Rich Dad, Legacy Education/Elite

13 Replies

Hi everyone,

I was just wondering if anybody here in BP have ever taken the advanced training/mentorship programs offered by Rich Dad, Legacy Education/Elite.  Thank you.

save your money.  Whatever they offer you can find it somewhere else far cheaper.

I have not taken that course, but knowing what I know now, my advice to you is RUN! 

Do not sign up for any of those mega buck guru courses nor their mentoring. But if you need some hand holding, investigate other options that offer monthly rates. NEVER attend a FREE training event and think you are lucky! You're not and yhey are extremely good at getting you to sign up for a 3 day training, a bus tour, then an advanced, then some elite classes, and since they got you, their asset protection, market domination classes... there's no end

Google whomever you are thinking of spending money on, and dig. See if you see a pattern!

I could give you a few recommendations if you are still wanting some good solid training, other than here on BP.

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Thank you very much guys, I also thought that it's a very expensive training.

@Juan Pablo Ceballos

Welcome. 

Locate and attend 3 different local REIA club meetings great place to meet people gather resources and info. Here you will meet wholesalers who provide deals and rehabbers (cash buyers). Find them through Google and meetup.com There are 3 meetings near you South SHore REIA in Sandwich, House Flipping School in Plymouth anf Rockland REIA

Two Great reads, I bought both J. Scott The Book on Flipping Houses, The Book on Estimating ReHab Costs http://www.biggerpockets.com/flippingbook

Download BP’s newest book here some good due diligence in Chapter 10. Real Estate Rewind Starting over

http://www.biggerpockets.com/files/user/brandonatbp/file/real-estate-rewind-a-biggerpockets-community-book

Good Luck

Paul

Thank you very much @Paul for your information!

I'm a current Elite student and have been very happy with the information from the classes. There will be many people who have decided not to go with them, which is fine. Everyone ends up paying for their education differently.

For example, my local REIA group is always advertising workshops on different strategies that Elite offers, as well as being part of the "fast-track/success" group so you can learn more, have more support, and really be successful in Real Estate. Everyone has their sales pitch. These classes they offer are cheaper per say as they're sold on an individual basis. However, they are not always full weekend workshops and you don't get recordings or refreshers on the classes.

Elite is expensive up front! I will not argue that at all. However, you can say i'm used to paying a lot of money for education because i've completed 2 Bachelor's degrees - One from University of Western Ontario (my home town) and the other from University of Cincinnati, to which I paid out of state the entire time I was there. Both I paid out of pocket...wasn't good enough for any type of scholarship either time. So I value education very much...and let me point out that I am not doing anything with either degree!...smh. C'est la vie!

When you compare individual strategies that Elite offers vs other mentoring/classes you find available, it works out to be about the same. You have to see how you learn best, what your finances are, and what you're willing to commit to.

I have nothing negative to say about Elite.

-They have been supportive.

-They have allowed me to take refreshers in Canada even though i signed up in the States.

- Life happened, and i'm currently in an extension period (I highly encourage you to complete everything in the original allotted time because this is just dragging it out as a student and you start getting cold fee if you're not in constant action) - This would status is probably the only real negative I have to say about them.

- The instructors/mentors in the US are a little bit more distant as in, they're not as available as they are in Canada and it's simply because of the Student to Teacher ratio. Canada is still a baby, so the instructors/mentors, up to now, still have the time to "hold your hand" if you will.

- Student resolutions is there to help! They have been super responsive and are quick to solve any issues I may have come across.

In the end, you have to do what you feel is best for you!

@Pamela Mallory Sorry to say, your post is nothing interesting at any point, ar least in my opinion. I paid my masters and bachelors education out of pocket, and I too am not using it as I have my own business. However, in times when times and life hits me, it is a good resume to get a higher paying desk job than flipping burgers, nobody can remove it from me, not anyone, nor anything! What can you do with an Elite certificate from the gurus, can you attach it in a resume and call it an accredited education? I mean, really? The education you got for 40k ehh, ok maybe 100k, would be a fortune to others, you can’t take a 100k debt while earning 50k a year and then expect to get an approval from the banks without grinding the pavement and getting an amazing deal! Ok, question just to feed my curiosity, how long did it take you pay off and ar least double your initial educational investment? i.e. if you paid them 100k, and paid $30/hr for all uour time spent, say 1,000 hrs searching for deals and grinding, how long did it take you to NET 260k?

