My Experience of Rich Dad/Elite Legacy Event Scam

80 Replies

Thank you, Constance, for sharing your experience. 

- As you know, I was the student who asked the "trainer" to demonstrate the case on third day. 

Yes, I attended the 3-day event last week in New York. I didn't sign up for the advance courses. For people who are still confused about the courses, my suggestion is "Think before you do". They told you they would offer you some discounts and let you join the online group which they created on the last day.

If the program does worth it, what you will lose is only 299$ that you pay for the 3 days event because you can always attend the event again and pay 299$ to get 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. 

Constance, I think this discussion will be kept. What those "trainer" can do is just hire people to write some fake reviews. 

Thank you, BiggerPockets. 

Originally posted by @Andrew Ware :

It makes you wonder if Kiyosaki warns you to get a financial education so you know enough not to sign up for his course.  A 40k program ought to come with an ironclad guarantee that you make 6 figures by year 2 (and aren't doing something illegal/unethical) to be even minimally reasonable.  It's too bad his books (and the Advisor Series) are quite good but he partners with dirtbags on the backend.

I wish BP had a $2k, 3 day course and mentoring that we could send people to instead.  Look if you are determined to spend your money on a course, go to the Bigger Pockets seminar!  You'll actually learn useful stuff and won't be set back 5 years with an upsell.

How 'bout $2K for eleven 8-hour on-line classes, access for life including all updates and additions?

David J Dachtera

Originally posted by @Raymond Lee :

"I've reached out to 6 people who have signed up for the "advanced" classes. They all are in the process of cancelling. If you happen to have anyone else's contact from that class, please feel free to pass along my contact before it's too late."

I am glad to know that. I think I might talk to you during the class. 

Thank you for your help to let people know what exactly this event is. 

That is interesting that people praise Rich Dad Poor Dad for its genuine message: to first acquire financial aptitude; however, on the flip side of the coin, my observation leads me to believe that the BP community views Kiyosaki's teachings as sale-like by pushing his products/classes.

Nonetheless, does anyone have advice for a newbie who wants to acquire more knowledge about the industry? Is it worth my time to attend these seminars? How would I know if these seminars are legit?

@Robert Lum   you bet you can troll around a site like BP read their books listen to the pod cast of those that are successful and talk about their business's.. its inspiring and motivational.

but if you really want to learn the nuts and bolts you need to get in the game.

the best and least expensive way to do that is to simply take a pre license course in your state.. learn the laws ( the real laws not the BS that is talk about on line).. terminology etc.

then go to work with a brokerage in the aspect of Real estate that interest  you.. there you will get REAL training by those that are successful you get on a team.. you get paid as you learn.

There is also the lending field which is quite lucrative if your more into finance

commercial real estate if some day you want to be doing bigger deals and making 6 figure commissions checks.. etc etc.

to try to start your business as a flipper or wholesaler is tough and it has a 95% failure rate being that it appeals to the mass's of which many frankly don't have the skills to succeed or the financing behind them.

OR conversely

Make money at your chosen profession save and buy and hold.. buy the best you can hold for long term.. same with buying securities .

I attended the weekend seminar to try to pull out some nuggets. Most of the criticisms that I have read online is that the three-day class is just one large sales pitch. I agree, but I also think that there are some nuggets for those that aren't familiar with some of the possible ways to pull together a transaction.  

My question is: are there any people out there who have gone to the advanced training and thought it was not worth it? Did anyone try one of the programs with the mentor?

Thanks @Constance Kang for sharing in such great depth.

Last month or two I attended the free seminar they held at Melbourne, Australia, but I knew Robert wont be there, otherwise its too good to be true.

Anyway a guy name Nick, started off with asking people why we are here, why choose real estate, are you aiming for financial freedom, spend more time with families etc. Yes it does play on the emotions and it worked. Then he goes on about how he was educated and got a decent job but poorly managed his finance and was nearly bankrupt.

Until he came across RDPD books and attended the seminars like we did and further on his financial education. Years later he could quit his job and live off passive income. I do not think he showed any real knowledge about real estates other than selling the products and if you do not, it is all gloom and doom for your future.

Ok so I thought $1250 for a 3day course, (a usb which did not work and still waiting to receive a new one after emailing back and forth for a month now-they did however let me access it online instead), I can handle that. (Just learnt all the 5hours of video from their online website that should be in the usb which I paid for, all can be found in BP for free..) Worse case is I do not learn anything, wasted 72hours and just walk away with the knowledge to know better in future.

So then Nick ask everyone who is interested to learn everything there is to real estates (he explained earlier - to secure your future you got to have knowledge which then you gain control and thus less risk - i thought that made sense) to now stand up and go to the back and sign up as seats are already filled. So you can say I was naive but I calculated that if this was a loss, its a loss I can swallow and move on.

Last two weeks ago, I attended the 3 days course at Hyatt Hotel and was quite inspired but disappointed. Let me break it down. Their sales pitch was great, playing on emotions and positive vibes were radiant. I remember waking up eagerly because it was so positive to attend and learn more. You have to know, I only started serious learning about real estates this year so there is an abundance of information to digest.

