Just paid $4000 for 3day workshop. Thumbs up or down?

Investor · Houston, TX · Member since 2020 · 79 posts · 78 votes

I don’t want to name drop but I paid $4000 for a 3 day workshop and now they want $40,000 more for coaching and mentorship. A friend of mine that has a successful portfolio worth millions advised me not to. He recommend to network as much as possible, study and research and start small and scale up. Your biggest investment is yourself so decided to check out bigger pockets to start my journey.

So curious to see who else has gone through those 3 day workshops in hotel conference rooms and try to sell you more and more things. Or who else has made it without shelling out 80,000 dollars for coaching and mentorship?

Please advise.

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Jaleel Phillips

MD · Member since 2019 · 63 posts · 71 votes

I'm confused, are you saying you paid the $4000 or are u implying that someone else did? And I'd advise against the $40,000 coaching because that is literally a downpayment on a house. Network and learn what to do from people a little more experienced at a fraction of the cost (coffee, dinner, lunch etc.) and use the $40,000 to invest in Real estate yourself.

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Emanuel Ohunwu
Rental Property Investor · Dallas, TX · Member since 2019 · 88 posts · 55 votes
6y
@Jeremiah Akindele no problem. Im in DFW if you're ever in the area let me know. Using the FHA loan I only paid 7k including closing cost to get my duplex.
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Mayer M.
Investor · Cherry Hill, NJ · Member since 2016 · 860 posts · 324 votes
6y
@Jeremiah Akindele
Why did you only come on and ask for advice after spending the $4k?
Networking and mentoring is great and very valuable. But the best way to do it and the right way to do it is the organic way. Put yourself out there meet people and create relationships. These relationships will prove to be far more valuable than these ******** paid mentoring programs.
Total scam
0 Reply
Dara Thomas
Investor · Member since 2019 · 21 posts · 15 votes
6y
Dont spend that much. You can get a shell property for that much in Baltimore or Philly. Find a person who has just started out. My best lesson and the person who is a teacher charged me $250 for a session. Teachers who try to tell you to spend that much are trying to make their classes a day job.
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Jeremiah Akindele
OP
Investor · Houston, TX · Member since 2020 · 79 posts · 78 votes
6y
@Dustin Mathenia yessir. Just registered for the webinar on Jan 22. Wish I knew about bigger pockets before shelling out 4 grand :( live and learn right?
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Account Closed
Rental Property Investor · Brooke Park Drive · Member since 2018 · 1k+ posts · 2k+ votes
6y
This is literally the reason our founder father the great joshuiss dorkiniuss created bigger pockets as a place to learn about real estate because of all of the guru scams out there
0 Reply
Jeremiah Akindele
OP
Investor · Houston, TX · Member since 2020 · 79 posts · 78 votes
6y
@Mayer M. I ask myself that everyday. The consolation to the 4 grand workshop is that I learned a great deal and it’s now forcing me to take serious unprecedented actions at succeeding at all cost.
0 Reply
Jeremiah Akindele
OP
Investor · Houston, TX · Member since 2020 · 79 posts · 78 votes
6y
@Dara Thomas thanks a bunch for the info Dara. I appreciate you and will be reaching out soon.
0 Reply
Dustin Mathenia
Flipper/Rehabber · Dallas, TX · Member since 2017 · 174 posts · 157 votes
6y
@Jeremiah Akindele
Haha that's right! Go buy some property you'll earn or you'll learn !
0 Reply
James Farrel
Seattle, WA · Member since 2018 · 9 posts · 5 votes
6y
@Jeremiah Akindele Best education is through experience and self taught, if youre not struggling youre not learning
1 Reply
Jermell Shavers
Member since 2019 · 295 posts · 159 votes
6y
@Jeremiah Akindele. That’s a huge waste of money and time. You could have had a down payment for some property and 40k you could have had a rental house for 30k and rehab for 10 or less making you 900 a month. Don’t pay for it this isn’t rocket science it’s real estate it’s one of the easiest thing in the world..
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Dave Steadman
Fort Lauderdale, FL · Member since 2016 · 22 posts · 8 votes
6y
thumps down .. nothing beats youtube and reading over a 100 bucks on a subject. as the good book says use what's in your hands(reference to Moses). pulled equity from my owner occupied home and now have 5 single family rentals all without giving away my family's wealth( on a 5 figure salary). wont judge anyone, but frankly sometimes all we need is a little faith and some action and God can multiply our efforts.
0 Reply
Kathy Cooper
Investor · Naples, ME · Member since 2019 · 54 posts · 40 votes
6y
@Jeremiah Akindele run run run!
They are feeding off of the newbies thinking someone will hold their hand. The first ws is nothing more than what is online yet they add a ton of psychological sales to convince you you need them. Which leads you to a $40,000 bill for the mentor ship. I am trained in network marketing and their speaker was very very slick at it.
I could have handled that if they had delivered on the content they promised. Take your money and invest in property not this workshop. Better business comments will shed light in this way.
1 Reply
Kathy Cooper
Investor · Naples, ME · Member since 2019 · 54 posts · 40 votes
6y
@Nathaniel Green that’s the feeling I had.
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Kathy Cooper
Investor · Naples, ME · Member since 2019 · 54 posts · 40 votes
6y
@Dennis M. I understand your opinion but I must point out that they use psychological sales to build trust. I had a lot of people at lunch about to go for it. Whan I told them about their tactic, which is very powerful by the way, they stated that was a feeling they had but felt these people would guide them to make sure they made enough money back to cover it.
BB comments say they do just a little more than tell them to read certain books for their Investments.
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Ronan DonnellyPro Member
Investor · New York City, NY · Member since 2012 · 332 posts · 385 votes
6y
Originally posted by @Jeremy Wirths:
@Jeremiah Akindele @Scott Trench posted this on the IG a couple weeks ago:
A good start for new and aspiring real estate investors:
*Listen to 100+ REI Podcasts
*Read 10 books on REI
*Watch 50 videos on difficult concepts
*Network with 15 local investors at coffee
*Interview 5 investor-friendly agents
*Write down exactly what a “good” deal is
*Analyze 25 deals that have SOLD recently
*Analyze 1 current listing/deal per week
*Get pre-approved for a loan
Now go spend $400 on the books and coffee, network and Get Some!

