Scam or Legit: Sales pitch for 3-day multi family bootcamp?

83 Replies

I went to a multi family investor event today in my local area, and it turned out to basically be a sales pitch for a 3-day bootcamp that they were going to hold in my city toward the end of the month. They were charging $1,495 for the bootcamp, offering products such as software to analyze deals and service of taking us by the hand and guiding us through the investment process from start to finish, with the added bonus of being connected to a network of professionals for life, and people who would provide us money without checking credit-score and only looking at the quality of the deal we find (sounds like hard money lenders to me basically). I am not sure if this is worth it; I feel the content on BiggerPockets, the tools, and the social network here more than pays for what they were offering in the bootcamp. Feelings? Should I have paid for this bootcamp? Does BP offer enough or is there always more to learn? Scam or legit?

Hey Ben,

I went to one myself last night and it was the same deal. It was a $500 three day course the would be free if you paid $100 yearly membership fee to join the network that meets 2x per month. I do believe people should invest $ in the education process. But $1500 seems steep to me. I myself paid $1200 for a 15 week online course on Small multi family before I knew about BP. It's paid off for me. I on week 12, closed on my first duplex BRRRR deal on mon, and my contractor started one month Reno on Tuesday. That's from one newbie to another.

Thank you guys for the responses. I definitely would want to step up my education to the next level however I can to get to the taking action point. I feel like there should be some sort of education or experience/mentorship program where someone guides you from start to finish in the investing process so you get first hand experience doing deals before completely striking out on your own. Anybody know of anything like that that exists?


Sadly, REI is such a scammy business - i dont know why- so many folks preying on newbies and neophytes....if those folks knew what they were doing in RE they would be doing that instead of selling their program.

Remember that most folks want to make money off you. If you keep that in mind you will be ok. 

If you want to learn there are lots of ways to do so - get a job in RE, join a local REI group, etc etc.

@Ben Feder The course was most helpful in getting my to have a total mind shift in how I thought about money and wealth generation. I've since gotten the same thing from other sources like BP podcast daily listening and reading "Rich Dad, Poor Dad." So I would say, it didnt directly lead to my deal. It just gave me the jumpstart I needed. It focuses on using traditional bank financing and when I discovered the BRRRR from BP, it fit my situation better with me being an out of state investor. I feel like I'm using more advanced strategies now than the course even considers. I say keep educating and building your network.

Originally posted by @Spencer Small :

@Ben Feder The course was most helpful in getting my to have a total mind shift in how I thought about money and wealth generation. I've since gotten the same thing from other sources like BP podcast daily listening and reading "Rich Dad, Poor Dad." So I would say, it didnt directly lead to my deal. It just gave me the jumpstart I needed. It focuses on using traditional bank financing and when I discovered the BRRRR from BP, it fit my situation better with me being an out of state investor. I feel like I'm using more advanced strategies now than the course even considers. I say keep educating and building your network.

That's comforting to hear knowing that I made the right choice. I guess education in general, not necessarily specific courses, is what matters most.


Would you say it mainly involves confidence to do deals and learning as you go or do you feel being very prepared before making deals is important?

@Ben Feder I don’t see how 3 days could be helpful. Maybe 3 months. There is so much to learn that I think 3 days would just be a waste. Remember there is no hurry here. Take your time. Do a lot of investigation and reading. There is a wealth of knowledge on YouTube and podcasts. Good lick!

There is such a wealth of information for free on this platform from awesome podcasts, webinars, forums, posts, and books. If you become a PRO member, you can use all the different calculators to analysis to your hearts content!  Most of those events, they just want your money! Just my opinion! :-)

Originally posted by @Erik Hatch :

@Ben Feder I don’t see how 3 days could be helpful. Maybe 3 months. There is so much to learn that I think 3 days would just be a waste. Remember there is no hurry here. Take your time. Do a lot of investigation and reading. There is a wealth of knowledge on YouTube and podcasts. Good lick!

Thank you for the insight. To start off, I agree with you that it probably isn't worth it. But I do want to address the other side of the argument, which is the part of me tugging at me saying I should've signed up for the bootcamp.

They would be setting me up with professionals in the field and successful investors who I can then be networked with and learn from in person, and have in ny loop for life. I would get to see deals being made and then they would essentially hold my hand and walk me through the deals first before I went out on my own.

That's just the other side of the argument on why it could've been worth it. I don't know what to do, to reach out to them and see if I could still sign up or if I made the right decision by passing on the opportunity.

Originally posted by @Monique O'Dell :

There is such a wealth of information for free on this platform from awesome podcasts, webinars, forums, posts, and books. If you become a PRO member, you can use all the different calculators to analysis to your hearts content!  Most of those events, they just want your money! Just my opinion! :-)

I see the value in BP. Which is why I'm ALREADY a Pro member! Lol. Glad you are appeasing my humor in that I made the right move. Makes me feel great.

Originally posted by @Ben Feder :
Originally posted by @Erik Hatch:

@Ben Feder I don’t see how 3 days could be helpful. Maybe 3 months. There is so much to learn that I think 3 days would just be a waste. Remember there is no hurry here. Take your time. Do a lot of investigation and reading. There is a wealth of knowledge on YouTube and podcasts. Good lick!