However, I agree with most of you that half the time was spent on pitching their $40k program is the way to financial freedom and your only choice to attain your goal etc. (all the things I learnt in the three days can be found in BP as well lol...) I know it will help to have a mentor and connections to immensely fast track my goal but there was no way I could come up with $40k that time (after reading abit in BP, creative financing sure is interesting!) I was crushed at the end that I could not join, also asked my parents for help, only to be shut down that it is a scam, do not sign up, saying that I can do this alone. Overall, looking back now, I admit my emotions were played and took the bait (got to as far as putting my contact details on paper but no bank details or signing anything) but stopped because couldn't afford it. I did learn something there and wasted some. Now I know better and my critical thinking skills improve too!

So I guess there were many blessings in disguise. Without RDPD readings, I wouldnt have attended the seminars. If I did not attend the seminars, I wouldnt have found BP. Without the shutdown from parents, I wouldnt have thought of other ways to finance. And there seems to be a fountain of knowledge here. Thank you for sharing your experiences everyone!

@Constante Kang did you attend the 3 day workshop about the stocks market? Any feedback on that. 

I attended their free seminar this week but decided to do some research and come back to another seminar they have next week and sign up after I find out more information. Obviously I will not do the REI but they had a good pitch about the stocks market and investing in options. I wondered if you took that workshop as well as your post said you paid for both. Any feedback on that would be appreciated as well. Thank you

Constance your experience was well described and precisely the same that I experienced at a Hiltonhotel held in the Chicagoland area this weekend. The case was exactly the same on day 1. We did not have a student testament on day 3, however Jason and another Staff member both borrowed money from family to begin their Legacy Education. Two things were disturbing to me. One we were told we were going to learn how to set up a land trust and how to wholesale at the ' free event'. The first thing we were told was there is no way we can learn what we need to know in a 3 day weekend (we needed more education and to spend more money. As far as the land trust we needed to see attorneys and preferably the attorneys Legacy contracts with to teach asset and taxes (Anderson Advisors who would give you a free consultation which they offer on their website). The second thing we were told was no networking. I understood this to mean no trying to sell your business or MLM. We were told not to pass out business cards. We were NOT told we were NOT supposed to socialize albeit we were told to work as teams. The teams changed though throughout the weekend because you were told to change seats. I did change seats and worked with different groups. I know nothing about real estate but I do believe we do not learn finances in school and want to learn which is why I invested $300 to be there and learn. I was asked on day 3 to go speak with one of the staff members. I erroneously thought it was to try and sell me on a package even though I did not sign up for an evaluation and did not give them all my personal information (Credit score, 401 k, savings etc). The conversation started "We have been very clear on solicitation another student (who I had met 2 hours earlier and whose English was so bad I could barely understand him so shook my head when he spoke when we don't understand but want to be friendly) told me you and him are opening an LLC and recruiting other students." I was floored! I know nothing about an LLC in fact only recently learned what the letters stand for. I told the staff member it was not true. The staff member in spite of me telling him I did not know what he was talking about repeated this accusation 2 more times. Each time I more vehemently denied it than the first. I was extremely upset that I was being accused of something I did not do at an event I was paying over $100/ day to attend. I finally told the staff member who was a male about 6' 5" 350 lbs I was not going to sit there and be chastised by him for something I did not do! The staff member later came and apologized (after I cooled down - his words) stating it was the part of his job he hated. I suggested that he ask rather than accuse a person of soliciting. He then stated I did not give him a chance. Well it was the other way around. I essentially paid to be abused. We paid for their 3 day infomercial in time and $ as Constance succinctly described. Only wish I read this BP blog before I invested $300 and I would NOT invest $1000's in 'their family' as they liked to describe themselves.

Thanks for posting!

My interest in RE sparked through attending Rich Dad seminar. He pushed us hard to buy the course for 100$ I think that includes some CDs, tablet etc but I refrained.I attended the seminar once again and exactly same pitch. Was never interested in purchasing their training but certainly some of the tip they gave for FREE were helpful. He made all kind of pressure tactics, but I was stern on my decision. Also they didn't allowed me to take the picture of the presenter which I already had. 

The $200 Rich Dad seminar (after the free event of course) was what got my wife and I really jacked up about doing real estate.  We did not buy into the $30-100k program offered on Day 3.  Maybe it would have skyrocketed our performance, but I doubt it.  I think it takes time for certain people to become comfortable and confident in what they're doing before real performance will show.  It took us a couple years before we really started becoming confident in what we do.  I am grateful we attended the rich dad seminar because it is what got the ball rolling for us for a minimal cost.  I would have gladly paid more for the success it has brought us!

I don't understand how so many people can live without any concept of a conscious!
Very sad.

Oh wow, thank you for the information. I was just getting ready to finally go to a Free Workshop, but my conscious told me to search for reviews..I am not going to one after this post..

It is an old scam.  Same exact stuff that Trump University was doing.

