BocaBum99
TUG Member
Now that the housing bubble has burst, I believe that there will be tons of opportunities in all forms of real estate including Condo hotels and other types of property. My personal interest is in Vacation properties and all forms of how they are offered.
So, I wanted to find out what these get rich quick schemes were all about in Real Estate, so I signed up for a course. I guess I figured it was all a scam based on half truths, but if you learn what was true vs. not, you could get some useful info.
I have a penchant for Robert Kiyosaki and his Rich Dad/Poor Dad concepts, so when I saw one of his free seminars, I couldn't resist attending it. I actually met him. He is quite a bit different in person than on TV. That's for another discussion.
The first seminar was a 2 hour presentation just to get you to sign up for a $495 3-day course. This guy was as good or better than any timeshare salesman I ever saw. I knew exactly what he was doing, but I signed up anyway because I did want to learn more. To me the $500 was just throwaway. I think they got about 50% of the audience to sign up hoping ot get rich some day.
I am now in the 3rd day of the paid course. I feel what I am getting is a good solid overview of the various categories of Real Estate investing and how broad and deep it actually is and some good ideas for getting creative financing and finding motivated sellers. There are actually dozens of ways to make money in Real Estate. I had no idea. Of course, this 3-day course is laid out to show you why you want to get get rich, the financials behind getting rich, the various areas you need education in and a hard sell on signing up for the full monte of Real Estate education through them.
We just got the pricing last night and it makes timeshares look like chump change in comparison.
All of the courses are 3-days in length. There are about 15-18 courses in everything from:
- Wholesale Buying
- Foreclosure Training
- Short sales and mortgages
- Lease Option
- Property Management and Cash Flow
- Keys to Creative Real Estate Financing
- Real Estate Sales and Negotiating Techniques
- Asset Protection and Tax relief
- Discount Notes and Mortgages
- Manufactured / Mobile Homes and RV Parks
- Rehabbing for Profit
- Tax Liens and Deeds
- Commercial Real Estate investing
- Mentor Filed training
- Land Investment and Development - domestic
- Land investment and Development - International
They wrap a really nice context around how to create a portfolio of real estate investments to help you achieve total financial independence. This I agreed with. It would take a long time to master all of these types of investment.
We played the Cash Flow game, which is Robert Kiyosaki's $200 board game that is basically an updated version of the Game of Life with real world people (Police Officer, Engineer, Janitor, Doctor, Nurse, etc). With income statements and balance sheets. The goal of the game is 2 fold. First to get out of the "rat race" by investing in business and financial assets that produce enough passive income to cover all of your expenses. Then, you get to phase 2 where you are building assets to attain your dreams. The winner achieves $50k per month in passive income. Very interesting game. Not sure it is worth $200. It opened my mind that the only way to get out of the rat race is to invest and use other people's money. And, anyone can do it, if they know what they are doing.
The prices. Wow. 1 foundation course any any of the above listed courses for about $9000. By the way, they use the same first day incentive approach where they discount the full price heavily to get you to sign up today.
The one year plan is $24000. That gets you 4 courses and a 3-day mentor who comes out to your house and tries to help you get your first deal. $34000 to get 8 courses which is your 2 year plan to achieve financial independence. If the mentor portion is $9000, then you are basically paying $1250 per day for a course. That is very high for education.
I must admit, I was extremely intrigued by the initial paid course. They use the same sales tactics that timeshare sales people use. They use lots of emotion and tearful situations of people turning their lives around.
After seeing some of the very creative deals that they reviewed. I believe that their system probably works. They give you software, toll free hotline support on deals, mentoring and all the forms and stuff you need. But, I do believe at the end of the day, the person either has "it" or they don't. You either know how to construct and negotiate a creative finance deal at below market costs without competition or you don't. Probably only a small percentage of people have what it takes. But, that is just my guess.
We googled "Rich Dad Education Scam" last night and found lots of negative posts and not a single positive one. I believe that's because out of every 100 people who sign up, maybe 5 actually have the talent and drive to pull it off. So, that leaves a 95% failure rate (or something very high). They claim to be seeing 25000 students per month. My guess is that counts free seminars.
In any event, it was very intriguing. I am not going to sign up although I am going to investigate the various options and alternatives that these ideas opens up for me. The instructor said that 50-75% of people attending the seminar signed up. He called for a show of hands. About 10-15 people wanted to sign up last night. About 25-30 said they would sign up first thing this morning. Oh, by the way, they do not provide financing. So, you put it on a credit card or write a check. That is commitment. At least a timeshare developer will finance you. Most of the rest said that they wanted to sign up, but couldn't figure out how to pay. It was about 50-75%, just like he said. But, as I spoke to people who said they were signing up, there was tremendous buyer's remorse. I would be surprised if 25% actually signed up out of 120 attendees. My guess is 10-15 will actually sign up. Maybe one of them will be a successful real estate investor.
A lot of students are complaining that they didn't get anything out of the course. I think they expect to be spoonfed the how-to's of getting rich in real estate. I don't think that is what you are buying, even at the full price of $60k for all courses. I think what you are buying is concepts, ideas, pre-made forms that helps you get there faster. But, at the end of the day it's all you can create out of the knowledge they try to give you.
I must admit. I really would like to go through the course. It just seems so interesting. But, the risk of scam is just so high, that it's not worth it to sign up on the spot. I could probably network into an investment club and pay someone a $25k retainer to hand hold me through the process with better results. I have a bunch of cards of people who said they are signing up. I think I'll keep in touch with them to see how they make out to see if my theories hold true.
