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Feedback on Canada`s Rich Dad - Darren Weeks

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lanedry77

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QUOTE (jeffjas @ Mar 25 2009, 12:16 PM) What exactly was the joke ? He owns or manages 600 properties !!!
How do you know that`s true? Would you believe that I`m actually eight feet tall?

Darren runs a marketing company, and having his employees talk him up is marketing. I`m not calling Darren a liar, but his talk doesn`t always match his walk.


David.
 

andrewsimpson

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QUOTE (DavidSandbrand @ Mar 26 2009, 12:40 PM) How do you know that`s true? Would you believe that I`m actually eight feet tall?

Darren runs a marketing company, and having his employees talk him up is marketing. I`m not calling Darren a liar, but his talk doesn`t always match his walk.


David.

What I find interesting is that the same "educators" for Russ Whitney`s Wealth Intelligence Academy are also "educating" for Darren Weeks rich dad seminars, and they even use the same content. Most of what I have heard at these seminars is educational but with a major underlying sales pitch for more overpriced seminars.
 

andrewsimpson

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QUOTE (jeffjas @ Mar 25 2009, 12:16 PM) He`s got a very interesting opportunity in Alberta right now.

Let me guess, he has some real estate for sale??? Hmmm....
 

jeffjas

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QUOTE (DavidSandbrand @ Mar 26 2009, 01:40 PM) How do you know that`s true? Would you believe that I`m actually eight feet tall?

Darren runs a marketing company, and having his employees talk him up is marketing. I`m not calling Darren a liar, but his talk doesn`t always match his walk.


David.

Isn`t Real Estate Investing all about marketing ? Don`t we all market ourselves to potential investors and our bankers for funding property acquisitions. Don`t you market yourself to prospective tenants about how well maintained and suitable your rental property is for them and how great your service is.

I`m just saying that he`s obviously been/is successful in real estate, whether its 200,300 or 600 properties its still impressive and inspiring. Now he`s able to market himself and his business ventures, what`s wrong with that? Some REIN members do that as well.

His message at the presentation was all positive and about taking control of your own investments. He works with the likes of Shy Kurtz & Ken McElroy, these guys and Darren are ones I would pay attention to...you and others may not

Jeff
 

jeffjas

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QUOTE (andrewsimpson @ Mar 26 2009, 02:29 PM) Let me guess, he has some real estate for sale??? Hmmm....


Well that`s what he does....invests and sells in real estate opportunities. Aren`t we all doing the same thing here? Just surprised by all the negativity for someone with a positive message when all we hear is negativity from the media.
 
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lanedry77

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QUOTE (jeffjas @ Mar 26 2009, 01:30 PM) Isn`t Real Estate Investing all about marketing ? Don`t we all market ourselves to potential investors and our bankers for funding property acquisitions. Don`t you market yourself to prospective tenants about how well maintained and suitable your rental property is for them and how great your service is.
I`m just saying that he`s obviously been/is successful in real estate, whether its 200,300 or 600 properties its still impressive and inspiring. Now he`s able to market himself and his business ventures, what`s wrong with that? Some REIN members do that as well.

His message at the presentation was all positive and about taking control of your own investments. He works with the likes of Shy Kurtz & Ken McElroy, these guys and Darren are ones I would pay attention to...you and others may not
Jeff,

You`re 100% right. I market to tenants, realtors, sellers, prospective and even current JV partners. no argument at all.

And I also won`t argue that Darren has build an impressive company.

However, my points are several and I feel are still valid;

Darren started many years ago running an education-based company. an honest-to-goodness education-based company. Sometime since then, he (rightfully) realized there`s more profit in selling and marketing, and has since changed the structure of his events to be based on marketing.

Darren markets products and investments that, in my humble opinion, are less than pure. Consider his proud endorsement of WebNet Global. If you meet anyone that invested in that, they will tell you they lost every penny. Dig deeper and you`ll find there are outstanding lawsuits against those behind WebNet Global, and also against Darren`s company.

Moreover, consider that Darren continues to actively market a `tax savings` opportunity that is clearly outside of the rules of the Canadian Government, and the early `investors` are starting (I`ve heard) to get audited by the CRA.

