Rich Dad "Advanced Training" seminars?

Rich Dad "Advanced Training" seminars?

Real Estate Investor · Eugene, OR · Member since 2008 · 10 posts · 8 votes

Has anyone taken the plunge and attended any of the "Advanced Training" courses put on by the Rich Dad Education company? Last fall I attended a three day seminar put on by Rich Dad Education, but because of the steep price (and some mental red flags that went up during the seminar), I declined to sign up for any of them.

The first warnings started sounding as things got underway the first day when we were forbidden to network with anyone during or outside of the classroom, we weren't to challenge any of the ideas of the instructor, nor were we to conduct "research" on our own by using the Internet. They also wanted to protect their "proprietary" information, so they wouldn't allow you to record any of the sessions. Note taking, it seems, doesn't seem to threaten that.

I later came to find out that the Rich Dad Education seminars were essentially repackaged Russ Whitney products, and many people feel scammed by the whole process.

I understand that the basic training seminar is mostly motivational in nature and is designed essentially to upsell the attendee into purchasing one of the "advanced training" seminars that deal with a specific area of investing, anywhere from wholesaling to large development deals.

The basic training courses are $495, and if you can withstand/ignore the high pressure sales tactics, I felt that I did actually receive my money's worth in terms of knowledge and useful information. But the advanced courses range anywhere from $7,000 all the way up to $45,000, if memory serves. That seems like a ton of money, but if it's something that returns your "investment" back to you in increased profits from doing better RE deals, then I would assume most would feel the high cost would be worth it.

My question is, has anyone attended any of these courses, and if so, do yo feel that you got your money's worth by attending? I see precious little information anywhere on the Web regarding reviews of these more expensive training courses.

Perhaps attendees sign contracts forbidding them from talking about their experiences? I figured this would be the place to find out.

Todd

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Real Estate Investor · Las Vegas, NV · Member since 2008 · 1k+ posts · 447 votes
18y

Understand that the Rich Dad Seminars is a marketing company. They give you a “free†seminar so that you’ll buy the $495 class, the $495 course is used to sell you $7,000 advanced course. The advanced course is designed to sell you the mentoring program. It’s all about upselling, they want you to believe that you will find out the success “secret†at the next class. The reality is that you learn by doing, did you learn how to ride a bike by going to a seminar? No, you learned by falling down and skinning your knees, then you got up and did it again. Education classes are your training wheels but until you actually get out there and do it you will not learn how to really be successful.

:cool:

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  • Real Estate Investor · North Central Arkansas · Member since 2009 · 509 posts · 178 votes
    16y
    Originally posted by Mr_Investor:
    Guys tone it down ok.

    Sorry for my harsh remarks, I will admit I let Irwin get under my skin and for that I apologize.

    If he would like to debate about this or other topics without insults I would be more then happy to continue.

    Jeff

  • Real Estate Investor · LA Area, CA · Member since 2009 · 40 posts · 0 votes
    16y

    Will,

    Yes, I am done talking to the naysayers. It's a waste of time.

    Like you said, I have it in me to succeed. To make it as a RE Investor, you have to have it in you along with a reason why. If not, BP, RD, Trump Univ, Carlton S, etc. will not get you anywhere.

    I know the best way that I learn. And that is in a class that is interactive and live. I don't learn my best just reading material. I've read many books and listened to many cd's and read a lot on BP. The problem for me is BP is not organized from start to finish technique. RD Advanced trainings are. And one advanced training for 3 days and I have a new strategy I can go out to do on day 4. Contracts and everything. Plus reference material, email and phone support with the instructors. So no, bigger pockets would not have got me where I am today. Plus the networking and contacts I got from the classes was well worth it.

    Now my deals:

    No, it's not $375 per door. Per property.

    #1: Triplex. PP 65k. 25% down. Rents 1750. Noi 44%. CF 529.88.

    #2: Duplex PP 45k. 20% down. Rents 1100. Noi 47%. CF 269.79

    #3: Triplex. PP 69k. 25% down. Rents 1750. Noi 45%. CF 514.83

    #4: Duplex. PP 54k 20% down. Rents 1185. Noi 54%. CF 202.72

    I have lots of deals like this. I also have other partners who have zero down deals at around the same price point. They are SFR's. CF on those is about 200 a month. Most of those are in the midwest. But I also have another guy who has REO's in Ca that also cash flow. No numbers on those yet but I can get them.

