Rich Dad Poor Dad/Legacy Education Worth It?

67 Replies

Hey guys,

My girlfriend and I are at a 3-day seminar by Legacy Education (using Rich Dad Poor Dad branding) and they are trying to sell mentorship for 16k - 51k$$.

Throughout the seminar, they explain the importance of having a mentor to do some of the deals. They also provide software that seems to be very helpful. 

I want to know if anyone has actually gone through their mentorship? How was it? Was it worth it and can you get a similar deals or softwares elsewhere?

Thanks!

NO...(google search the company "Tigrent Learning") 

Find a deal, talk around and you will find a experienced investor that can help.  Look to partner up  on a great deal with someone experienced.  

Which type of software are they offering?  Their are many alternatives on this website and others

Thanks, Craig!

Their software is essentially a map that has addresses of people selling their houses or pre-foreclosures. And also a list of cash buyers. It allows you to then plug this information into something called REI Blackbook 2.0 that does mailing marketing, phone marketing, and e-mail marketing. The software they have also calculates what type of deal would be best to do on a property.

@Walter Edmondson I would be leery, of anything having to do, with the Rich Dad Poor, Dad Brand. If you did not know, Robert Kiyosaki, author of the book, "Rich Dad, Poor Dad" filed for corporate bankruptcy through one of his companies, Rich Global LLC. Here are a few links, for you to read, that will help you make a decision how to proceed. http://abcnews.go.com/Business/rich-dad-poor-dad-author-files-bankruptcy/story?id=17463158 , http://thecollegeinvestor.com/4726/ultimate-hypocrite-robert-kiyosaki-companys-bankruptcy/ .

I've had personal experience with investors that have gone thru high cost programs. Some have gone on to do well while others have tanked. No personal experience with rich dad though. All of them seem to offer some sort of software that seems to be something you can find on your own. I would personally rather use those funds to take on a project and build a good support team thru network meetings and BP. Either way you go, it'll cost you sow things. Just a matter of what you do with the opportunity.

I am the girlfriend of OP. My biggest concern is making HUGE mistakes that we are unable to foresee. Do people just start this on their own with no mentorship?

Hi @Walter Edmondson ... I attended that same 3-day seminar a few months ago.  Man, they do a GREAT job of pumping you up and getting you to consider sinking thousands of dollars into their program.  DON'T DO IT.  All the information they can provide is available on BiggerPockets and in other resources (blog, books, etc.)

In terms of a path forward, I'd recommend you narrow down your focus to a strategy (wholesale vs. flip vs. buy/hold, etc., etc.) and a niche (single family, small multi-family, apartments, etc.) then educate yourself on your area of focus.  BiggerPockets provides a bunch of great info.  I'd recommend you take a look at the podcasts, as well as the free beginner's course.  There are also tons of great books out there.  Pick the ones most aligned with your focus.

After getting some basic education, you should network like crazy. Attend local REI's (Real Estate Investment Clubs) and stay engaged with BiggerPockets. Try to get hooked up with a local mentor. Be sure to think about what you can offer them (financing, deals, labor, etc.) in return for mentorship. Again, be sure to find experienced investors who are working in your area of focus.

Best of luck!!!

Thank you all so much for the words of wisdom, I truly appreciate your great insights and will take all of this to heart!!

Much <3

Walter

DON'T DO IT! I'm currently in the program. I WISH I would've found BP before going to that seminar. You can learn everything for FREE on BP. That software is not user friendly, it is complex. Am still trying to figure it out. 

NO!!! We signed up with RD a couple years ago and all we got was a little cheerleader! They gave us no education, no advise, and no real guidance. They are scammers!

@Candi Rivera

@Candi Rivera

@Jeff Sharpton

OMG YOU GUYS, yall are literally the only people on the internet to fess up that they are in the program. Can you give more details about the program?