I respect Darren`s ability and desire to educate the masses on how money really works, but I can`t look past my perception that he is solely in it for his own personal gain, with no regard to the wellbeing of those who choose to follow him.

If you go to a fast track event and learn 1 or 2 things, it`s a worthwhile time. If you go and meet a few people that may someday help yo, it`s a worthwhile time.

if, however, you go to a presentation not knowing a single thing about Costa Rico land development, or building a cruise ship port in Honduras - and you leave the meeting all pumped up on Costa Rico or Honduras and excited about your newest investment, then I think you`ve been had by an excellent marketer who conveniently had the very product for sale at the back of the room that he just pumped you up about.

My experience has shown that the real
fast track to cash flow is buying cash flowing rental properties in good locations, and waiting a few years.

But those are just my thoughts, and you have every right to disagree with me (many do!
).



David.
 

EdRenkema

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QUOTE (jeffjas @ Mar 26 2009, 01:38 PM) Well that`s what he does....invests and sells in real estate opportunities. Aren`t we all doing the same thing here?


I don`t think so, when I pitch a JV I am selling myself, my integrity, my track record, and am backing that up with an equity share in the property. If my investor doesn`t make money, I don`t make money. I don`t guarantee a return but I do guarantee they get their intial investment back and they get that paid back first before anything else.

REIN sells seminars and memberships as well but they don`t sell real estate and thats a lot different. I`ve been to a `Rich Dad - Russ Whitney/Wealth Intelligence Academy seminar and even followed through on the 3 day course. All based on selling you something hier priced after `educating` you.
 

Sarnia

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Well I attended one of the webnet seminars. In fact (I won`t mention any names here), one of the guys in the room, promoting webnet, stood up with Don`s book - REal Estate investing and indicated that he was closely connected with Don, and that this was a great investment and he had done his due diligence on the "webnet" company. I had done my research on Don Campbell, prior to coming to the meeting. Had this individual not stood up with that book, I would like to think, I would not have invested. But that is my issue for not doing my own homework, and for investing in something I didn`t really understand. In fact, I talked with the individual about Don`s program, my concern was the cost.

I have joined REin, we have done very well. Don`s program is really the way to go, you have great access to resources, and you are in charge - the success or failure will be in your hands and not in someone else`s. I think it is great, we are just coming up to one year, and although I get emails and seminar request from Darren Weeks they go directly into the garbage. I just have no time for that organization.
 

ChrisDavies

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I just went to the 6pm evening seminar and left it after just over an hour and a half. Can I have that time back?

They`re probably going to try to sell it back to me.

End rant.
 

UTCVenturesLtd

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QUOTE (thomasbeyer2000 @ Jan 5 2009, 08:37 PM)
I understand that Darren Weeks, who advertises under "Canada's Rich Dad" is selling syndicated investments in US apartment buildings, among other investments.



What is your feedback on this ? Good ? Bad ? Neutral ? Great ? too early to tell ?



Any other decent investments with Darren Weeks, besides the board game cash-Flow 101 (invented of course by Mr. Robert Kyasaki, Mr. Rich Dad, Poor Dad ) ?




I had been to one of his seminars. I liked it that the audience could leave their info on a table at the side and mingle with others. I found most real estate investors were all doing their own projects and looking for others to invest with them. There was an incident where Darren showed his other side calling down someone using the microphone... which made me want to walk out right away. He had a right to be mad, but lost it...in front of the audience!!! Basically very arrogant! He could have went right to the party, quietly voiced his concern and then carry on without creating such a scene! I met a lot of great people there and did learn a few more things. So it was a mixed bag in the end, both good and bad. I have not attended any further events and am reluctant to do so.
 

Al Verwey

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QUOTE (jessandy @ Jan 19 2009, 06:43 PM)
Robert K's best book by far (besides RDPD) is "Rich Dad's Prophecy." He was, and is, bang on in his predictions, especially considering the last 6 months!




Of course, Rich Dad's Prophecy was about the U.S. Social Security plan not having enough funding to support the tidal wave of retiring baby boomers. But the promoters (such as Darren Weeks) are spinning it to say that he predicted the big U.S. financial collapse, which the book said nothing about.