Great advice, I second that! Good luck.

[email protected]
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Mark Cruse
Investor · Fort Washington, MD · Member since 2014 · 1k+ posts · 1k+ votes
6y
Not sure what kind of mentoring they show you for that price that isnt on bigger pockets, a podcast or somewhere else on the net. I have never paid anything for mentoring but I did join a mastermind group. The best way to learn is JV by investing in someone's project so you can look over thier shoulder. You dont pay anything. You earn while you learn.
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Bob Prisco
Specialist · Cleveland, OH · Member since 2018 · 1k+ posts · 666 votes
6y
@Jeremiah Akindele your out of your mind!! , dam for 55- 60kk you can buy a rental with about 850 in rent , refi and do agin, then again, there you just learned something for free :) Total waste of money,,,,
1 Reply
Nathaniel Green
Investor · Chicago, IL · Member since 2018 · 78 posts · 18 votes
6y
@Kathy Cooper it’s sad really. A lot of companies got taken down in November you can google Nudge FTC to find it. But there are a lot more out there. They just want the money and don’t want to provide the help.
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Christopher Toth
Rental Property Investor · Denville, NJ · Member since 2017 · 107 posts · 54 votes
6y
@Jeremiah Akindele
The basics of investing in real estate for cash flow are simple..
Buy a property and rent it...
Now just go learn how to analyze the deal and your good. Then repeat...
No charge...:)
1 Reply
Levi BennettPro Member
Real Estate Broker · Charlotte, NC · Member since 2014 · 285 posts · 248 votes
6y
Just curious, what would the interest level be by people on here to take a 1-day crash course on how to get deals, get started wholesaling, with subject-to's, and creative financing? I'm doing some market research because I HATE these online coaches that sell you a $4000 course to teach you something that worked 10 years ago, and then they try to sell you on a subscription saying you won't succeed without it... what if you could get a no-gimmick, no more sales, just a 1-day information crash course that would be fun and funny and be hosted in a really great environment (not a hotel conference room) with food provided.. what is that worth to everyone?
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Account Closed
Investor · Milwaukee, WI · Member since 2013 · 1k+ posts · 1k+ votes
6y
I did the free 30 minute and then the $199 3-day from Fortune Builders, Than Merrills thing. I was able to bring a guest to the 3-day. I thought the whole thing was a good value. I've had to spend on continuing education over the years and have spent much more on worse info for sure. The content provided was very good, but of course stopped just a bit short of pulling back the curtain to meet the wizard.
The 3-day could have easily been done in 2. They insert a constant and designed sales pitch to up-sell a very expensive mentoring program. The things that are the most frightening are these:
#1 - Their sales pitch/techniques are so good I would say it borders on brainwashing. These guys are not a couple of yahoos, these are people who have put more time into sales and brainwashing than most people put into their real estate business - extremely sophisticated stuff that a regular Joe might not even realize is being done to them. I consider myself pretty decent at smelling out and resisting this stuff and I was glad I did not have the money to drop - I might have. I watched many people who did. I wonder how they are faring today.
#2 - They take you in the back and help people apply for more credit to pay for the expensive up-sell mentoring. That is some low-down unethical stuff in my book, when the price tag is high enough to put a struggling person into bankruptcy. Not ever have I seen a college do that to recruit students but to be fair, pretty much anyone can get a student loan, and those are not forgivable!!!
I think it is likely there are people who have paid the money and it was a good value for them. I think it just as likely those are the rare few, and most end up wasting their money. I think it is also likely the people who paid and succeeded, could have done it without going though the program. The problem is we don't know what we don't know when we start out - that goes for everything.
The truth is success in real estate is no different than success in anything. The magic comes from within oneself, not from a book or mentor. Of course everything (usually) requires books and mentors too, and people confuse one with the other. It all starts with the individual who has the drive to learn and capacity to learn and grow.
BP is a great resource. Not only are there plenty of educational opportunities, there is the community. It's the best of both worlds as far as I'm concerned.
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Account Closed
Rental Property Investor · Twin Cities, MN · Member since 2019 · 122 posts · 150 votes
6y
@Jeremiah Akindele
Use that 4,000 as a tax deduction this year and never look back. 20 years ago I paid a couple hundred dollars for "Carlton Sheets" program - which my inv. partners still tease me about today.
That was 20 years ago! They still tease me!
Books should be your only expense for RE education. There is so much out there to read and learn.
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David Dachtera
Rental Property Investor · Rockford, IL · Member since 2014 · 4k+ posts · 2k+ votes
6y
Originally posted by @Jeremiah Akindele:
I don’t want to name drop but I paid $4000 for a 3 day workshop and now they want $40,000 more for coaching and mentorship. A friend of mine that has a successful portfolio worth millions advised me not to. He recommend to network as much as possible, study and research and start small and scale up. Your biggest investment is yourself so decided to check out bigger pockets to start my journey.
So curious to see who else has gone through those 3 day workshops in hotel conference rooms and try to sell you more and more things. Or who else has made it without shelling out 80,000 dollars for coaching and mentorship?
Please advise.