Why exactly is it more expensive? I thought you have someone you can call at all times to ask them questions and someone is supposed to come to your location for 3-days to hand hold you? And the program is difficult to use? I thought about that program because it seems like a very easy way to find buyers and sellers but you are not having any luck?

THANKYOU GUYS SO MUCH FOR YOUR INSIGHT because no one else is revealing what happens!

Hey everyone, just an update.

The OP ended up buying a package. For just under $4k, he received:

- "the key" (a golden, key shaped USB drive with documents, scripts, plans, contracts, etc)

- The software he mentioned -- we did a bit of research. There is a lot of marketing software out there, but we could not find any software that finds sellers and buyers. I'm weary as @Candi Rivera already pointed out that it is not user friendly, but I wonder how useful it will be if/when we figure it out. Its called "Real Estate Success Software" ELITE

- "on-demand course" on wholesaling. Its online. I feel like we can probably get the same information for free on BP. But we'll see (and I'll update you)

- the e-mail of the instructor and ability to have her come and visit us (for a fee. Which I believe is like $3,000?)

I do feel that these materials may provide a jump start. I never doubted that this is useful, I just hate that OP spend 4 grand!!! So I'm definitely keeping you guys updated on our ROI....

Updated about 3 years ago

Oh and we also got a leather messenger bag.

Ok @Walter Edmondson , here is how MOST (not all) of the seminar industry works.

They get a "poster child", like Kiyosoki to lure you in and create credibility.  Then, they get you to a 3-day "seminar" which is nothing more than a very cleverly written sales script aka infomercial.  (I bet yours is the same one floating around by others, like Robert Allen, 10 years ago.)  They get you pumped up so you can't wait to get out there but realize you don't know enough.  About the 3rd day, they call you to the back of the room and sell you on buying additional training for you guessed it, $15,000 up to $45,000 give or take a couple of thousand dollars.

The "training" is typically nothing more than more infomercial(s) and at the end, you still don't know enough nor have you done your first deal.  They keep you in the funnel until you have spent all your cash and maxed out your credit cards or get wise.

Whoever is using Kiyosoki now is at least the 3rd one.

I am not saying there isn't good training out there nor am I saying this training isn't any good.  I don't know.  I just know what I know about the seminar world and am always suspicious.

In addition, if it is any good, you won't get that much more out of the $46,000 package than you will get out of the $17,000 one.

I am new to BP and haven't posted yet, but I did want to put in my 2 cents worth if it will help someone. And, of course, this is just "imho".

I agree that most "Guru" programs are a lot of hype, especially for what you pay. The one exception, for me, has been Fortune Builders. They do follow the same marketing format as others: a free seminar, then a 3 day workshop for about $200, then the pressure to sign up for one of their bigger programs, from $10K-50K, similar to what has already been quoted. The difference, for me, has been in the amount of follow-up, dedication to their students, and availability of resources. Once a member (and I'm at the higher end of their programs), you get coaching for 12-24 sessions, a hotline that gets answered by a woman with super-powers who responds 24/7 within hours, unlimited bootcamps for wholesaling, rehabbing, REO's, short sales, Internet RE marketing, raising money, etc. And these are 3-5 days long, a few hundred people at most, and the presenters are almost always the top names in the organization: Than Merrill, JD and Paul Esajian, etc. They also bring in some of the top leaders in motivation, sales, systems (Michael Gerber, for ex.), etc. The Web site contains Webinars on just about every topic, new ones daily, all the bootcamps are recorded and available on the site. ALL documents, contracts, phone scripts, portfolio templates, SOW templates, etc. can also be downloaded and customized for your business. They also lend their own hard money, and have a "Passive Income Club", where they will invest your funds in rentals that they've researched and determined to be locations for the best ROI in the country (averaging an 8-15% ROI). I don't know of any other program where you can find just about everything you need for successful RE investing under one roof.

