Why Not Pay Fortune Builders?

Why Not Pay Fortune Builders?

Euless, TX · Member since 2015 · 10 posts · 12 votes
I just spent 3 days at a Fortune Builders seminar as a newbie. It cost $100 each for me and a friend. I feel I got more than $100 value from it. Highlights: Forming my LLC in Nevada because of the stronger corporate veil laws The tax advantages of owning nothing and controlling everything with Solo 401(k), revocable trusts, etc. How to use leverage to obtain assets and turn around and make money repeatedly with the same process. The highest level of Mastery includes local walk through's of properties being rehabbed, daily 11 hour access to coaches to review your deals, boot camps for intensive, hands on, training for the top areas in REI. But more than that, a turn key rental club, lifetime access to all of the online training (regularly updated), marketing systems, forms and checklists needed to automate your business so you can work on it, instead of in it. A large network of investors for lending, buying and advice. If you buy any level of the course, it is a tax write off for your business and you could pay for it in a few rehab flips. I saw questions on checklists for repair estimates and hiring contractors that would take me a very long time (if ever) to figure out doing self study and asking questions of working investors who are busy with their own businesses. Mastery provides the training and business systems and deal support that will give you a quick start. You have lifetime access to create things like buyer packages and direct mailing campaigns with a few clicks on your laptop. It seems to me that anyone who is truly motivated could succeed easily without paying (literally and figuratively) for newbie mistakes. As a person over 50 who is lacking in retirement I need to get started quickly. I don't have the funds or credit to join Mastery now, but I want to to the training eventually. My question to the forum is "Why is a guru system like this considered a bad investment?" Thanks in advance for your comments. PS - I am not associated with Fortune Builders. I went to the seminar this past weekend with a negative bias after reading about them here. When I saw what they offered, I was impressed and confused by the BP forum comments.
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Residential Real Estate Broker · Crystal Lake, IL · Member since 2012 · 124 posts · 94 votes
9y

Where to start... After reading your post this product sounds like 1/2 dozen others that I have already heard about.

It sounds like the $100 might have been well spent, because it got you and a friend to start thinking about financial freedom and opportunities. 

The "tips" you picked up are nothing more than what I have read in $20 "Rich Dad" books I picked up on Amazon... and BTW the whole Nevada LLC thing has been contradicted by every attorney I have ever mentioned it to.

If the program can pay for itself after "a few flips" -wow that is a lot. "A few flips" just to break even is no small task. I mean if a flip is $25,000 profit a few flips is $75,000- how long does it take you to make that much usually? Flipping houses is not a magically lucrative job, it is real work.

I would guarantee the info you would receive with this program is nothing more than you could find on this website, plus a few books. The networking opportunity that program provides, that can add value, but again networking with the right people is something you can do for free!

The ideas and info are not worthless, but they are practically free from other sources.

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  • Rental Property Investor · Rockford, IL · Member since 2014 · 4k+ posts · 2k+ votes
    9y

    ...and what if you learned how to fund your education intelligently? Only the gurus are dumb enough to spread that nonsense.

    No one said anything about immunity - just tipping the odds in your favor rather than against you, rather than going forth uneducated and hoping for the best.

  • Rental Property Investor · Pasadena, CA · Member since 2016 · 164 posts · 149 votes
    9y

    The only response i read was the first one from Eddie, its good. The $100 was probably well spent but please dont sign up for anything more. The vast majority of people that sign up for these programs do so because it gives them momentary comfort to feel that if they spend 10-80k on a mastery program they will be a sucess, which couldnt be further from the truth. In all honesty, that just gets you into their club, you still have to work your tail off. Ironically, if you have the wits, gusto, ability, etc to be a success after buying into the program, you probably would have been a success on your own without the program. If you dont have it, you wont succeed, with or without the program, you are simply throwing the money down the drain, not something you want to do so late in life. They are selling you, run the other way. 

    Cant believe they tey and force the rationalization down your throat...Make it up in a few flips like its no big deal.. lol..please run.

  • Investor · Birmingham, AL · Member since 2011 · 46 posts · 59 votes
    9y

    I bought some overpriced real estate education recently. Wish I had that money back for another down payment!

