones that don't apply any of the knowledge and then blame the guru. You can be led to the well but the guru can't make you drink.
There are many different programs out there. Choose one that fits your investment strategy and fully immerse yourself.
Podcast Guest on Show The “Conveyor Belt” System That’ll Build You a BIG Rental Portfolio Quickly
2 Reply
Kenneth Picha
Real Estate Professional · O Fallon, IL · Member since 2015 · 59 posts · 9 votes
10y
My input is neither. Read books, consult with CPA's, Lawyers, BP posts-forums-webinars, and connecting will probably be 1/20th of the cost. When you pay for the two you mention above it is still YOU that has to decide to invest aka take action. I have purchased an investment home and now storage units. This is the money that it would have cost me to join either one. I will say that Rich Dad is a decent guy and really gives his money to those that need it. Fortune Builders are using the money people "give" them to buy commercial properties. I have friends in Fortune Builders and the true costs is near $70,000 not $20,000. My input but in the end your decision.
1 Reply
Brent Coombs
Investor · Cleveland, OH · Member since 2015 · 6k+ posts · 2k+ votes
10y
@Denny Kisner, over one month later, are you still here?...
Other than the inflated and unnecessary cost of such education, my concern is that your friend may have a hidden agenda, in the form of a referral fee if they can get you to sign up? Please say it's not so!
Also, why should BOTH of you need to pay? If you're going into business together, your friend should be volunteering to be your teacher if and when required, don't you think? And, don't you both need all the available funds you have to be getting on with ACTUAL Real Estate deals?...
1 Reply
Jay HinrichsBusiness Member
Real Estate Consultant · Summerlin, NV · Member since 2014 · 45k+ posts · 66k+ votes
10y
I think everyone learns in different ways... and folks generally are not self motivated and or afraid of the unknown.. so I see paid mentorship as a valuable product to certain folks.
other folks like to read and learn myself I don't like to read and learn I like to do and I really like the networking that comes from live events..
The reality is 90% of the folks who think they will get into this bizz won't.. for a myriad of reasons, does not matter if they go to a paid mentor course or study BP on line or go to REIA's etc.
If anything the live events may help a person take action were hiding behind the computer its just too easy to not take action.. as well as if you have a significant amount of money invested in your training you generally take it more seriously, if you get all your education for free you have only spent time.. And its just too easy to let it pass you by.
Most of the successful investors who did not come up in the Brokerage business that I have talked to or done deals with.. did get some formal paid for training..
I am sure there are some here on BP that owe it all to BP.. but just as many or more owe it to who ever they paid to get them off their butt and get going.. if that cost you 1k for Ben's course or a little more for a year of hands on training by someone like Brian or you paid 40k for a national brand training it is that step that made most take the next step.
Along with the I want it now attitude of our current brand of RE investor and the age of the internet getting in front of people and enticing them with the idea that RE is the way to rich's and quit their job and spend time with the kiddos etc.
@Brian Gibbons
Podcast Guest on Show #222
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