Thank you for the insight. To start off, I agree with you that it probably isn't worth it. But I do want to address the other side of the argument, which is the part of me tugging at me saying I should've signed up for the bootcamp.

They would be setting me up with professionals in the field and successful investors who I can then be networked with and learn from in person, and have in ny loop for life. I would get to see deals being made and then they would essentially hold my hand and walk me through the deals first before I went out on my own.

That's just the other side of the argument on why it could've been worth it. I don't know what to do, to reach out to them and see if I could still sign up or if I made the right decision by passing on the opportunity.

Ben,

I’m willing to bet the 3-day boot camp will be another elevator pitch for you to join their $10k, $20k and $30k coaching program for them to plug you into their network.

In this biz or any other biz, you need to take action. Action is power while knowledge is just a tool to help you to succeed. Come up with a game plan and go for it. 

Best of luck.  

@Ben Feder I can understand your predicament. There are a lot of people on BiggerPockets who are anti-paid coaching programs because of all of the free information that is available to them here and other places. I am one of the people who did go through one of those expensive education programs (around 75k including the education program, the coaching, and the increasing access to credit program). The program worked for me especially the year long one-on-one coaching. 

When I started it at the end of 2015 I had one commercial building with 12 suites, one rental, and my primary residence And about 350k in net worth. With what I learned in the program, along with the people I met, I’ve been able to scale up to 85 units (12 unit commercial, 19 unit mobile home park, a few duplexes and triplexes, and around 45 single family homes that I sell using the lease option strategy) and I’ve been able to increase my net worth by about 1 million dollars. So for me the program was worth it. But it also fit really well with my learning style. I learn a lot through associating with people who are doing the things that I want to do. But other people can learn a lot from reading books or or listening to podcasts, and for them, paying for a program like this would probably not be worth it. So it really just depends on your learning style.

There are a lot of people like @John Thedford who simply say it’s expensive and not worth it. There are also a lot of people like @Mary Mitchell who say that there are a lot of programs that scam people and prey off of newbies and that “if those folks knew what they were doing in RE they would be doing that instead of selling their program.” And then there are people like @Spencer Small who paid for some education or coaching and we’re able to do a deal afterwards that made money to the degree that the cost of the program was worth it to them. 

So I would say it really depends on you as an individual and what your learning style is. Are you someone who would pay for a program and then expect the program to then do all of the work to make you wealthy or are you someone who would do the work and use the program like a spring board to shorten your learning curve? 

I should also give a disclaimer for my comments on this particular post because I do offer paid real estate coaching so you can take my comments for what they are worth.

  (Trying to @ Shilo here but for some reason it wont work)

to be transparent, i use my RE professionals to learn from. I learn each and every interaction I have with people, I lean heavily on my Commercial RE brokers. So i agree eductation is critical. But the trick is to find what works and what is not just sharks eating minnows. I have been able to go from 0 to being in contract for a 6.8M deal in 5 years. I leveraged an opportunity in a start up that I worked for, (i worked my *** off for 3 years and learned a huge amount from the founder on how to make and keep money), then i leveraged knoweadge from a top class CRE guy inSF, and now, 5 years later am in contract for 6.8 M with apprx 57% LTV My point is - education is critical but there are lots of ways to get it

@Ben Feder Best use of your $1495 is to use it as part of your earnest money on your next investment property. You can get more than $1500 worth of education right here on bigger pockets, and also from a local real estate agent who specializes in investment properties.

Originally posted by @Michael S. :

@Ben Feder Best use of your $1495 is to use it as part of your earnest money on your next investment property. You can get more than $1500 worth of education right here on bigger pockets, and also from a local real estate agent who specializes in investment properties.

I thought that might be the case. I am trying to figure out how to connect with a local real estate agent (as well as other professionals I'll need on my team: lenders/investors, inspector, contractors, lawyer, management company, etc.). 

Please don't be fooled by those guru schemes. As someone who fell for that stuff over a decade ago I can tell you there is nothing at those bootcamps that hasn't been covered better for free here on Biggerpockets!

Originally posted by @Alfred Dimartini :

Please don't be fooled by those guru schemes. As someone who fell for that stuff over a decade ago I can tell you there is nothing at those bootcamps that hasn't been covered better for free here on Biggerpockets!

Thought so! Thanks!

 

Originally posted by @Shaun Weekes :

@Ben Feder

Or you can read up on everything on this site for free or ask questions for free and learn here for free. Save the 1.4k and put it towards your first down payment.

Ding ding ding ding ding! My thoughts exactly! Lol.

 

@Ben Feder the best advice I can give you is to generally keep your wallet in your pocket. Having said that, after I got to know a few guys at my local Reia's, I did purchase one guy system and its really good, under $500, totally worth it. I wouldn't buy anything from some outside, fly by night guru, that you'll never see or hear from again. you can learn on BP and at your local REIA.

@Ben Feder There is. Go work for an investor for free. Do their laundry, clean up trash on construction sites, do the stuff they hate. They will 100% offer some kind of value in return.

I understand the feeling that you need some program or mentor, but you don’t. Those simply make you feel like you are taking action when you aren’t.

My advice: Cold call ten investors and let them know you will work for them for free, just to be exposed to what’s going on. I’m sure they will have something for you to do.

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