I read all of these reviews months ago when I attended the Santa Clara, CA event in October 2016. The people above that have written the reviews did not buy the program. I bought the program and I felt obligated to stand up for Elite Legacy Education because they have changed my life. I have been in the program now for 3 months and I can tell you it is one of the best things that has ever happened to me. My knowledge has grown SO much since I have been here, you wouldn't even be able to fathom it. Believe it or not, this company is NOT a scam, and they are full of integrity and they help you every chance they get. I FULLY recommend joining as it will be the best decision you've ever made. This company is wonderful, and the things that they have taught me have been invaluable. I've been reading real estate books for 3 years and never really seemed to connect the dots until now. My eyes are now wide open. I was very skeptical at first too because they prey on the cognitive biases and their approach can be very sales-y at times. But once you are in, you will understand. The people teaching this program are among the elite. They are all millionaire real estate investors/developers and they know what they are talking about. Yeah, my first class was taught by a hedge fund manager... They are connected, and they are knowledgable. Time is money, and it will take you 10 years to learn what these people can explain in minutes. So if you are skeptical, you can keep running in circles. Or you can stroke that check and we'll welcome you into our community. 

Hello everyone!

I am new to bigger pockets and I joined mainly because I saw this post. I am a young investor that is man enough to admit that I messed up... Bad. But I am not afraid to say that I let people of Elite Legacy sucker me in.  At first I tried to make the best of their classes, by doing what they said. But the classes are so vague that I can not see how a first time investor would be ready to just jump in. The instructors teach in a way that they think everyone is on the same level.  and there are so many extra things you still have to pay for after I payed the 27k, it is ridiculous. The strategy that they taught me (Whole Sale) had no real guide lines and I found that my marketing money was going to run out too fast. When I asked to trade in one of my classes for another one with a different strategy they called me and tried to sell me another class for 16k (I have never wanted to yell at someone so much over the phone before). I know I brought this upon myself but being a young man with no experience I just felt tricked into this. I have even been trying to get a refund or even a partial refund. Being that I am almost homeless I figured that this big company wouldn't mind giving me some of that 27k back. I imagine that 27k means a hell of a lot more to me than it dose to them. I still plan on investing and did make the decision to purchase other education with a different guy (this time I did my research... hard) but this debt sure is setting me and my girl friend back. 


I guess I am posting this because I want to, 1 warn people about this dirty scam. and 2 I will take any kind of advise to help me with this debt... PLEASE

I know the best fix is going to be investing and getting cash flow but that is in the works as I type this. I just need something to help relieve me form this for a little bit longer. and we all know how investing is a long term thing and I don't just want to give all my money and my future cash flow at this debt. 


All advise is welcome thanks for giving this a read!  

I would like to thank you everyone in this forum for telling the truth... I was really interested in the subject of asset protections attended the introduction and about to buy the $300 workshop. God bless y'all thank you again from the bottom of my heart.... I am kinna suspicious about his seminar because he will be doing it in a Kuala Lumpur next few months 2017 and other countries oh well they have different law of the land that USA for sure.

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Thank you Constance for sharing your experience! I basically stumbled upon the add on Instagram and signed up for the course, but their email seemed a bit sketchy so I thought to do some research before going, and I'm glad I did.

I will definitely not attend their free' workshop, the whole thing seems like a scam.

Wow! I really wished I would've read this commentary within the first 3 days of buying my $500.00 worth of materials to prepare me for the 3 day Seminar. I would've got my $$ back. I went to my first day of 3 today. I'm going to go tomorrow and Sunday just to get my"$500.00  worth of "Education" Everything Constance & Raymond Lee are true of the training. Jason is also the Trainer along with Rob Chuck & Steve.  I'm going to take as much info from this weekend I can and leave it at that. My gut was in knots when I looked at the prices they are asking for more personal Mentor training & time. I'm going to listen to my gut and not buy into this nonsense. So without having to go to these types of seminars, how does one learn to be an investor? 

Thank you ;-)

Nancy

@Constance Kang Thanks for posting this. This confirms the suspicion I had regarding this seminar. I will be canceling it. 

I attended the same 3 day workshop both my wife and I and were very disappointed.  I lost respect for Robert Kyosaki because after reading his books you would never think he would be running a scam like this

Unfortunately, I bought the $500 course and I'm supposed to go to the seminar in one week. I feel so awful for falling for it. I just called them and they directed me to email student resolutions @ legacy ea . com. I just sent them an email asking for a refund. Let's see what happens! 

Any advice???

Nancy......the answer to learning about becoming an REI.....do your own FREE homework....read books on RE....RE finacining....befriend a loan officer near you and pick thier brain....the same with a realtor..... as some one else suggested, attend a local pre RE class.... My wife and I signed up for the 3day only to see if its any different than the REI courses from the 80s. ...yes....from the 1980s!!! We signed up knowing what we're doing and willing to loose on the cost of the 3day. I bought a Carlton Sheets course in the 90s for $75..... so far, all info is the same except updated. Also, on the stock market investor side....ditto....if not worse...Warren Buffett didn't do it overnight, nor will you....... Please ....dont spend or invest in anything you can't afford to loose.

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