My husband and I spent about $26,000 on the elite legacy education system almost a year ago now. We did everything our mentor told us to do and had no success yet. My husband quit his job to focus on doing what the mentor said 24/7 and was still not able to make one deal happen. Know that wholesaling only works in very specific markets and in the best markets for wholesaling, there are a ton of other people doing the same thing. So if you don't have the money to start investing in real estate right now, I would suggest not paying for this service. Our experience is that we are now deeply in debt because of the huge purchase on credit cards for the elite legacy education system (we were debt-free before we signed up) and we are even further away from our goal of investing in properties because of how much debt we've accumulated trying to get a business off the ground with no money to start. In hindsight, I really regret signing up for this program! They are great sales people and I feel like we were talked into doing something that was a really terrible move for us. The information provided is good, but you can definitely find the same information online. We spent an additional $9,000 signing up for a legal service where they create unlimited LLCs for you for a lifetime. I actually think that was worth the $9k because when we are finally able to invest in real estate, we will create a separate LLC for each property and for each additional business we create.

@Emily Hollerbach I am sorry to hear about the educational program not working for you. I almost signed up for the same program but my wife said “no.” Then she signed us up for a different one instead and just informed me afterwards. She’s funny like that.

We did have money to invest beyond the cost of the education so we weren’t as limited to what we could do to start. So the education program was successful for us.

I agree with you though, that if you don’t have the money to pay for the program, and it will put you into debt to do it, then it is probably not a good idea to do it because you will probably need more money or access to money to really get started.

@Juan Pablo Ceballos As many others have pointed, most of this level of education is either scammy, useless or a combination of both. You will get no "elite" level education. If you have cash to burn, I would suggest registering yourself into real estate courses at your local university - way more respectable instructors and nobody will upsell you to their "ultra super premium" course which you must take!

You are not trying to master complex tax strategies (I doubt anyone at these seminars could teach you 10% of any tax strategy) or deal structuring. The basic pitch is either wholesaling or buying houses through some version of maxing our your credit cards. 

Save yourself the hassle, headache and general feeling of disgust. 

It doesn’t really matter what the brand of the program or system is. If it costs more than 2k let alone 10 or 20k, it will likely be useless. As in you’ll complete the program and will do zero deals.

I’ve bought houses for less than these guys charge for a program. These programs aren’t accredited. They have no formal value like a bachelors degree does.

Usually the few people who come on here and say they have been successful only have a few posts. Ignore these as they likely work for these companies. Find someone with over 1k posts and has done dozens of deals (that can be verified) and says it’s a good deal, then maybe believe them.

I have paid zero for any amount of real estate education outside of maybe 50 bucks total for some ebooks. I’ve gone to meet ups and had people (who have done way more deals than I have) tell me they think I know a lot about a lot of different REI topics. This is because I listen to podcasts, read BP and network at local meetings. All of which costs nothing or very little

End rant.

Disclosure: Not a sponsor, don't get paid

Hello, 

I am an Elite student.   I have been in RE 3 years now.  There are plenty of education companies.  Find the one that is best fit for you.   I recommend you get educated and find a mentor.  It will cost you more if you don't.  You only get out what you put into it.  From having zero money to know making 100k(net) per month within 3 years.  We are in 3 markets now and another 3 in January.   Was the education part of my success.  Yes!  was working my a** off part of my success?  Yes!    I got an award from Elite this year for my achievements.   The internet is the bathroom wall of america so be careful how you use it.   Find mentors/training that fits your personality and needs.  Run with it!   Do the work! Don't complain if you don't make this business work.  If you can't make it work it's not the business it's you. 

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