thoughts of rich dad coaching?
Renter · Member since 2008 · 32 posts · 4 votes
so i got the call from these folks, and they are selling the rich dad coaching to me.
3599 for 6 months of coaching. has anybody had experience with this or can some one shed some light on it. I am about to call and cancel my 50% down payment of 1800 dollars that i put up last night.
i am a little leery of John T Reeds advice as he has not done a real estate deal in this decade. He seems like a bright guy and does have a good angle (dwell on negative) to bring in viewers.
that said - I have a slightly different story.
I signed up for RichDad coaching over 4 months ago and have been through 16 weeks of their mentoring. I have also read and underlined most of the RichDad books and listened to all of their CD's and all of their podcast.
I have found the program to be helpful - but it will not be the magic silver bullet to make you a real estate superstar. That is something that you will have to do - each and every day.
I have learned alot - and my real estate coach - Travis - has a lot of real world experience in single family homes and apartment. He challenged me each week to perform daily actions and we set goals. I did a ton of homework and feel like I have gained alot in the past 4 months.
in the end - the program is more about you - and what you will put into it. If you go to a gym and spend a ton of money and think that the Gym is going to make you an Arnold Schwarzenegger - then your sadly mistaken. Arnold put in a lifetime of discipline and money and time to get to where he is at. You will have to do the same.
I would spend $4k again tonite if I knew that I could push myself closer to my dreams and goals.
Today I have 7 quad apartments and 1 single family house - all 100% rented - this is because I devote myself to daily action, I learn through programs like RichDad and others books and CD's and Podcast - and get out there and get the job done. I say that with full humility having worked hard through sweat and backache to get to that point.
I encourage all of you to take the time to learn as much as you can to gain your financial freedom. I will be happy to answer any questions anyone has on the program (or others.. I have a full bookcase of books, CD's, DVD's and cassettes).
all the best to you all in investing 8)
I love the Rich Dad books, but would rather go to a local REIA club and partner up with a seasoned investor. Help them find the deals and go 50/50 on the profits. Buy small courses and learn from reading and watching videos and then go and FIND THE DEALS.
Hi,
I wish I had more to comment on. I got a called from this person Julia. I am based in HK and wanted to find out more. I never even got the chance. I started off by asking if there were any coaches in HK. I think she took that question as a negative and very quickly started saying "if you are expecting a coach from HK, this is simply not for you etc." I replied by saying I had nothing to compare it with and am open to being coached remotely rather than in-situ. That didnt help at all. I started asking about costs and she said "we will come to that when you are ready". She started asking what I was "interested in" I replied by saying I am about to complete a deal in 6 months (I actually bought a property off the plan and will close it in 6 months). She assumed that I havent complted the deal and will be "thinking about it" for the next six months!!. Didnt bother to ask or find out that I already have the loan approved but the drawdown will not occur until the developer secures the occupation permit in about 6 months ! Probably a good reason to have a coach in-situ as having a coach who doesnt understand the local "quirks" is demonstrably useless for me. I just found the whole "interview" very condescending and aggressive laced with a lot of assumptions from their part. Do they even understand that a lot of people really do not know how the coaching is done and simply want to find out before they put down cash and time?
I also hope you didn't opt to use them. I signed up and have wasted $10,000 and even an extra couple thousand in one of their many upsells for creating a business. After they offered to "help" me create a business plan for about another $1000, it finally kicked in. I just didn't want to believe someone would go through all that trouble for a quick buck.
I'm still new to investing, but have renovated a home I lived in the past two years and (hopefully) will be renting it in the next two with another house being renovated. I'm going slow and steady from now on until I can learn a thing or two.
after reading numerous and informative reviews, I entertained the interview call. Fear of Loss was used in the opening statement. I thanked him for his 30 seconds of time and told him it wasn't a good fit. He said he'd close my file and hung up right before I could.
As a salesman, c'mon... save FOL for later in the pitch.
Just spoke to the sales guy from Rich Dad Coaching. He made me write down these 4 promises and 4 demands they had for me.
