Rich Dad Poor Dad/Legacy Education Worth It?

72 Replies

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?

 ANYTHING they can offer for 16k-51k can be obtained for free here on BP - - just ask.

Yes, you need some foundation, but the local book store will never cost you 51k!!!

No my friend. I attended the 3 day seminar and after having complete it came home that night and pondered what could I do in order to get busy. I went out on Google and BP came up ..... been here now for about 2 years plus and have met many individuals who have assisted me in my quest and I have a person I rented from three years ago who sold RE for Long and Foster and was buying and rehabbing properties of her own. She has agreed to mentor me. I know of one attendee who at my last inquiry had not bought a property after a year but, paid 20k. I shared this site with her and a friend. Neither seemingly has done any thing significant. I gave myself 6 to 8 months and I have put the items needed in place so that I can get out the block running. Already have a hard money lender who can work with metals on property and I have two banks who are willing to work with me as well. This BP community is a win win resting place!!

Hi Jeff,

Yes those big seminar companies will take you for every penny they can get. I've been investing and mentoring/coaching for 20+ years and used to coach for them. Now I just help people one-on-one, showing them what I do which has been much for effective. Ask any questions you have about real estate investing and I will reply in detail.

I want to re-iterate that through this experience, I learned these things:

1. After reading books and searching around BP, it was clear that we needed some sort of class or guidance or hand-holding (erm, we needed all three lol). Free advice from strangers online or online articles, free advice from friends here and there, and cheap advice from books that typically detail the "dream" and the "possibilities" instead of detailing specific information and strategies for YOUR AREA is a waste of time and leads to frustration. I am a fan of PAYING for a solid foundation. 

2. It is not necessary to spend more than $2,000 (it's not necessary to spend even THAT now that I've found classes/guidance/hand-holding for just $250). Spending more than $10,000 for real estate education is a mistake because that is how much you need to do a deal. Find a cheaper route to educate yourself.

3. There are A LOT of different strategies. You don't need to know all of them, you just need to choose one you feel good enough about and be committed to following through on it

Hi EVERYONE.

Thank you all for the comments, info and advice.  I have however noticed that there is nobody commenting whom has already actually bought or started the complete system? ie. Bought property, etc.

Am I wrong? It would super to hear from someone whom has actually purchased the full training and went on to actually make money? ie. By rentals or flipping, etc.

Thanks,

Trey

Originally posted by @Nay Morgan :

Really really wish I would have seen this a months ago. They got me. Though I didn't go with the highest package (I was like I'm good on the mentor). Now I feel foolish, but I'll give updates if anyone wants.

 Hi Nay, can you elaborate please?  How did 'they get you' exactly?  Are you not using the material as an investor?

@Trenade Gounder Yes, I'm just saying, I drank the kool-aid.  However, the classes so far have been beneficial.  I'm pretty new.  So, I'm learning a lot. I'm going to milk every ounce of this deal.  I'm thinking it's a bit overpriced, but they've been helpful.  I feel like BP offers so much and I should have explored things a bit more before making that leap.

im in the 3 day intro course right now.  I don't want to be taken. They were saying that a mentor shows you how to do a deal for three days, actually tjey dont show you, you have to do all the work and they guide you through the process. They have an extensive sales pitch though... anyone can say they are making millions of dollars, play the part wear a fake rolex etc. I want to see how they really live, show me dont tell me, then, maybe then I'll pay. I bought Tigernt learning videos from an investor in the bay area, i have everything from short sales and mortgages to wholesaling and buying, rehabbing properties, plus forms and contracts. I wanted to go to this 3 day course because i bought into it before i acquired all the investing material i had bought. I have the materials just need the mentorship. I think. Im new at all this, i know it will take time... 

Hi everyone,

So... this conversation is about 2 years old. I've read every single post though... and I have to say thank you, thank you, thank you. Tomorrow is my third (last) day of my 3 day seminar with Legacy Education/Rich Dad Education. Definitely not getting the advance outrageously priced courses. My conclusion to the day from this forum, and based on what I've been doing by myself to get educated on the matter so far, is that paying more than 1K for real estate education is too much. MAYBE and that's a big MAYBE would extend that limit to 2K. In my experience with the seminar, the team and speaker were really nice and passionate about teaching, and I could tell they knew what they were talking about. However, I hate when I sense that selling attitude from people. I they did had that on and off but embedded in the talk really well. 

I trust myself, I know i can do this by myself with a help of a mentor without paying all that money. I have to say though, that the info and things I'm learning at the 3 day seminar have been really good so far. What it does tempt me a lot is their software (both of them actually).

From this post it looks like https://justaskbenwhy.com/ and http://www.lifestylesunlimited.com/ are good cheaper options to look at so I'm definitely checking them out.

Hope you all the best!!

me and a friend attended the free class. they got us to sign up for the 3 day. i havent attended that yet, but im wondering if its worth it. i will never spend 10k+ for any mentor and would rather dump it into my own property and learn as i go. can you tell me if its worth at least going to the 3 day?  if not i would try to get my money back from these guys.  what intrigued me was their software, tax information, and stock options which they bundled in.  i know you have to invest in yourself and i too need a mentor and a little hand holding me through the process which i feel i can get locally. once the first deal happens i will be good to go. any advice is welcomed.