And, the bottom line is, EVERY coach, every presenter, every assistant I've ever talked to, has your success at heart. They are genuinely committed to helping their students learn and attain the success and lifestyle that they have reached. I've only done a few rehabs and wholesales since I've been with them over the past 2 years and the only reason that I haven't done better is that I am my own worst enemy in terms of follow-up, procrastination, getting distracted, etc. 

One more important statement: I AM NOT a representative of Fortune Builders, I don't work for them, and there is no benefit, financial or otherwise, for me to speak up, except to share my experience. I am just a College biology professor who is now a small-time RE investor to supplement my meager teacher's pension. My plan, when I retire this year from teaching, is to kick my RE investor program into full gear and reach my monetary and lifestyle goals, through Fortune Builders, Bigger Pockets, and any other resource.  Good luck everyone, Joe Russin

I am currently in the Rich Dad RE and Stock program. It is costly but the education, tools, software, networking, mentoring and motivation have been invaluable. I am a major fan of BP as well and believe that it boils down to what your learning style and preference is. I normally don't promote the program because most people are so negative about it but its been a great support for me and I've was given all the tools to launch a successful business from Day 1. I look at my Legacy education as an investment into myself and I will continue ongoing training with them after my initial program ends in two years. Started in January with no experience and already have two rehab projects in the works.

My boyfriend has started the online course on Wholesaling through Legacy education. He LOVES it. It is a resources that provides the amount of detail we have been looking for (and we were willing to find and pay a local mentor to help us). It certainly provides more information than all of the books and articles we have read so far.

So, we created a group of people who purchased a package from Legacy Education. Learning from each other and such. I will update this thread when we finally make our first deal (which should pay us back for our investment). Then I will be able to say, as scam-y as this all was, its not one. 

So we have been using software ($2000) and the whole-saling class ($2,000) for about a month and a half. We also bought REI blackbook ($1,000) which creates the website, manages property information, and follow up with your clients.

We are very pleased with our purchase and the community we developed with the other people who attended the seminar.

The whole saling education gave us EXACTLY what to do STEP BY STEP to complete deals. They also provide the contracts and paperwork for you. We had our lawayers look the contracts over and they gave the contracts a nice green light!

The software is wonderful. I can see how someone who is NOT tech saavvy would feel overwhelmed or not know how to use it. But if you're decent with computers or you grew up with computers it shouldn't be a problem and it does exactly what it is advertised to do.

The website REI blackbook makes is beautiful and super fast and easy to make. I hate the video they have with it... its kinda cheesy and corny but oh well. We're just getting started maybe in the future we will ujpload our own video.

I have to say, this was well invested. I can't give you an ROI yet, but I can say that we were able to accomplish and learn more in 1 month thanks to Legacy Education than we had in 4 months of trying to piece-meal information from different websites and books and do everything ourselves. Not to mention, we were proactive in meeting people at the actual seminar so we have a community of people holding each other accountable and helping each other figure out what they are stuck on.

Very pleased. I know the seminar feels like a scam, but it isn't... you just have to USE what they GIVE you. You can't sit on it. You have to be an action-taker or you will have wasted your money. Also - we did not buy the 30,000$ package they were selling. We NEGOTIATED our price and only bought what we would use IMMEDIATELY. We're very pleased and have finally bought some bandit signs to begin our marketing process. 

Updates to come. Much luck! xoxo

Think before you do. I attended the 3 days event in New York last week. I didn't sign up for the advance courses.

They told you they would offer you some discounts and let you join the online group which they created last day, if you sign up during the event, right?

Think about this way. If the program does worth it, what you will lose is only 299$ that you pay for the 3 days event. You can always attend the event again and pay 299$ for the discount. ( I believe you won't do it after you calm down and see the BiggerPockets website.) However, if you sign up for it, what you can lose will be 16K-51$ !!!!

Please be careful. Think before you do, and do some research. You can make the right decision.    

That is absolutely a terrible idea.  You might as well take that 16 - 51k and buy some real estate with that.  Any mistakes you're worried about will probably be a better lesson than you can pick up from a seminar.  