    Let me know if you are interested in any. No BS, these are for real. But they are from other Rich Dad students. So beware. LOL!

    Contact me if you want more details.

    Regards,

    Irwin
    [PHONE NUMBER REMOVED]

  • Real Estate Investor · LA Area, CA · Member since 2009 · 40 posts · 0 votes
    16y
    Originally posted by Jeff And Cheray Warner:
    Originally posted by Mr_Investor:
    Guys tone it down ok.


    Sorry for my harsh remarks, I will admit I let Irwin get under my skin and for that I apologize.

    If he would like to debate about this or other topics without insults I would be more then happy to continue.

    Jeff



    Mr_Investor. Sorry for the Rant.
    Jeff. Sorry for getting under you skin.

    And no I don't want to debate about Rich Dad training. Why don't we do some deals instead and make some $$$. Jeff, let me know what need or what you are in the market for. I have a large network of investors (unfortunately the are all RD students) that have tons of deals. We have power teams setup in various states including prop mgrs, lenders, appraisors, etc. See my post to Will to get an idea of the type of deals we do.

    Irwin

  • Real Estate Investor · LA Area, CA · Member since 2009 · 40 posts · 0 votes
    16y
    Originally posted by Irwin DeVries:
    Will,

    Yes, I am done talking to the naysayers. It's a waste of time.

    Like you said, I have it in me to succeed. To make it as a RE Investor, you have to have it in you along with a reason why. If not, BP, RD, Trump Univ, Carlton S, etc. will not get you anywhere.

    I know the best way that I learn. And that is in a class that is interactive and live. I don't learn my best just reading material. I've read many books and listened to many cd's and read a lot on BP. The problem for me is BP is not organized from start to finish technique. RD Advanced trainings are. And one advanced training for 3 days and I have a new strategy I can go out to do on day 4. Contracts and everything. Plus reference material, email and phone support with the instructors. So no, bigger pockets would not have got me where I am today. Plus the networking and contacts I got from the classes was well worth it.

    Now my deals:

    No, it's not $375 per door. Per property.

    #1: Triplex. PP 65k. 25% down. Rents 1750. Noi 44%. CF 529.88.

    #2: Duplex PP 45k. 20% down. Rents 1100. Noi 47%. CF 269.79

    #3: Triplex. PP 69k. 25% down. Rents 1750. Noi 45%. CF 514.83

    #4: Duplex. PP 54k 20% down. Rents 1185. Noi 54%. CF 202.72

    I have lots of deals like this. I also have other partners who have zero down deals at around the same price point. They are SFR's. CF on those is about 200 a month. Most of those are in the midwest. But I also have another guy who has REO's in Ca that also cash flow. No numbers on those yet but I can get them.

    Let me know if you are interested in any. No BS, these are for real. But they are from other Rich Dad students. So beware. LOL!

    Contact me if you want more details.

    Regards,

    Irwin


    Sorry..forgot the ROI on these. 31%, 35%, 22%, 35% respectively.

  • Jeff TumbarelloPro Member
    Real Estate Broker · Fort Myers, FL · Member since 2008 · 1k+ posts · 323 votes
    16y

    whats the addresses?

  • Real Estate Investor · GA · Member since 2009 · 43 posts · 22 votes
    16y

    What is "ROI"?

  • Jeff TumbarelloPro Member
    Real Estate Broker · Fort Myers, FL · Member since 2008 · 1k+ posts · 323 votes
    16y
    Originally posted by Irwin DeVries:
    Originally posted by Irwin DeVries:
    Will,

    Yes, I am done talking to the naysayers. It's a waste of time.

    Like you said, I have it in me to succeed. To make it as a RE Investor, you have to have it in you along with a reason why. If not, BP, RD, Trump Univ, Carlton S, etc. will not get you anywhere.