@udoka Omenukor how was the investor money market seminar? Do you remember prices and such? Did you buy it/use it? We did the 3 day RE course but have the investment portion coming up next week. I don't know which one would be a better deal for my money. Any suggestions?

Disclosure: I went to the seminar

I think the best thing to do is to TAKE ACTION. No matter how many mentors you have, books you have read, seminars you have attended...if there’s no action, there will be no results. Rich Dad now offers $500 for their three-day course and if you don’t have the full amount to pay upfront, they will work with you. 

Originally posted by @Walter Edmondson :

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!

@Walter Edmondson in my experience I found that these type of courses doesn’t work that much as connecting with people in meetups, you probably going to do better by paying that money to a mentor who is actively involved into real estate himself, also go to seminars, network, walk the properties, talk with sellers and brokers, know what to ask them, how to underwrite a deal...for the starters I definitely recommend to check out Joe Fairless podcast.

I just finished the 3 day workshop, after having attending the 2-day $99 webinar and the 2 hour free webinar. Yes, there was a heavy sales pitch for the Elite $40,000 training package + $19,000 3 day onsite mentor package. I did not purchase their Elite training/mentoring program but there were parts of what they offered I would have paid for:

- I have a few rental properties I have funded personally and with loans. They had a database of 6000+ HML's to tap into. I've tried calling all of the HML's in the BP directory, listed under the state of NV where I am currently investing and where my LLC is, and None of them actually do business in Nevada.

- There was a section on short sales, and how mortgages that are sold to mortgage backed securities cannot be legally foreclosed on (because they are no longer collateralized with the property), making them easier to pick up from a bank as a short sale. They mentioned not as an investor, but as a "loss mitigating underwriter".  Does anyone have experience with that process?  She mentioned establishing a relationship with a CFO or board member at a local community bank.  I think this is great advice but again, would be good to talk to someone who has done this before.

- They will hand hold you through a transaction, if it is in an area where you don't have experience.  

- Their RESS and REI Blackbook software packages were pretty powerful, with an extra subscription fee (one was $100/month and one $40/month).

- All of the comments here about spending that money on your first deal are valid, although having done that multiple times now I want my next deal to be with an HML that does a loan based on ARV not sales price. Then my model is scalable. My goal is to not have as much of my money into my next deal.

All in all, the 3 day program for two of us was worth the $500. It was a good overview of 10 different real estate strategies, and they covered one technique from each strategy.  Our trainer was very knowledgeable, with many, many case studies of actual deals which was impressive.  The heavy sales pitch was expected, but after seeing the posts from @Udoka Omenukor that helped us decide not to invest that kind of money. 

@Jasmine Wevers As one of the mentors who has worked for numerous nationwide seminar companies who sell these coaching, mentoring and training/education packages for over 20 years I can tell you that I personally think they are overcharging everyone. They ask that much becasue the cost of getting peole into those seats at their free seminars is very high. Most of the time the end results is heavy telemarketing to everyone who did not sign up for more training at the free seminars and to up-sell those that did. As a mentor I always gave my best to every single student. I created a lot of curriculum myself that those companies used with my permission. I always taught much more than the curriculum dictated because my goal was to help every student succeed. I quit more than one of those companies over coaching department managers refusing my request to continue helping a student beyond what they paid for, when I felt they needed it. 

Most of the mentors were dedicated to the student's success, but upper management's attitude was often a whole different story. When you look these companies up on the BBB website, many of them have poor ratings. The heavy sales pitch was usually made by non-investor sales people in cubnicles on a sales floor promising more than the coaches and mentors could or were allowed to deliver.  I was constantly butting heads with sales people and upper management for taking a person's last dollar to pay for the education and leaving nothing for them to work with. My pet peeve was when they convinced people to max out thier credit cards and take on a bunch of new debt through new credit cards in order to just pay for the "tuition". 

Ultimately, people do benefit greatly from mentoring and if they are not over paying for all that overhead, the education is well worth it, BUT it all depends on how much time, action and real work the student is willing to put into their own business. I can give assignments all day long designed to help a person learn and succeed, but if they don't do the work, they won't accomplish their goals. I can't make anyone get up in the morning. Please feel free to view my profile. Anyone who is intereseted is welcome to contact me and connect with me for a free 90 minute, real, one-on-one telephone mentoring session.  I did not ever work for Robert Kiosaki or the Rich Dad Poor Dad Programs, but I have read a lot of their materials over the years. There are a lot of gurus out there.

@Jan Kerr Thank you for your perspective from the other side of the table. I had no issue with the quality of the training, and did feel like the mentors wanted you to succeed.  They did say that people that don't apply themselves and do the work won't get anything out of it.  If I had unlimited funds I would have purchased the expensive training! I will look at your profile  and again, thanks for the feedback!