1 They will help me create a plan
2 Coach me into implementation - 1 on 1 help
3 Accountability
4 No option for failure
1 year of coaching (6 month free)
Written warranty - plan - implementation is an aquisition. If it doesn't happen they will extend the coaching for up to a year.
1 Begin today (mother f****r) or we ain't talking no more.
2 Time commitment 7 - 10 hours per week
3 Financial investment - $4,995 - tuition paid up front or 4,745 if I pay it all right now (Option 2 paid over 3 payments in 3 months)
4 See it through or not give up
After I got these 8 points I told the guy I didn't think it was a fit. The money I would give to him could be used towards my next investment and I don't want the set back. He got pissed.
At this point I had not hung up so the opportunity to sell me was still there but he said he didn't need to try to sell me. I think he was trying to convince me that he wasn't a salesperson even though he was clearly reading from a script and couldn't actually interact with me naturally.
Anyway - I'm not smart enough to be able to have a successful coaching relationship over the phone. I need to see a person's face and be able to interact with him or her.
Old post, but it's carried on for over a decade, might as well add to it.
I loved the rich dad books. I would recommend most of them to anyone. So I thought how bad could the coaching be? The coaching was a total scam. It was no more information than you could get from the books, they charged me $3,000 to sign up, another $3,000 to set up my LLC. I didn't know what I didn't know. But looking back I would never do it again, and I'd never recommend it to anyone else.
They told me all the same things that Jim Zimmerman mentioned:
1 They will help me create a plan
2 Personal one on one coach
3 Accountability
4 No option for failure
1 year of coaching (6 month free)
Written warranty - plan - implementation is an acquisition. If it doesn't happen they will extend the coaching for up to a year.
What I got was nothing like that. The closest thing to a class was like 1 hour a week you would hop on a call with your coach and 15 other people, and he would say some **** he was reading right out of a Kiyosaki book, and then leave us to talk about it amongst ourselves. Any time I tried to get one on one time with the coach they directed me to the hotline, telling me the coach was on another conference call. The hotline people had no idea what my particular situation was and had no way of providing specialized guidance to me.
No accountability whatsoever
Never followed up with me once
Total garbage.
Not to mention, they completely lied about the LLC they set up for me. They told me it would be the type of LLC that you can open many sub-LLC's under. Doesn't even exist in California.
so i got the call from these folks, and they are selling the rich dad coaching to me.
3599 for 6 months of coaching. has anybody had experience with this or can some one shed some light on it. I am about to call and cancel my 50% down payment of 1800 dollars that i put up last night.
Don't do the program AT ALL. RUN AWAY. I did it years ago and paid $3000. These guys are ******** and talk down to you like scum. Most of them are real estate dick heads or network marketing mobsters who treat you like your a child. Very smug. I didn't learn anything from this program. You'll learn more from reading a few books and doing your own thing than all the bull **** they tell you. And btw, don't let them or anyone tell you, you have to have mentors in order to succeed in business. That's draconian crap to make money off you to ride your coat tail
I'm glad to see that this thread exists and can hopefully help save some people. I was going to detail my experiences with this, but what @Logan Vierstra shared is exactly what I would have.
I'll add a few things..... When they set up my LLC, they basically handed that work over to a different company and I wasn't even working with the coaching program for that. Then, once the LLC was set up, they started pushing "raising capital" for your first deal. What they offered to do was raise $100K all from credit cards and charge $6K right off the bat. Thankfully, my realtor knocked some sense into me and brought me back to reality before I did that. And when I told the salesman "No", his response was "oh, well if you have 20% to put down, that's better anyway" and haven't heard from them since. A fresh and naïve college grad at the time, of course I didn't have a down payment!
This was all back in 2016 and needless to say, this was my big mistake that's haunted me. I've learned WAAAAY more about real estate from books, podcasts, and other things from biggerpockets. I think the Rich Dad Poor Dad book was what initially pointed me towards real estate, but that coaching program has really made that name sour to me. Even just writing this is irritating me again. lol
With the world we live in today all knowledge is practically free. Not to bash the programs but I do not think that they are necessary.