Rich Dad Poor Dad/Legacy Education Worth It?

72 Replies

I just came out of day 3 of Rich Dad in Grand Rapids Mi. Was it worth it?  Im not sure, but I think so. I picked up some good ideas that may very well be worth the $399. I DID NOT purchase any of their "elite" training,  however, I must admit I was tempted. 

The turn off for me came after doing the one on one  free "mentoring" session. When they discovered that I had a decent credit score, had decent income, had some assets and that I could get conventional financing, they avoided me like the plague!!  I think that might tell you something. 

I will continue to read BP forums, watch the podcasts & webinars, network and get myself ready to take my investing to the next level.  

Originally posted by @Udoka Omenukor :

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?

 For 51K you can make realy big mistakes (and learn from it), or you can hire a professional investor for one day a week for al whole year.

When you send that much money, I am still not sure you will learn anything from it. And after the course you also need money to start investing. 

So why not jump in to the game.

Have a great day.

Originally posted by @Gerald Jordan :

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!

I guess you will find out if it is time well spent when you actually make a deal. I am noticing a pattern, however. The people we know who actually paid the full amount still have not landed any deals. One lady did e-mail me telling me she has bought a house and is looking for buyers, so she is ahead of the rest of us. I don't know if she purchased the whole 30-40k thing or just a portion like we did. But it depends on the person. Legacy Education gives you a to-do list of what to do day by day and I'm sure people do not actually follow it.

@Jeff Geeseman

Yea, they did that to us, too and it was incredibly alarming and a major turn off...! I wonder how many more sales they would get if they would stop being ridiculous about it lol

Originally posted by @Dennis Meppelink :
Originally posted by @Udoka Omenukor:

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?

 For 51K you can make realy big mistakes (and learn from it), or you can hire a professional investor for one day a week for al whole year.

When you send that much money, I am still not sure you will learn anything from it. And after the course you also need money to start investing. 

So why not jump in to the game.

Have a great day.

Because mistakes in real estate investing can mess up your taxes and even get you into legal issues... ... they are major mistakes....

There are plenty of experienced investors out there willing to mentor new people. What I did was put a request out there at my local REIA and my current mentor offered to help me at no cost. He said he did expect me to help others in the future, which I will definitely do! I have also hooked up with a couple investors in my area here on BP, one of which resulted in my first JV deal on a rental flip! We just closed today, actually! I have met such awesome people in this business just by showing up where other investors are and asking lots of questions. As has been said already, all the information you need can be found either for free or at minimal cost to you. I have read at least 20 books, listened to hundreds of podcasts and asked a ton of questions! The only requirement is willingness to learn!

Hey everyone, here is an update.

Despite people here telling us we can learn everything on bigger pockets or find someone who is willing to help us for free, we experienced the BEST education from our purchase from Legacy Education. Books, talking to people, and websites just cannot give you the depth and breadth of information that Legacy Education has provided. Plus, the networking we have done has been priceless. It led us to more trainings and ultimately found a very good mentor in Dallas who is helping us with marketing. 

We've come to realize that if you are a newbie with little money and little access to money, RE is hard and requires investing in marketing. It is timely and it requires an ability to notice trends in the market so you can apply a strategy that will not be an entire waste of time.

We have not finished our first deal, but we now have multiple leads and also multiple strategies to apply to our leads. 

I think we made the right decision, for sure. This confidence we have to do deals is priceless and it started from investing in a bit of this training. I wonder if those who passed it up are as confident in their decision as we are. 

But note: This wouldn't be possible if we were not very engaged in networking with others. I think if we were not networkers and were doing this on our own, it wouldn't have been as positive of an experience we are having.

Also note: We also went to this company's training in stocks and have good things to say about that, too. The seminar experience with stocks was much much better than the experience with RE. I don't know who is in charge of the two departments, but whoever is doing stocks is a better leader than the RE leg of the business.

Hi All

Great read this thread and good helpful information. I will let you know my situation as I live here in Australia.

I attended a legacy education 3 day course recently where they did actually teach us stuff with five different strategies (buy to let, HMO, flips etc) and how to make money work for you etc. So I did learn a lot on the weekend which was great.  It was good enough to spur me on.

What they offered was a package (either UK or NZ package) where they provide training and a mentorship. I get to fly over to UK to setup a company and they introduce you to the team (accountants, sourcing agents etc) to start your investment career. So my decision is that I would like to invest in UK as here in Aus everything is so expensive and there are things like stamp duty and substantial capital gains tax etc. 

What I would love to do is this all on my own to save the money but I think the distance is against me.