If you want guidance, you have books, this forum and hopefully local real estate clubs where you can meet people that have experience. You both had enough motivation to attend one of these conferences so I'm sure attending a local REI would not be an issue.

Originally posted by @Richard Y. :

Think before you do. I attended the 3 days event in New York last week. I didn't sign up for the advance courses.

They told you they would offer you some discounts and let you join the online group which they created last day, if you sign up during the event, right?

Think about this way. If the program does worth it, what you will lose is only 299$ that you pay for the 3 days event. You can always attend the event again and pay 299$ for the discount. ( I believe you won't do it after you calm down and see the BiggerPockets website.) However, if you sign up for it, what you can lose will be 16K-51$ !!!!

Please be careful. Think before you do, and do some research. You can make the right decision.    

 That was our thought process and we ended up negotiating our price (so we did NOT pay 16 - 51K$$. We paid much less). They did make the facebook group, but it is not really active or useful. You have to meet people in person and form your own in person group. 

Originally posted by @John L. :

That is absolutely a terrible idea.  You might as well take that 16 - 51k and buy some real estate with that.  Any mistakes you're worried about will probably be a better lesson than you can pick up from a seminar.  

If you want guidance, you have books, this forum and hopefully local real estate clubs where you can meet people that have experience. You both had enough motivation to attend one of these conferences so I'm sure attending a local REI would not be an issue.

 That was what we were thinking with that price. That is why we negotiated to something that was affordable and for a class that was actionable for us right away rather than spending money to get a bunch of classes we will not even be able to take action on.

I disagree with you on the books. I have searched and paid for a couple of books and nothing has given the detail on whole-saling as the class we purchased through this company. If you happen to know of something that is good, let me know. But we didn't find it over the span of 3 days, so we opted to buy one of their classes.

We have been going to local REI meetups and it still doesn't offer the same kind of support as purchasing a completely done-for-you class gives. It really is nice to have all contracts and everything pre-written and knowing exactly what we need to do. I will update this thread when we make our first deal. This is all coming from the perspective of "I now know EXACTLY WHAT I need to do and we're marketing to be able to do it". Not buying the product would have been "We don't know exactly what we need to do and we're shooting in the dark trying to find a deal to 'learn' from." And I don't know how good the market is right now but I was afraid of finding just one or two deals, screwing them up, and not being able to find another one. Plus, mistakes made can have serious repercussions on your taxes and liability...

Udoka,

Yes, I'd be very interested in see how it turns out for you.  Please report back as I'm sure myself and many others have not been through one of these paid programs before.

I am quite pessimistic on these sort of things but I do like to keep an open mind, especially with the fact that I've not done it myself.

After meeting with some friends, we've come to realize that Legacy Education is not the only training service and it is more expensive than other ones out there.

Our friend uses a company called Freedom Investor Academy which has similar, detailed trainings for a cheaper cost than what legacy education offers. (however, I don't think they provide the done-for-you contracts and paper work that legacy does)

Another friend said she found "REI Club" which provides a mentor along with training for $800. Even cheaper!

We cannot attest to how these other companies are. We just didn't know about them. I would look into them before purchasing a class from any one. May ask our friends for a review later. 

NO!! I went to the three day seminar and after the hype up .... came home and wondered what am I able to do now. I did not want to invest the 20K plus money for the programs nor did I want to get a loan in order to attend the program. I found the Bigger Pockets site that night. A person sitting at the table with me did invest 20K and when I called her to see if she had invested in a property, no she had not nor had she moved any further than myself ...... I thought she would be holding a property in hand. This was after about six or seven months. Also, I emailed the BP site to two of the individuals including the person I mentioned above and neither had gone to the site. I simply paying off IRS and have been studying the books I purchased from BP and sitting in on the POD CAST.... I feel this is time well spent. Just my two dimes worth!

Create Lasting Wealth Through Real Estate

Join the millions of people achieving financial freedom through the power of real estate investing

Start here