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?
Lender · Greater LA/Orange County area, CA · Member since 2012 · 3k+ posts · 3k+ votes
10y
Short answer: probably neither.
Longer answer: The greater problem is that 80%+ of all would-be real estate investors get sidetracked for a myriad of reasons and never follow through.
Have you ever purchased a gym membership and seldom got the benefits? Or gone on a diet? Or anything else that requires follow through and self discipline?
I cannot speak to the quality of the education either providers offer however I know human nature. The problem is somewhat helped by the accountability that group education offers, but even that has its limits.
My vote is to set up your own program of education, buying books, tales, DVD's and going to REIA meetings WHILE you're actually chasing deals. Do some birddog lead generation for others to learn what makes a deal. Get shot down and see if you keep getting up. If you do, you have a chance.
Then, decide what aspects you need to improve first: finding or working.
I've given would-be real estate investors a list of books and audits to read and listen to. If they can't do that, they'll never do deals, either. It eliminates all but the committed.
Attorney · Attleboro, MA · Member since 2015 · 412 posts · 165 votes
10y
As someone mentioned earlier in the post, if your friend/partner went through it, why should you? That knowledge is something he can bring to the partnership just like you may bring capital or good credit etc.
There are too many people that spend so much time "getting ready to get ready" that they get sidetracked and overwhelmed. They need training, they need to "form a team", they need a LLC, websites, business cards, logo's, etc.
Start hunting deals, reading and going to REIA's. If you run into a real deal... All the other stuff falls into place fairly quickly and easily. Even if you have to pass it off and only make a little... it's better than dropping big money on a guru course.
There are too many people that spend so much time "getting ready to get ready" that they get sidetracked and overwhelmed. They need training, they need to "form a team", they need a LLC, websites, business cards, logo's, etc.
Start hunting deals, reading and going to REIA's. If you run into a real deal... All the other stuff falls into place fairly quickly and easily. Even if you have to pass it off and only make a little... it's better than dropping big money on a guru course.
painting contractor · Fair Oaks, CA · Member since 2014 · 18 posts · 5 votes
10y
If you are willing to beg, borrow, or steal $15k-$50k to learn what is available for free here on BP then go for it. They will require it.
You are much better off buying into something with the money. You will likely learn more. Or you can start a side income working for an investor. Maybe even an internship?
Attorney / Investor · Salt Lake City, UT · Member since 2015 · 228 posts · 198 votes
10y
Here's my two cents after 15 years of being in the business:
You get out of anything what you put in physically, not financially. So my advice is BE VERY CAREFUL about paying (usually a LOT) of money to be part of a system or education program that brings you deals, education or whatever. Most of my clients that have been involved have had bad experiences. A few have had good experiences. I'm sure a lot depends on the individual investor, like I said. But I find that most of these over promise and under deliver. They are great at selling you the program, and less motivating once you're in. If you start taking a back seat, so will they. At that point you're just work and time to them. If it's deal-based, they also bring you into a eco-system where they control all parts of the deal: hard money financing, wholesaling fees, property management fees, sales, etc. They make money at all levels. Most deals are also out of state, and I'm not a big fan of doing that unless you're a VERY sophisticated investor. The deals, when taken as a whole, are never that great to the investor. And you can get the same opportunities, and possibly better education and networking at the REIAs, and for a just a few bucks.
In short, educate yourself cheaply first, Attend REIAs, talk to others, read. Then you are in a better position to analyze the value of what you are buying. I have very sophisticated and successful clients that pay 10s of $1000s of dollars for education. They chose wisely!!
Wholesaler · San Antonio, TX · Member since 2015 · 22 posts · 5 votes
10y
Some of the most successful investor that I have known have and continue to invest in themself. What you put into something is what you can get out of it. Most people let their ego and their pride talk them out of investing into themself. A couple years have gone by and they still haven't done a thing. For the poeple who don't believe they should invest in themself tend to make more mistakes. You can lose as much money as you can make if you don't know what you're doing. Either way you are spending money for your mistakes. My advice is to do it right then first time. Sure, it might cost tens of thousands to learn a system but that could be one real estate transaction and years and years of money in return. My advice is to I learn from the best and join the programs with the biggest networks. Only if you are going to take action!! It's an investments if you apply the information. It's a cost if you don't get off the couch!
