"Free RichDad® Education Workshop" feedback wanted from Canadians

13 Replies

Hello Everyone, 

Just recently my wife and I had attended the "Free RichDad® Education Workshop." Here in Edmonton. I am currently working on getting into the Real Estate market. Ultimately I would like to have enough rental properties to replace my full time income. My plan currently is to wholesale a few properties to attain the money needed for the down payment on my first rental property. After that I will be able to use the BRRRR strategy to continue building my portfolio.

I've spent $697 to get some of the introductory training material, and a handy little tablet to use as a hub. It was implied at the workshop that this information would be specific to the Canadian market. however most of the material I have purchased is related to the US market. 

My question is , Has anyone here ever attended this workshop and the 3 day seminar? I completely understand that this will be a 3 day sales pitch for their training products and i am okay with that. However i want to know if anyone has attended these seminars? and if you have, what did you find value in? and is there any questions that I may be able to answer for you when I go through this seminar?

Haven't attended the rich dad poor dad, but I did take another one through Steve Martel.  Paid $15000.   Honestly man most of those companies, they make more money then they do on there real estate portfolios, and they use on online platform and you have a "coach" who has very basic knowledge.  End of the day the programs are all the same, hit you with a ton of information on the "free" 3 day seminar.   Then hook you in with there programs, because there is "SOOO" much more information out there.   I would save your money man.   My best advice is if you don't have $100,000 in the bank, you have no business investing, because you A) Don't know how to save money and B) Don't know how to make money.   I know its a little harsh but its the truth.   If you do have 100k, good for you.  Then I would be looking into the Kelowna market, I would stay out of AB for the next couple years.  and if you don't have 100k, start budgeting, paying cash, control your income/debt.  Get your CC paid off, and start stacking that cash!  

Best of luck

Dustin

There are some good monthly meet ups in Canada that are very inexpensive and are educational only. Try this instead.

Also I don’t believe you need 100k to get started I think you can get there with less. I definitely didn’t have that money saved when I started I scraped together 30k to buy my first rental property. Everyone needs to start somewhere and many have done it on much much less.

I agree with @Sarah Larbi you definitely don't need 100k. I sure didn't have that. You do need money though. Just 20 or so gets the ball rolling in my market anyway.

I've attended the 3 day conference, quite a few years back now, but I'm assuming the content hasn't changed drastically. It is not Canadian specific no, and yes there is a lot of sales pitching. In my opinion you will get 1000x more info from the Bigger Pockets podcast, forums, blogs and books. One of my faves for the Canadian market is Julie Broad's "More than Cashflow" - Canada specific and very relatable. 

 https://www.amazon.ca/More-Than-Cashflow-Profitabl...

She's also blogged in the past, although I don't believe she's doing that any more: https://www.biggerpockets.com/renewsblog/author/ja... and https://revnyou.com/

I'm in Calgary btw. Happy there are others here near by.  :)

Hi all  did pay the big price for the course when I sttarted working in the states investing and it was a difficult transistion because all the material was US based and hard to work with in Canada. When I   got a mentor  that made all the difference  he was able to help translate the info and assist in setting up a canadian based business that worked for me. and NO I did not need a pile of money to get started just a lot of hard work. Standing  I am not I would not pay the price again but would use the info avaialble on bigger pockets the  post cards are great. Find a mentor of someone to chat with that will assist you in finding   a system that works for you...call me if you wish more then willing to share what I have learnt.

Yes I attended the 3 day and I also attending once of the expensive classes with a friend for paid for a series of extra education to the tune of $15K or so.   The 3 day seminar is pretty interesting.  They talk about credit, mindset etc. 

One of the homework assignments was to call your credit companies to extend your credit limit, since your credit rating is based on used credit compared to available credit.  This was Fine, until the following day, they asked you to use that credit to pay for these expensive classes. 

The expensive class was based on creative financing and was very interesting, but I honestly have never used it.  I've used other info from other places for lease options, owner financing, et.c

I have found that many sellers are not interested in you assigning the property to someone else mid-escrow, etc. 

I was definitely happy I did not purcahse the class on my own. 

@Cody Adams , over the past 7 years, I've had close to 25% of the students who take my Real Estate Investing course at the University of Toronto, tell me that they did the boot camp or extended (expensive!) version of these Real Estate offerings (Rich Dad, Trump, etc., etc.), and almost all of them said it was a massive waste or time and money. I have not been myself, so I can't share my opinion.

Originally posted by @Christine Kankowski :

One of the homework assignments was to call your credit companies to extend your credit limit, since your credit rating is based on used credit compared to available credit.  This was Fine, until the following day, they asked you to use that credit to pay for these expensive classes. 

 I seem to remember an example Robert Kiyosaki gave (back in the early days of these exploratory seminars), was of a woman who used her credit card(s) to get a cash advance of $60K with deferred interest to go to trustee sale and purchase a property.  It was interesting stuff.  His whole series is worth reading, but are the seminars really necessary with as many resources are available online for free?  

I can't speak to the Canadian market, but I would think that you would be able to find similar resources and ideas from the broad spectrum of people on BP, as well as around the internet.  Save your money for the investment itself, or setting up your LLCs or a marketing piece.  In my humble opinion.

I agree, @Cara Lonsdale . When I first read that credit limit assignment task, it sounded a bit on the sleazy side. There are positives and negatives; all his books are great and I'm finding that you really have to pick and choose wisely. 

MLM tactic... Stage paid actors and up-leads in the audience to run to the back of the room during the pitch.

For fun:
https://thehustle.co/silicon-valley-planting-models-at-parties/

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