    I know the best way that I learn. And that is in a class that is interactive and live. I don't learn my best just reading material. I've read many books and listened to many cd's and read a lot on BP. The problem for me is BP is not organized from start to finish technique. RD Advanced trainings are. And one advanced training for 3 days and I have a new strategy I can go out to do on day 4. Contracts and everything. Plus reference material, email and phone support with the instructors. So no, bigger pockets would not have got me where I am today. Plus the networking and contacts I got from the classes was well worth it.

    Now my deals:

    No, it's not $375 per door. Per property.

    #1: Triplex. PP 65k. 25% down. Rents 1750. Noi 44%. CF 529.88.

    #2: Duplex PP 45k. 20% down. Rents 1100. Noi 47%. CF 269.79

    #3: Triplex. PP 69k. 25% down. Rents 1750. Noi 45%. CF 514.83

    #4: Duplex. PP 54k 20% down. Rents 1185. Noi 54%. CF 202.72

    I have lots of deals like this. I also have other partners who have zero down deals at around the same price point. They are SFR's. CF on those is about 200 a month. Most of those are in the midwest. But I also have another guy who has REO's in Ca that also cash flow. No numbers on those yet but I can get them.

    Let me know if you are interested in any. No BS, these are for real. But they are from other Rich Dad students. So beware. LOL!

    Contact me if you want more details.

    Regards,

    Irwin


    Sorry..forgot the ROI on these. 31%, 35%, 22%, 35% respectively.



    Why would you post NOI and ROI togther. The ROI leads me to beleive these are long term holds, the ROI tells me they are in and out type deals. Please post all the details of these deals so we may learn something.

    You are quoting NOI on leveraged deals. That does not make much sense.
    what is CF?
  • Real Estate Investor · LA Area, CA · Member since 2009 · 40 posts · 0 votes
    16y
    Originally posted by Michael Perry:
    What is "ROI"?


    Return on Investment.
  • Real Estate Investor · LA Area, CA · Member since 2009 · 40 posts · 0 votes
    16y
    Originally posted by Jeff Tumbarello:
    Originally posted by Irwin DeVries:
    Originally posted by Irwin DeVries:
    Will,

    Yes, I am done talking to the naysayers. It's a waste of time.

    Like you said, I have it in me to succeed. To make it as a RE Investor, you have to have it in you along with a reason why. If not, BP, RD, Trump Univ, Carlton S, etc. will not get you anywhere.

    I know the best way that I learn. And that is in a class that is interactive and live. I don't learn my best just reading material. I've read many books and listened to many cd's and read a lot on BP. The problem for me is BP is not organized from start to finish technique. RD Advanced trainings are. And one advanced training for 3 days and I have a new strategy I can go out to do on day 4. Contracts and everything. Plus reference material, email and phone support with the instructors. So no, bigger pockets would not have got me where I am today. Plus the networking and contacts I got from the classes was well worth it.

    Now my deals:

    No, it's not $375 per door. Per property.

    #1: Triplex. PP 65k. 25% down. Rents 1750. Noi 44%. CF 529.88.

    #2: Duplex PP 45k. 20% down. Rents 1100. Noi 47%. CF 269.79

    #3: Triplex. PP 69k. 25% down. Rents 1750. Noi 45%. CF 514.83

    #4: Duplex. PP 54k 20% down. Rents 1185. Noi 54%. CF 202.72

    I have lots of deals like this. I also have other partners who have zero down deals at around the same price point. They are SFR's. CF on those is about 200 a month. Most of those are in the midwest. But I also have another guy who has REO's in Ca that also cash flow. No numbers on those yet but I can get them.

    Let me know if you are interested in any. No BS, these are for real. But they are from other Rich Dad students. So beware. LOL!

    Contact me if you want more details.

    Regards,

    Irwin


    Sorry..forgot the ROI on these. 31%, 35%, 22%, 35% respectively.



    Why would you post NOI and ROI togther. The ROI leads me to beleive these are long term holds, the ROI tells me they are in and out type deals. Please post all the details of these deals so we may learn something.

    You are quoting NOI on leveraged deals. That does not make much sense.
    what is CF?


    Yes, these are buy and hold. CF is Cashflow.
  • Will BarnardPro Member
    Moderator
    Developer · Santa Clarita, CA · Member since 2008 · 15k+ posts · 10k+ votes
    16y

    Irwin,
    I have noticed that your NOI (Net Operating Income) is incorrect on all. Debt service is not calculated or used in arriving at NOI. Debt service comes off the NOI. A slight oversight that your bootcamp didn't teach you.