I plunked down $2,000.00 for Shaun McCloskey's course on short selling, and while I learned most of what was in it was not for me, the tools he gave have actually really helped me, like the rehab calcuator. Also, listening to his phone calls were helpful as well. It just gave some idea of what everything was about. When I learned more about the process, I got cold feet, and would not recommend it. But paying for an education is not the worst investment ever.
My local REIA, conversely, has been not a great place to network or learn as I've been lead to believe. Some classes have been helpful, but people are basically there to sell their properties. I've learned through networking almost nothing. The lone exception has been the president, Mike Jacka, who is very nice and an encyclopedia of knowlege and good tips.
Where I have really learned is through Bigger Pockets, J Scott books, and the podcasts, having now listened to nearly every one. You get ideas....things I never would have considered. I now have a contract on a 7 unit building...never would have gone away from SFR without the helpful advice on those podcasts. The 7 unit building is my best investment to date, by far.
Another key is to know your learning style. I haven't read a lot of books on the BP site, but I learn well through audio. You can listen to audio in the car to and from work, and even at work, as long as you are getting your work done.
Wholesaler · Burlington, NC · Member since 2015 · 26 posts · 2 votes
10y
I went to one of fortune builders seminar and i had to pay $200,thats $200 i could have saved. You got to be careful of these gurus,they are going to say only so much in a way that will get you hyped up and them get you to buy their product or service. My advice is just plug in like BP and other real estate sites such as connectedinvestors.com or reiclub .com. and find local rei meetings in your area ,get on social media as well,biggest thing is you got to get connected and get the word out what you do. It's best to partner up with some one and co wholesale with them,you won't get as much profit but you will get a good learning experience. Like mentioned above you have to get your self set up (building websites,getting business cards,social media sites) and so on. These guru seminars are just going to tell you the basic steps in real estate investing and tell you it's so easy and get you excited and get you to buy their stuff,but they don't tell you all the little critical steps that are involved. They are not going to give you instant credibility that's something you have to work for and build it up slowly.
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?
You're kidding, right?
I hear there is a new sheriff in town, where you actually learn real estate and then the strategies based on principles learned and creative solutions that can be applied to any situation you might get into. The crazy thing is that the basic real estate stuff is free! Can you imagine free, I think they just ask for a donation, now isn't that crazy?
The way I hear it, this guy is real familiar with real estate, creative financing, seller financing even conventional financing. I don't think there is any aspect of small investor operations they don't cover, he's even a freaking note guy as well!
He's got the education, experience and success to back it up, but, bad part is, he teaches straight up like a college teacher, he doesn't thrill me with stories of how to make a million in 90 days, that's what I'm really looking, I wouldn't care if it took 6 months....or even all year! He doesn't tell me the hype I need to get excited, so I need to excite myself, not sure I have the drive and determination to do that. I hear you even have to think to learn, what a drag, guess it's not for everyone though.
Can't remember the name of it or where it is, but it's someplace on BP.
That's not the only place to learn either, plenty of free college course materials out there, all the big law schools have papers on real estate laws, check the FBI website and you can get tips on their most popular investor strategies. Board of Realtors has good stuff too, just replace the word Realtor with Investor and you'll get good ideas. I know, that's the kind of stuff you have to look up, it's much easier having a guru just cram stuff in your head for a couple grand.
Now, if you want fiction, then most any program will do too. Good luck :)
Investor · New York City, NY · Member since 2013 · 93 posts · 23 votes
10y
I know a few people that Joined Fortune Builders, Renatus, etc. I think going on BP, Meet-ups, joining the local Reia is where you can learn for either free, or a small fee. That's How I was able to invest in notes was with a partner that I meet through these meet-ups. This is a people business!! and having someone you can work with is very important. And i've taken a few investors out to dinner and picked their brains for info, and a good meal, they were very generous with their time and knowledge. You can look at Youtube, BP is always sharing on that channel. That is the best way to do it in my opinion.