So guys, would a person like me who has $200,000 spare cash to invest with able to achieve this from here back here in Australia?  I wouldn't know where to start to try and speak to people with me being so remote as I cannot attend local meetup groups, seeking sourcing agents etc.

Any thoughts?

Are there any other mentorship programs that can provide the same services as Legacy but at a smaller cost.


Regards

Dave

Hi Dave, I'm based in Australia too but in Melbourne. I am also in the middle of the 3-day Legacy Education seminar and still thinking if I go ahead with the more (very) expensive course in NZ. I have been doing a lot of reading about PI in Australia and for capital cities like Melbourne basically the only way to make money is through capital growth (hence these Legacy guys only do it in the UK/NZ where u can still get decent yields and cash flow i guess). But if you are really interested about investing in Brisbane only then you might want to read up articles by Michael Yardney. He runs a company called Metropole that also operates in Brissy and seems to be getting good reviews. I have not done any business with them yet, however, so can't say much. But great source of local info. He also has a mentorship program (less than 2k whole year?). Right now I'm torn about joining that or this 34k LE elite program.

Even if its hard to admit, i pay 21k for that course that includes one mentor for 3 days. 

Its not worth it man. The info is general even tho my mentor was great. You have bigger pockets which is a great source. 

If i were you i wouldnt buy the course. 

@Udoka Omenukor To your question if people just start on their own with no mentorship.... yes and no. Most people start by reading as much as possible and meeting whoever they can who also invest. I think most of us save a chunk of money, run our numbers on some potential deals and figure out if it makes financial sense to move forward. I for one don't and didn't have a mentor. I didn't know anyone who invested in real estate but this isn't rocket science. I know nothing of the program you purchased but I would recommend talking to Ben Leybovich if you want a good educational tool. He is a great guy with a track record of investing in real estate and he's very involved in this website. Good luck, and watch how you spend you money!

Originally posted by @Carl C. :

@Udoka Omenukor To your question if people just start on their own with no mentorship.... yes and no. Most people start by reading as much as possible and meeting whoever they can who also invest. I think most of us save a chunk of money, run our numbers on some potential deals and figure out if it makes financial sense to move forward. I for one don't and didn't have a mentor. I didn't know anyone who invested in real estate but this isn't rocket science. I know nothing of the program you purchased but I would recommend talking to Ben Leybovich if you want a good educational tool. He is a great guy with a track record of investing in real estate and he's very involved in this website. Good luck, and watch how you spend you money!

 Thanks for the shout-out, Carl. Feel free to reach out, guys!

Hi Everyone. My name is Simon. I have been a real estate agent in Brisbane for ten years (reaching award levels with LJ Hooker then with Ray White). I am now a Business Development Manager and helping run the Property Management Department here at LJ Hooker Ashgrove in Brisbane. I have five investment properties, including one in the USA in Pittsburgh, Pennsylvania. I have completed small subdivision projects and small renovate-and-flip projects for a profit here in Brisbane.

I will happily dispense any advice or information you require, for FREE! Ask me anything! I promise I will not charge you $2,000 for it. (I would love to mentor someone. No one has ever asked me.)

I am also happy to provide you with current or projected (i.e. once completed) market value appraisals or rental appraisals for any properties you have your eye on.

I am also happy to give you (all liability disclaimed) quick, back-of-the-envelope feasibility for any projects that you are thinking of, based on my experience.

All I ask in return is that if you ever need any real estate or property management service, that you give me a bell!

(Actually, I actually just really enjoy doing this stuff regardless. It is my passion. I love real estate!)

Regards, 

Simon.

Thanks for all this advice. I'll surely message you @Simon Ingram . I am also checking out @Ben Leybovich website. We don't have money to pay for his services, though. We did already spend money on the education from Rich Dad and networked with other learners to gain more education. 

We do not regret the education because the education and the confidence in knowing that we "know" everything we could study allowed us to then play cash flow games and network to develop a new mindset which eventually led us to having confidence to do our first "small deal" which now has us eager to do more. 

Surely, I appreciate these new additional resources you guys have mentioned. Thankyou.

We went to the Rich Dad 3-day course and purchased the largest package.  It has definitely paid for itself.  We went into it with having 49 rentals but wanted to expand and learn new strategies.  The classes, instructors, and mentors are great.  I see a lot of negativity about the training here on BP.  Yes, it costs money, but I think you save time by going through the courses instead of reading various threads on here to piece it all together.  We still do read books and listen to podcasts in addition to our education.