To add my 2 cents to the discussion, like many other REIN members (including Russell Westcott), Kiyosaki's original book was the basis for changing my outlook on managing my finances and investing. There is excellent advice in it, but it is a primer, not a full-fledged system like REIN provides. Darren Weeks solicits others who want to improve their financial future, but instead of teaching them all of the methods needed to take charge of their own future, he teaches only enough to make attendees want more. Some, who are self-motivated, will "pay the price" and invest their time and a little bit of money in doing a lot more reading and maybe going to the ACRE weekend. Others will instead pay a bigger price to have a "mentor" tell them what to do or just turn their money over to a so-called "expert" to invest in Costa Rica, dubious charities or "advanced courses".



Comparing Darren Weeks and Don Campbell is an "apples and oranges" comparison. Don is here to teach and support. Darren is here to sell and look after himself and a chosen few with deep pockets. I'm sure that Don makes good money from REIN, apart from his investments. But I don't begrudge him that, for his purpose is noble, not to deceive investors or withhold the information they need to make fully-informed decisions or to control their own investments.



Al Verwey

Penta V Holdings

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ClintonB

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QUOTE (jessandy @ Jan 19 2009, 04:43 PM)
Robert K's best book by far (besides RDPD) is "Rich Dad's Prophecy." He was, and is, bang on in his predictions, especially considering the last 6 months!




I totally agree that this book was what ignited my spark AND the RichDAD group is how I found REIN (which I am very thankful for).



As a side note, I thought the best place to start was RichDad coaching.. what an empty valley for Canadian content (booooo) and if you look at all the groups/posts from Darren Weeks on facebook.. very poor content.



Definitely a sales pusher in my books.
 

Smitty

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QUOTE (AlVerwey @ Dec 11 2009, 06:58 PM)
Of course, Rich Dad's Prophecy was about the U.S. Social Security plan not having enough funding to support the tidal wave of retiring baby boomers. But the promoters (such as Darren Weeks) are spinning it to say that he predicted the big U.S. financial collapse, which the book said nothing about.




Yes, I feel compelled to emphasize this also! Rich Dad's prophesy, as stated in the book has not come true. It may come true, but I myself have seen this spin "RK totally predicted this" now at the stock market seminars making there way here. Simply stated, RK did not predict this housing/mortage meltdown/bubble! I think its important to point that out.



Very deceptive, very misleading, and I say that as a fan of the original classics, including cashflow quadrant.



To me, there is a massive - massive - disconnect between the education his early books provided versus the marketing and sales that he has allowed to happen under his name. And that is very unfortunate, in my opinion.



Though do own both the 101 and 202 cashflow games, and enjoy them as general concepts that ought to be learned.



Smitty

P.S. As for Darren Weeks, I have attended his seminars a couple of times (including Webnet, did not invest), and again, one more time, massive disconnect between the "education" he promises you will receive stated baldly in his newspapers ads, versus what really goes on at the seminars. Which really amounts to selling you the latest and greatest cash flow deal...
 

lilbuffet

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Rich Dad seminars are super salesy and most of their speakers just promote other programs.....REIN is totally the opposite.

As for US real estate, I am currently looking into properties in detroit, I have a contact there who knows alot and has been investing for the past few years. I hope to get a cash flowing property for 20-25K in a middle class neighborhood.

I got alot more research to do though!
 

housingrental

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There's something irreconcilable about "middle class neighborhood" and "20-25K"






QUOTE (lilbuffet @ Dec 12 2009, 10:20 PM)
Rich Dad seminars are super salesy and most of their speakers just promote other programs.....REIN is totally the opposite.



As for US real estate, I am currently looking into properties in detroit, I have a contact there who knows alot and has been investing for the past few years. I hope to get a cash flowing property for 20-25K in a middle class neighborhood.



I got alot more research to do though!
 

Savard

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You should walk away from anyone who promotes a tax shelter scam. Actually, you should run away from anyone selling a tax shelter scam.
Seriously, why would you consider a scheme that involves fighting the most powerful faceless entily in Canada (the CRA). Stupid really.
 