  • Andy WebbPro Member
    Rental Property Investor · Carrollton, TX · Member since 2013 · 750 posts · 538 votes
    9y

    There are plenty of free and low-dollar meet-up groups in our area.  Start with BP and a few of those (do a search on Meetup.com for "real estate", "wholesaling", etc).  

    There are also a few groups started by former FB participants in town - they would be good local people to ask about the program and whether a national program serves our local market well or not.

  • New York City, NY · Member since 2016 · 33 posts · 22 votes
    9y

    Hi Trina,

    Just to add my 2 cents from experience with a similar RE education company, My sister and I are still paying off a $35k loan for the courses we took in February 2014. We have yet to do our first deal. Trying to invest in NYC or the five boroughs is proving to be a completely different playing field when you take into consideration the investor mentors teaching you all invest in places like Kansas, Florida, etc. Their skills with investing didn't fit when looking at properties in Brooklyn & Queens. I mean our mentor was literally baffled by how lax our MLS system was outdated and practically unregulated compared to where he invests out in the mid-west. Not to mention he himself is a broker. Thoroughly research FB before taking the plunge. In comparison to my company, I did like that you have a lifetime membership for the price of mastery. At least that's what I was told. They are all about supporting their students which I wish I had. Imagine paying $35,000 for one year access to recorded courses that expired after 30 days of the initial live viewing. And to boot, no network for you to connect with fellow students unless you were smart enough to get the numbers from the other folks who signed up the same day you did. I still get calls asking if I'd like to continue my education with a mentor for an additional $35,000. I'd rather take that money and go finally do a deal, pay for marketing, etc. Just some food for thought. Hope it helps.

    Jo

  • Real Estate Agent · McKinney, TX · Member since 2016 · 10 posts · 4 votes
    9y

    @Trina Walker

    I am a local realtor in the DFW area that would be happy to help you with any questions, direction and properties.  I am also in search of doing my own flips.  I really liked reading this thread because it gives a great idea about everyone's input on the process.  Real estate is a great business but all businesses have their bumps in the road.  I specialize in investors and there are so GREAT deals in the DFW area.  I have many investors from out of state that I love to help.  Would love to help you. 

  • Real Estate Agent · McKinney, TX · Member since 2016 · 10 posts · 4 votes
    9y

    @Jolene P. Neal

    Have you thought about investing in Texas?  I am a realtor in Dallas and love helping investors in other states invest in the great state of Texas.  Great deals down here. 

  • Litchfield Park, AZ · Member since 2017 · 13 posts · 6 votes
    8y

    I just went to the 2 hour FB workshop but I went in with the decision already to get into Real Estate investing. I immediately bought the 3 day workshop class which I haven't yet attended and I have been combing through the BP website and podcasts. What FB promises is that they will give you the proven system to make money in Real Estate. I am looking for systems. I think I have found a lot of info on BP and will continue to do my own search through them. I am looking forward to the class but I have also decided that I will not be purchasing any Mastery Classes or coaching. I am expecting that they will try to sell these things but I am going for the information. I have watched a few of the BP videos and heck, I'm ready to get started! Thanks for all of the advice on this thread. I do believe BP will help with the guidance I need to get started!

  • New York City, NY · Member since 2016 · 33 posts · 22 votes
    8y

    @Tawana Keah Sorry for the delay. Had to take a couple months off but I'm back. You have to tell me more about DFW. I've only been there once like 2007 for a convention and haven't been back since. I am however open to the idea. Let's talk offline for sure. Thank you for offering your assist.

  • Houston, TX · Member since 2018 · 1 post · 0 votes
    8y
  • San Diego, CA · Member since 2017 · 1 post · 0 votes
    8y

    My third day of the 3-day workshop is tomorrow. I feel like FB adds a lot of value to starting out in real estate investing... would love to hear from someone who has participated in the program.

  • Investor · Akron, OH · Member since 2016 · 2k+ posts · 4k+ votes
    8y

    Hi @Trina Walker, 

    I don't know anything about fortune builders but I wanted to encourage you. My husband and I just got started 17 months ago at 54. We're up to 21 units and working on a deal for the next 20. It's not too late yet! :)

  • Wholesaler · Fairfield, CA · Member since 2017 · 472 posts · 145 votes
    8y

    @Trina Walker

    I'm not going to outright tell you to decide against spending the money on this program but I will give you a suggestion.