Railroad Conductor / Future investor · New Baltimore, MI · Member since 2015 · 130 posts · 40 votes
10y
I listened to the Rich Dad Poor Dad series through you tube for free. Very inspiring and easy to listen to anywhere. That's just my 2 cents from a newbie.
Professional Auctioneer · Baltimore, MD · Member since 2015 · 1k+ posts · 1k+ votes
10y
I believe if anyone wants to take an on line course or in motel course from anyone that they need to check their credentials, have real student referrals, check with Yelp and other internet sites. You should also ask who the instructor is going to be, and check him out also.
There is just too much BS out with expert motivational presenter with skills to get an audience excited and ready to overload there credit cards and subtract money from their retirement accounts or checking accounts.
Recently, we were able to get a client $23,000 back of the $30,000 she paid for a bad program.
Professional Auctioneer · Baltimore, MD · Member since 2015 · 1k+ posts · 1k+ votes
10y
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?
If your friend has been working with Rich Dad for a year, how much money has he made? How many offers did he make? Did they teach your friend and does he understand creative financing methods (hybrid offers, delayed settlement, front porch offers, 100% formula, split notes, vertical break up, principal mortgages - no interest, substitution of collateral, owner refi for take over or split notes)?
I am not picking on any of them, but if they can't answer simple creative financing methods, they may not be the right mentors for you.
Investor · Corona, CA · Member since 2014 · 746 posts · 372 votes
10y
Neither! If you have that kind of money just to spend on training, I'd say utilize all the free education you can here plus a few books and use the money for a down payment on a property.
Rental Property Investor · Rockford, IL · Member since 2014 · 4k+ posts · 2k+ votes
10y
So many folks say, "Use the money for a down payment".
Then what? You still haven't learned (or been told) how to analyze the deal (make sure your down payment / earnest deposit are well placed), secure financing / funding, figure out the needed repairs, locate and hire the people you need to do the work, find a buyer, ...
How much money can you AFFORD to "save"?
How much money can you afford to lose for lack of education?
Sounds mighty fool-hardy to me. As they say: "a fool and his money are soon parted".
Yeah - there's a LOT of good stuff here on BP. I have yet to find a course catalog or a syllabus, though...
...and I'm not sure how much weight "Well, I read on BP that ..." is going to carry in front a of a judge, the building commission, ...
Investor · Valley Stream, NY · Member since 2008 · 71 posts · 18 votes
10y
@Rick H. I agree with Rick that buying a course is not going to be the main factor that gets you involved in REI. I have been involved in REI as an employee for 10 years and I have been following BP and reading many REI books. In the last 10 years I haven't done much :-(
I partnered up with a friend who is a real go-getter and decided he wanted to get into RE. He partnered with me because of my experience in RE and together we just closed on out first purchase last week which was a $1mm+ multi-family deal. For my partner this was his fifth deal this year, and that is all because he decided he wanted to do it and it driven and motivated to get what he wants.
Bottom line is, where it not for him, I would still be reading books :-)
@Rick H. I agree with Rick that buying a course is not going to be the main factor that gets you involved in REI. I have been involved in REI as an employee for 10 years and I have been following BP and reading many REI books. In the last 10 years I haven't done much :-(
I partnered up with a friend who is a real go-getter and decided he wanted to get into RE. He partnered with me because of my experience in RE and together we just closed on out first purchase last week which was a $1mm+ multi-family deal. For my partner this was his fifth deal this year, and that is all because he decided he wanted to do it and it driven and motivated to get what he wants.
Bottom line is, where it not for him, I would still be reading books :-)
On the other hand, Ariel, you brought a lot of on-the-job knowledge to the partnership. A strong contribution, in my opinion.