Hey Helen. Well I dare say 49 rentals is quite all right, quite all right indeed. Very respectable. In Australia most educators talk about having "ten properties", and most properties here struggle to even be cash flow positive on a full mortgage. (Most Australian properties are negatively geared on a full mortgage) so you are far better off than many a person in Australia! I love investing in the USA solely because it is far easier to find properties that are cash flow positive, even if your capital growth prospects may be less. (But then many Australians absolutely kid themselves about their capital growth prospects anyways. Unless we are talking about Sydney. But not everyone has a lazy $1.6m to buy a 2-bedroom a townhouse in Sydney. ;-))

I agree with all that said that the Rich Dad training is a not a great idea for beginners... these trainings are geared towards people who have already mastered some basics like finding deals and raising funds. Once you know how to do those two, then pay for more training to learn more strategies. If you are a newbie, find you a local mentor; exchange your services for mentorship; partner with others to gain more experience... all that to say save your money to use on your first deal.

@Helen Bollinger and @Linda Erzah bring up very good points -- as a beginner, the seminars and trainings were OVERWHELMING. Of the group we formed after the seminar, only 1 (other than us) have managed to make deals. It is incredibly easy to feel discouraged and make slow progress as a beginner. I do feel like telling a beginner "Pick ONE specific strategy and follow through until success". Even if they paid for the seminar and got some ideas, as long as they had in their head to do ONE strategy, they would be able to get some leeway (which is what we did. We started with one strategy in mind but the education on marketing for that strategy is incredbily poor -- not just through Rich Dad but in general. Very little books or materials on the realistic monetary investment needed to market for Wholesaling...). I have no doubt that the Rich Dad Seminar pay for itself when you are already practiced in doing deals. Something for us to keep in mind for the future!! Thankyou.

That being said, I don't think I would go with Rich Dad in the future after we have multiple  deals under our belt. There are educators and mentors that give just as much value at a cheaper cost. But it was only because we started with Rich Dad that we were able to SEE and FIND these other education opportunities. 

It's funny how things are working out. It's like -- you have to pay a cost (aka commit to SOMETHING) before you can see the other opportunities... hmm

@Udoka Omenukor  you hit it on the nail by saying that it was only because you went through their seminar that you got started. My husband and I went through Tarek and Christina el moussa's mentorship program and we went to the free session of Rich Dad's seminar.

Both of these "trainings" got us motivated and started.

Now that I am thinking of it, it's like going to college. You pay so much money to study many subjects, then you go out in the real world and you STILL have to figure what you can do with the education, how to get a job, how to do your job...etc. Some folks get their return on investment right away, and some, it takes years before they get on their way to making  what they thought they would make. (there is definitely a lot issue with this system, but that's another topic for another day)

And I agree with you @Udoka Omenukor , there are definitely cheaper way to get motivated, get educated and get started. Looking back, I wish i had applied the same wisdom that I had when selecting a college. Instead of jumping into an expensive one, I should have done more research, understand more about real estate education, talk to more people before paying so much money to get the same education I could have received at a cheaper cost. Not everyone who attends the university of Yale, come out making 6 figures, just like not everyone who attend a community college only make minimum wage. What you pay for your education doesn't determine your success. 

Thanks @Linda Ezrah ! Someone who gets it! :) Speaking of finding a cheaper way to get motivated...

UPDATE:

I'm just updating this thread with a new finding. LIfestyles Unlimited seems to provide fantastic mentoring and game plan for MUCH MUCH cheaper. Membership is $250/year for the first 2 years then it goes up to $500. You go to their 2 day seminar and you have access to a "team" of people who can help you pull through on deals. I had NO IDEA about this and googling did not help us find this. I only found this via word of mouth...

That being said, now that I know this option exists, I highly highly highly recommend it over doing Legacy Education. Save yourself a ton of money! Lifestyle Unlimited's plan to get you into REI makes a lot of sense, is simple, is easy to do, etc. Through Legacy Education, Walter and I learned a lot of different techniques and things to do and we were beginning to look for deals to apply it on and it gave us the confidence to do our first "small" deal. We were ready to start doing normal house deals and the game plan we came up with (with the help of a friend/mentor) is basically the game plan Lifestyles Unlimited teaches you.

Free podcast here: http://www.lifestylesunlimited.com/category/radio_...

So you won't know how to do all the fancy stuff and breath of stuff you will know how to do if you do invest in something like Legacy Education, but I think this program will get you to have skin in the game in a really do-able fashion.

Updated almost 5 years ago

Edit: Please note, I have never PAID for Lifestyles Unlimited. Do further research. I'm just excited to have found a REI education/mentorship that was cheaper than other ones.