    Either way, these deals look very good.
    Where are they?

  • Real Estate Investor · LA Area, CA · Member since 2009 · 40 posts · 0 votes
    16y

    Will,

    Actually my bootcamp did teach me that. Those NOI figures don't include debt service. When you say they are incorrect, how did you come to that conclusion?

  • Real Estate Investor · LA Area, CA · Member since 2009 · 40 posts · 0 votes
    16y
    Originally posted by Jeff Tumbarello:
    whats the addresses?


    No....these are the one's I own. If you are interested, we have properties like this in NY,TN,IN,IL,MO. We also have some in Ca but they cost more.

    Sorry if I'm not more forthcoming but I've been slammed (and people continue to take digs, Like Will) not only on this thread but on other RD threads. [SOLICITATION REMOVED] If you want to continue to bash paid education then continue but I'm done. And that goes for everyone on this thread.

    Irwin
    [PHONE NUMBER REMOVED]
  • Will BarnardPro Member
    Moderator
    Developer · Santa Clarita, CA · Member since 2008 · 15k+ posts · 10k+ votes
    16y
    Because of the way you listed the numbers. You had acquisition, then cash down %, then gross income, then NOI which was below 50% which I assumed was because you included the debt service. I didn't actually do the math, but now that I have, I see I am incorrect.
    The one question I do have is how is it that the NOI fluctuates so much between the similar investments. You certainly have not owned them long enough to have an 8 or 10 year track record and thus, must use a set average for the expenses, correct?
    By my calculations, your cash flow is even slightly better than posted on #2 (the only one I calculated now).

    Easy, those that were making personal slams have appologized and I was just having some fun with you. No dig at all. I was the one that got this conversation back on a fair playing field, remember! As you get to know me, you will see I toss out a bit of humor at times to release the tensions. I should have added a smiley face to make that clear.

    Bottom line, your deals all look excellent, sorry for the assumptions on calculations to NOI/debt service.
  • Real Estate Investor · Fort Collins, CO · Member since 2009 · 45 posts · 7 votes
    16y

    Just to put my 2 cents in, I think any attempt to educate yourself is never a waste of time or money. There maybe a lot of courses out there that are "worthless" to some but I believe if you get just one good idea out of any class you'll make up for anything you might have lost.

    :D

  • Real Estate Investor · LA Area, CA · Member since 2009 · 40 posts · 0 votes
    16y
    Originally posted by Shane Bryan:
    Just to put my 2 cents in, I think any attempt to educate yourself is never a waste of time or money. There maybe a lot of courses out there that are "worthless" to some but I believe if you get just one good idea out of any class you'll make up for anything you might have lost.

    :D


    Shane you totally get it! Excellent and well put! :mrgreen:
  • Real Estate Investor · LA Area, CA · Member since 2009 · 40 posts · 0 votes
    16y
    Originally posted by nationwidepi:

    The one question I do have is how is it that the NOI fluctuates so much between the similar investments. You certainly have not owned them long enough to have an 8 or 10 year track record and thus, must use a set average for the expenses, correct?


    NOI fluctuates because prop tax, insurance, utilities are different for each property. We don't average expenses. We put actual prop tax figures, actual insurance quotes and high utility values in the proforma. Our due diligence includes contacting the county, utility company and insurance companies for actual figures. We want to have a good idea of how a property is going to perform. Averaging leaves too much room for error.
  • Real Estate Investor · LA Area, CA · Member since 2009 · 40 posts · 0 votes
    16y
    Originally posted by nationwidepi:
    |Easy, those that were making personal slams have appologized and I was just having some fun with you. No dig at all. I was the one that got this conversation back on a fair playing field, remember! As you get to know me, you will see I toss out a bit of humor at times to release the tensions. I should have added a smiley face to make that clear.

    Bottom line, your deals all look excellent, sorry for the assumptions on calculations to NOI/debt service.


    OK, sorry I took it that way. I didn't know you were joking. As you get to know me too, I also have a great sense of humor. It's just this is a tough thread.