    Spend the next 3 months on Bigger Pockets. Each day making one post, reading one article, or watching one podcast, just one anything that you want to know; look it up on here. If after that time you still want to go ahead and pay for this education it will still be available to you.

  • Winston Salem, NC · Member since 2017 · 201 posts · 56 votes
    8y

    I Agree Tina many dnt look at roi. They spend alot on college just to take forever to pay it back. Not just real estate training but contracts etc and I like how fb has templates to use to save time. I see people say bad investment but will save up to pay for a 30 to 50 grand to buy a car that wnt help put money in pocket. Besides you can bring people in with you to save money. Up to 6 was close to 50k, roughly 8 grand each person. Other two same. A competitor better deal overall will see if they return if not going to join fb next time they return. All about roi. Many have consumer mentality. A few wholesale deals would more than pay for programs. I saw some at free seminars complain about price of 3 day trainings but would have a cell phone etc cost more than that lol. That wnt make them nothing just would look good to show society.

  • Winston Salem, NC · Member since 2017 · 201 posts · 56 votes
    8y

    Trina it doesn't matter how much something cost people want something for nothing. I went to a fb seminar, soon as they mentioned  couple hundred people ran out sitting in the hall complaining, but had a $1000 cell phone. Many people on here complain about the costs but have a vehicle that cost more. I had a friend complain dang alot of money but a month later buys a 60 grand plus Mercedes.people would rather invest in impressing others than something that could benefit them. Yes people could make it without fb but just going to local networking groups you wnt find anybody doing 30 plus flips at once or flipped  1000 plus deals. Depends on goals if just want to not have a job a few flips a year usually is enough many one deal is enough lol. If you want a massive biz local groups wnt be helpful especially if your goal is to get there asap. People always post books and cd's alot cheaper but you ask how many deals done not many at all. If it involves money, bad investment, scam lol. Most people dnt gv a decent effort anyway , use time excuse lmao

  • Josh C.Pro Member
    Property Manager · Indianapolis, IN · Member since 2010 · 1k+ posts · 1k+ votes
    8y
    John Webster the average person who spent 60k on a vehicle made a way smarter decision than the average person who spent 60k on a program. There are just not many success stories. Way more horror stories. There isn’t anything special or secretive about anything in real estate. Listen to the podcasts and do something. You’ll be way ahead of the person who just put 50k on their credit card. I’d be interested if you could find even one story of someone who didn’t know anything, bought the 50k course, and even made that much over the next year or two using that information. (That wasn’t on their website) My two cents, I work in real estate, and I know lots of successful people and exactly 0% of them have went to these types of classes.
  • Winston Salem, NC · Member since 2017 · 201 posts · 56 votes
    8y

    One thing i have learned is not listen to alot of people on here when it comes spending money trina. Doesnt matter price could be 20 bucks and people would say cheaper alternatives. People always say books and CDs. Great advice on here for house stuff. All depends on your goals as I mentioned before. You want to do 1000 plus deals fast gurus the way to go they already made the mistake . guarantee probably nobody on here has done that many deals. Like saying goes you want to learn how to be a millionaire listen to millionaires. If you want a decent biz maybe hundred deals a year many on here can get you there. What you learn on here still has to be put in to action. 50 grand is alot yes but what kills me is people complaining about the 50k but car cost more. At least the mastery can save money and time with their templates etc for contractors how does a 50k car help save money.gurus are a rip off, you have that Mercedes in red lol. People priorities smh lol. 

  • Winston Salem, NC · Member since 2017 · 201 posts · 56 votes
    8y

    Josh how is the person with the 60k car making a better decision? Car wnt help them make money or give tips to help save money. Just something for people to look at..most people with nice cars can't afford it anyway just to impress people ..I never seen a car help somebody in realestate.

  • Jay HinrichsBusiness Member
    Real Estate Consultant · Summerlin, NV · Member since 2014 · 45k+ posts · 66k+ votes
    8y
    Originally posted by @Cody Evans:

    @Trina Walker

    I'm not going to outright tell you to decide against spending the money on this program but I will give you a suggestion.

