Real Estate Investor · CA · Member since 2009 · 36 posts · 2 votes
This is this seminar/mentorship program being offered in the PA/NJ/DE area.
This is their website: http://new.realestateriches.com/home/
Their program works like this. There is a 3 day class that you take. Following the 3 day class, you have the use of a mentor for 90 days, who is there to answer any questions and hold your hand through making your first deals.
Also, you can access to their network of real estate investors as well as their approved list of contractors, attorneys, realtors, property managers, etc.
Has anyone ever heard of this program or gone through it? I attended their seminar and am interested in the program however, I would feel much more secure in doing this program if I had some feedback from someone who has gone through the program.
2 years ago,I went to TWO of their free seminars and even went throught the interview to see if I had the required $9500
RUN way from these people as fast as you can. They were barraging the Baltimore area 2 years ago with ads but it suddenly stopped.
Their website no longer works and a google search now shows all kinds of complaints.
They make their money by taking your $9500 and then gviving you basic real estate investing info. Their main 'stick' is to have you buy depressed porperties in downtown Baltimore and then doing a rehab on it.
Their list of rehabbers and property managers is way out of date.
What is it that you expect them to teach you that you can't get here on BiggerPockets for free? How much does this training cost? Will your mentor know the market in your local investing area and if so, how?
The training costs $9800 for 2 people (so effectively $4900).
The mentor is an active local real estate investor (who does REI as his job).
Their focus seems to be on properties that need extensive rehab.
The training, besides them teaching their own methods isn't something that I don't think I can get anywhere else, but I think it's the mentorship and the network of REIs and realtors, contractors, etc. is the big selling point.
My jaw almost hit the floor when I read $9,800! You could buy a house 'that needs extensive rehab' in some parts of Pennsylvania for that!!!
You can get that for FREE at your local REIA or from doing a little leg work. Personally, I would NEVER spend almost $10,000 on mentoring for something you can get for free! WOW!
The mentor is an active local real estate investor (who does REI as his job).
hmmm, sounds to me as if his job is ripping people off. If I was making $10k per couple for a couple of days work, I wouldn't be doing anything else but that!
Wow! Its been a while since I have been in the seminar mode, but gosh that is a lot of money to be given some direction. I say apply the usual principles of business in all real estate situations. Would you spend $9800 in your current business? If so, what would you think would be a reasonable return? In what period of time would you expect this return?
I suspect the answer to all of these questions will lead you to a big NO!
My advice echos the others you have heard. Save your money. Spend it on advertising, appraisal fees, or whatever will actually lead to a profit.
2 years ago,I went to TWO of their free seminars and even went throught the interview to see if I had the required $9500
RUN way from these people as fast as you can. They were barraging the Baltimore area 2 years ago with ads but it suddenly stopped.
Their website no longer works and a google search now shows all kinds of complaints.
They make their money by taking your $9500 and then gviving you basic real estate investing info. Their main 'stick' is to have you buy depressed porperties in downtown Baltimore and then doing a rehab on it.
Their list of rehabbers and property managers is way out of date.
As my Italian family members say "fahget aboud it".
Please do not waste that much money on something you can get for free (or very cheap). If it is networking you are looking for just get out and start meeting people. Got to REI club/association meetings. Introduce yourself as someone who wants to get into real estate investing, but is looking to get educated before you make any poor decisions. I think you will be surprised by the number or folks willing to help you out and mentor you a little bit.
One of the things that holds investors back is not having enough cash, and you are about to throw some down the drain in my opinion.