Well, sorry to say, MAJOR thumbs-down.
You will NOT get $4,000 of value out of it, unless you are a total REI neophyte and know neither the terminology or nor any of the common methods and unless you do a LOT of networking and come away with some seriously valuable contacts.
Even then, the greatest value will come from the contacts you make, not the 3-day upsell you will get from the presenters.
You can expect, at most, two 15-hour days and one 12 hour day - 42 hours of "drinking from the fire hose".
For half that money, you can get 72 hours of on-line, on-demand classes on REI fundamentals which you can take and retake as often as you want.
You will DEFINITELY NOT get $80,000 of value from any coaching / mentoring because they, too, will only seek to upsell you on more and more of their offerings.
For one quarter of that money you can get access to 39 instructors and 500 hours of on-line classes covering everything from fix-and-flip to short-term rentals (a.k.a. "AirBnB") to senior housing to personal and business credit to business and wealth management to ...
Gotta do your homework to see what's out there BEFORE you shell out the big bucks when seeking education.
The Federal Trade Commission just shut down a good portion of the "gurus". I kinda wish you HAD "name-dropped" so we could send the Feds after them.
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George Munoz
Real Estate Agent · Fort Lauderdale, FL · Member since 2018 · 360 posts · 213 votes
6y
I agree with your friend, is true, just network, participate in the forums, ask questions, hear biggerpockets podcast, read, read, read, and local meetups, ( ou will definitely learn ) .
5 years ago I had the same experience though I paid $500 for the workshop and then they asked for 30k , thank God I decided to find other ways and not pay those 30k, so I did exactly what I just told you above or what your friend told you, I started slowly and two years and a half I went all-in with RE (AND IS AMAZING!!) . NOW if you trust this company will carry you hand on hand and you feel they will accelerate the process and you have the money to do it I dont see you will have a problem as long as you are committed, but then again you have A FRIEND WITH the experience and big portfolio, he can actually be your mentor if that is what you are looking for.
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Joel OwensBusiness Member
Moderator
Real Estate Broker · Canton, GA · Member since 2010 · 15k+ posts · 11k+ votes
6y
Still blows me away that people still pay for this stuff. I see it all the time advertised everywhere. Come to the free workshop blah, blah, blah then they ramp up the fees.

Saw one the other day. Literally thousands of these shops going around. Easier to take 4k to 40k off of someone and talk about great deals of yesterday then find deals today to buy.

I honestly do not know how some of these outfits sleep at night. Talking in generalities not this specific company or situation.

The flip side is that multi-millionaires that have made it do not have time to answer countless questions from people just wanting educating for free. They are busy running businesses and doing deals. So they have to choose wisely who they help and how much.
Why not learn from the successful friend with a portfolio worth millions? They seem to care about your best interests. Taking them to a nice dinner or lunch or maybe partnering on a deal might have been a better use of some or all of that 4,000.
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