Are any of you out there Real Estate Investors who can comment on what I've said? These are just my impressions. I could be wrong about it, but I think I'm close.
So, I wanted to find out what these get rich quick schemes were all about in Real Estate, so I signed up for a course. I guess I figured it was all a scam based on half truths, but if you learn what was true vs. not, you could get some useful info.
I have a penchant for Robert Kiyosaki and his Rich Dad/Poor Dad concepts, so when I saw one of his free seminars, I couldn't resist attending it. I actually met him. He is quite a bit different in person than on TV. That's for another discussion.
The first seminar was a 2 hour presentation just to get you to sign up for a $495 3-day course. This guy was as good or better than any timeshare salesman I ever saw. I knew exactly what he was doing, but I signed up anyway because I did want to learn more. To me the $500 was just throwaway. I think they got about 50% of the audience to sign up hoping ot get rich some day.
I am now in the 3rd day of the paid course. I feel what I am getting is a good solid overview of the various categories of Real Estate investing and how broad and deep it actually is and some good ideas for getting creative financing and finding motivated sellers. There are actually dozens of ways to make money in Real Estate. I had no idea. Of course, this 3-day course is laid out to show you why you want to get get rich, the financials behind getting rich, the various areas you need education in and a hard sell on signing up for the full monte of Real Estate education through them.
We just got the pricing last night and it makes timeshares look like chump change in comparison.
All of the courses are 3-days in length. There are about 15-18 courses in everything from:
- Wholesale Buying
- Foreclosure Training
- Short sales and mortgages
- Lease Option
- Property Management and Cash Flow
- Keys to Creative Real Estate Financing
- Real Estate Sales and Negotiating Techniques
- Asset Protection and Tax relief
- Discount Notes and Mortgages
- Manufactured / Mobile Homes and RV Parks
- Rehabbing for Profit
- Tax Liens and Deeds
- Commercial Real Estate investing
- Mentor Filed training
- Land Investment and Development - domestic
- Land investment and Development - International
They wrap a really nice context around how to create a portfolio of real estate investments to help you achieve total financial independence. This I agreed with. It would take a long time to master all of these types of investment.
We played the Cash Flow game, which is Robert Kiyosaki's $200 board game that is basically an updated version of the Game of Life with real world people (Police Officer, Engineer, Janitor, Doctor, Nurse, etc). With income statements and balance sheets. The goal of the game is 2 fold. First to get out of the "rat race" by investing in business and financial assets that produce enough passive income to cover all of your expenses. Then, you get to phase 2 where you are building assets to attain your dreams. The winner achieves $50k per month in passive income. Very interesting game. Not sure it is worth $200. It opened my mind that the only way to get out of the rat race is to invest and use other people's money. And, anyone can do it, if they know what they are doing.
The prices. Wow. 1 foundation course any any of the above listed courses for about $9000. By the way, they use the same first day incentive approach where they discount the full price heavily to get you to sign up today.
The one year plan is $24000. That gets you 4 courses and a 3-day mentor who comes out to your house and tries to help you get your first deal. $34000 to get 8 courses which is your 2 year plan to achieve financial independence. If the mentor portion is $9000, then you are basically paying $1250 per day for a course. That is very high for education.
I must admit, I was extremely intrigued by the initial paid course. They use the same sales tactics that timeshare sales people use. They use lots of emotion and tearful situations of people turning their lives around.
After seeing some of the very creative deals that they reviewed. I believe that their system probably works. They give you software, toll free hotline support on deals, mentoring and all the forms and stuff you need. But, I do believe at the end of the day, the person either has "it" or they don't. You either know how to construct and negotiate a creative finance deal at below market costs without competition or you don't. Probably only a small percentage of people have what it takes. But, that is just my guess.
We googled "Rich Dad Education Scam" last night and found lots of negative posts and not a single positive one. I believe that's because out of every 100 people who sign up, maybe 5 actually have the talent and drive to pull it off. So, that leaves a 95% failure rate (or something very high). They claim to be seeing 25000 students per month. My guess is that counts free seminars.
In any event, it was very intriguing. I am not going to sign up although I am going to investigate the various options and alternatives that these ideas opens up for me. The instructor said that 50-75% of people attending the seminar signed up. He called for a show of hands. About 10-15 people wanted to sign up last night. About 25-30 said they would sign up first thing this morning. Oh, by the way, they do not provide financing. So, you put it on a credit card or write a check. That is commitment. At least a timeshare developer will finance you. Most of the rest said that they wanted to sign up, but couldn't figure out how to pay. It was about 50-75%, just like he said. But, as I spoke to people who said they were signing up, there was tremendous buyer's remorse. I would be surprised if 25% actually signed up out of 120 attendees. My guess is 10-15 will actually sign up. Maybe one of them will be a successful real estate investor.
A lot of students are complaining that they didn't get anything out of the course. I think they expect to be spoonfed the how-to's of getting rich in real estate. I don't think that is what you are buying, even at the full price of $60k for all courses. I think what you are buying is concepts, ideas, pre-made forms that helps you get there faster. But, at the end of the day it's all you can create out of the knowledge they try to give you.
I must admit. I really would like to go through the course. It just seems so interesting. But, the risk of scam is just so high, that it's not worth it to sign up on the spot. I could probably network into an investment club and pay someone a $25k retainer to hand hold me through the process with better results. I have a bunch of cards of people who said they are signing up. I think I'll keep in touch with them to see how they make out to see if my theories hold true.
Are any of you out there Real Estate Investors who can comment on what I've said? These are just my impressions. I could be wrong about it, but I think I'm close.
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