    Spend the next 3 months on Bigger Pockets. Each day making one post, reading one article, or watching one podcast, just one anything that you want to know; look it up on here. If after that time you still want to go ahead and pay for this education it will still be available to you.

    Cody you were very active on the Bp site 6 months to 12 months ago exploring every single option out there..

    how is it going now.. did you pick one to work on.. any success.. narrow your thought process ?? 

  • Winston Salem, NC · Member since 2017 · 201 posts · 56 votes
    8y

    everybody has a different opinion of success in realestate . I had friends say they knew successful people before I started . I talked to them they were doing good but not thousands a year good. How can people teach me how to get to thousands of deals if they aren't doing it? 

  • Investor · Willow Spring, NC · Member since 2009 · 5k+ posts · 3k+ votes
    8y
    Originally posted by @John Webster:

    everybody has a different opinion of success in realestate . I had friends say they knew successful people before I started . I talked to them they were doing good but not thousands a year good. How can people teach me how to get to thousands of deals if they aren't doing it? 

    Your posts crack me up! You said: "I talked to them they were doing good but not thousands a year good." Too funny! A thousand a year is about 4 closings a day. If that is your definition of "good" then this is a terrible industry for you.

    The biggest landlord in Raleigh is American Homes for Rent. They own roughly 2,000 houses there with an accounting book value of $370,500,000 (page 29 of their ). They have a of about $7,916,000,000. They never bought a thousand houses in a year in the Raleigh area. The most they bought in one year was in 2014 at 349. They clearly can't teach you anything about deals because they aren't at 1000 deals a year. LOL! 

    To put into perspective, Lennar is one of the biggest builders in the country and they only built about 30,000 units in the whole country. Their total revenue last fiscal year was $12,646,365,000. 

    For the most prolific real estate investor that isn't a multi-billion hedge fund, you my friend are off by an order of magnitude in your 'thousands a year' comment in any market in NC. 

  • Winston Salem, NC · Member since 2017 · 201 posts · 56 votes
    8y

    David great advice. Yeah the value is there, luckily i am using a friends, he jumped on it so fast lol.  One part of it we saved more than than what he spent. People are conditioned to look at the costs not the value. Chris Martin you are right. It truly depends on person..I have a friend that has several guru programs falling out of his closet yet still no deals. Successful biz and massive two different things. Thousands of deals a year is massive. 

  • Investor · Canton-Akron, OH · Member since 2012 · 917 posts · 477 votes
    8y

    We rehab and flip/wholesale 50+ houses a year, spent 50k plus on gurus and seminars and fast tracks that didn't help much. If I had followed the advise in these books for 49.00 I would have shortened the learning curve massively. This is by far the best nuts and bolts how to manual with checksheet, scopes, work order ...easily worth 10k in my opinion.

    Compared to some of the 10-30k stuff being sold, this would be worth 5-10 times the value of most of those programs in my opinion. 

    They are the books I give to every new Affilliates that joins our group and buys properties from us to rehab.

    And nobody pays me to reccomend them ..... 

    This should be the course material to teach the fundamentals of rehabbing houses in my opinion. 

    https://www.biggerpockets.com/store/e-book-flippin...

  • Winston Salem, NC · Member since 2017 · 201 posts · 56 votes
    8y

    people love to speak about the norm, naming one company. Chris Martin you are speaking about one company there is exception to every rule. I have a kid I went to school with dad never paid for high trainings and did well.over 20 billion last year, but that is the norm by the way he is on Forbes top 100 he didnt want to be but that kind of money they throw you on there..Most of the very successful people in realestate the billionaires said they spend tons of money in trainings etc . not all but majority. I can't use the small percent and say see dnt need it.

  • Winston Salem, NC · Member since 2017 · 201 posts · 56 votes
    8y

    chris Martin what are you taking about? You said guy only did 30,000 units last year. That is thousands right? Lol. If he did 12 billion plus he should be a billionaire at least two times. People always say well I know a person but can't name more than a few. Nothing is 100%. Is your friend on bigger pockets if not proves my money I said nobody on here not in general.

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