    So now that we got all of that out of the way, what are you in need of in your investing business. Are you looking to buy, sell, wholesale, lease option? Let me know what I can help you with.

    Irwin

  • Real Estate Investor · OH · Member since 2008 · 4k+ posts · 1k+ votes
    16y

    I agree that the numbers on the deals you posted look good. Furthermore, I'm all for determining the actual numbers for the expenses when possible. However, what are you including for the expenses that you can't identify, such as vacancies (not technically an operating expenses), legal fees, evictions, damage done by tenants in excess of the security deposit, capital expenses (not technically an operating expense), lawsuits, utilities (even if only during vacancies), etc, etc, etc?

  • Real Estate Investor · LA Area, CA · Member since 2009 · 40 posts · 0 votes
    16y

    Vacancy rates can be found when researching market indicators. Each city has different vacancy rates. For example. Our NY properties have a vacancy rate of 10% and thats taken right off the top of gross rents. For utilities, call the utility company and get the amounts and put that in your expenses. Eviction costs are handled by your tenants security deposit. (You are evicting them by the 15 if no payment. Right?). Damage done by tenants can be minimized by a good tenant screening process. That where a good property management company comes in to play. Repairs and maint depends if the property has been rehabbed or not. If not, factor future rehab cost as a monthly expense and put that in. Most of ours are rehabbed prior though. For lawsuits, that's falls under another subject. Asset Protection. You're not holding your rentals in your own name are you? Use a land trust and LLC. As far as accounting and such, that will be handled by your C Corp. Which allows for more write offs with out it. All this is before any tax benefits too. But that is another subject also.

    An interesting observation. After all the back and forth about education, it seems my Rich Dad Guru/Bootcamp etc. has taught me pretty well. To have a few members with high post counts say my properties look good to excellent, goes to show what a good education can do for you.

  • Real Estate Investor · OH · Member since 2008 · 4k+ posts · 1k+ votes
    16y

    Nice try! And now we see exactly what you didn't learn in the expensive guru courses you have taken!

  • Will BarnardPro Member
    Moderator
    Developer · Santa Clarita, CA · Member since 2008 · 15k+ posts · 10k+ votes
    16y
    Irwin, let me make something very clear. NONE of us, including myself, are bashing education and I agree, we all had to pay for college too, excluding full ride scholarships. What we do look down upon is over priced guru bootcamps, seminars and the like and your $20k education for your current knowledge appears to us as exorbitant. Regardless, if you were able to make something from it as you have, then power to YOU. I am willing to bet that a large majority of those taking the exact program for $20k never do succeed.

    Also, you never really answered the question from MikeOH. I see you factored in vacancy rate at 10% for NY and something close to that for other areas. I see you get exact figures on utilities. Great. As far as having the properties already rehabbed, that may save you for the next 2 or even 4 years, but then what? Eventually, if you hold for 20 or 30 years, you will incur repair expenses, you will have capital expenses, etc. That is the question we are asking. What "estimate" do you plug in for those items that we can not possible now when or how much they will be on a given monthly basis, but can factor in over the long haul.

  • Real Estate Investor · LA Area, CA · Member since 2009 · 40 posts · 0 votes
    16y

    Too late....you guys already said the properties look good! Ha! LOL! j/k :mrgreen:

  • Real Estate Investor · OH · Member since 2008 · 4k+ posts · 1k+ votes
    16y

    You see Will, this is EXACTLY what I was talking about in yesterday's thread about posers, wannabes, etc. He didn't answer your question or mine because he hasn't got a clue. I don't mind people being ignorant - all of us started like that. But pretending to have the answers when someone is clueless makes them a POSER! Simple as that!

    Worse yet, that expensive $20,000 education clearly didn't even teach him the most basic of information related to the rental property business. In business, if you don't understand the basic issue of expenses, you're in big trouble. And you were exactly right Will - there are VERY FEW DEALS out there with a REAL cash flow of $400 per unit per month - VERY FEW!!!

  • Sacramento · Member since 2009 · 87 posts · 6 votes
    16y

    Amen, MikeOH

  • Real Estate Investor · LA Area, CA · Member since 2009 · 40 posts · 0 votes
    16y

    Sorry. Had to step away to run some errands. Now back to our soap opera!

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