MikeDix

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I attended a Darren Weeks seminar a month or so ago....Fast Track to Cash...or something like that. His delivery style is upbeat and he clearly knows how to capture the audience. It seemed on the face of it that his messages were sincere and he perhaps had some offerings that may be useful. I followed up with his young sales rep...no depth of knowledge there. I was however able to get hold of a copy of their Offering Memorandum for their latest appartment syndicate....what a joke! One hundred and fifty pages of multiple layers of companies, trusts, layered share structures, heavy commissions, heavy fees.....all designed to guarantee returns to the principals (Darren and his team) with no skin in the game....and NO EXIT STRATEGY...that`s not investing...that`s speculation at best. Personal opinion: stay clear unless you are a gambler and can`t resist. From my calculations 35% is taken off the top up front. That only leaves 65 cents on the dollar to "invest". In this current market that is an awful lot of ground to catch up!
I also attended the follow up session for their tax shelter FAST (Fight Aids Save Taxes). A `creative` scheme to inflate the donation value by a factor of ten. Very impressed with the creativity, but it left a bad taste in my mouth.....they rely purely on the CRA challenge taking years to get to court/settlement...they know full well that it will get challenged by CRA. Their pitch however is that once it is challenged by CRA`s aggresive tax shelter dept, all participants tax returns are no longer likely to get audited by the Audit Dept because their tax returns are moved to the aggressive tax shelter dept (implying that Audit cannot get their hands on your tax returns for the duration of the dispute)...meaning that one could conceivably get away with overstating expenses and other creative things within the rest of one`s tax returns...clever...if it is true...but exploiting the system for sure. Apparently CRA can only audit 3 years back (not the 7 that that is the common misconception), so by the time the tax shelter goes to court/gets settled, at least 7-8 years has gone by. Is it legal to do this? Probably... Is it moral in my view? Certainly not. There are so many legitimate ways to make money in real estate without ripping off the system...I see no redeeming factors in their offerings.
In short, I have removed myself from all their mailing lists. Not my kind of business or ethics. However they will draw in a lot of novice investors...hopefully they will not get too burned. My personal opinions and 2 cents.
 

Savard

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QUOTE (MikeDix @ Dec 30 2009, 11:53 PM)
I attended a Darren Weeks seminar a month or so ago....Fast Track to Cash...or something like that. His delivery style is upbeat and he clearly knows how to capture the audience. It seemed on the face of it that his messages were sincere and he perhaps had some offerings that may be useful. I followed up with his young sales rep...no depth of knowledge there. I was however able to get hold of a copy of their Offering Memorandum for their latest appartment syndicate....what a joke! One hundred and fifty pages of multiple layers of companies, trusts, layered share structures, heavy commissions, heavy fees.....all designed to guarantee returns to the principals (Darren and his team) with no skin in the game....and NO EXIT STRATEGY...that's not investing...that's speculation at best. Personal opinion: stay clear unless you are a gambler and can't resist. From my calculations 35% is taken off the top up front. That only leaves 65 cents on the dollar to "invest". In this current market that is an awful lot of ground to catch up!

I also attended the follow up session for their tax shelter FAST (Fight Aids Save Taxes). A 'creative' scheme to inflate the donation value by a factor of ten. Very impressed with the creativity, but it left a bad taste in my mouth.....they rely purely on the CRA challenge taking years to get to court/settlement...they know full well that it will get challenged by CRA. Their pitch however is that once it is challenged by CRA's aggresive tax shelter dept, all participants tax returns are no longer likely to get audited by the Audit Dept because their tax returns are moved to the aggressive tax shelter dept (implying that Audit cannot get their hands on your tax returns for the duration of the dispute)...meaning that one could conceivably get away with overstating expenses and other creative things within the rest of one's tax returns...clever...if it is true...but exploiting the system for sure. Apparently CRA can only audit 3 years back (not the 7 that that is the common misconception), so by the time the tax shelter goes to court/gets settled, at least 7-8 years has gone by. Is it legal to do this? Probably... Is it moral in my view? Certainly not. There are so many legitimate ways to make money in real estate without ripping off the system...I see no redeeming factors in their offerings.

In short, I have removed myself from all their mailing lists. Not my kind of business or ethics. However they will draw in a lot of novice investors...hopefully they will not get too burned. My personal opinions and 2 cents.
<







CRA can audit up to 3 years back and than it becomes statuate barred. There is NO time limit for fraud or illegal activity. The CRA would only have to say that there is possible illegal activity and open a case. I agreee, it is an interesting idea. But why would one get involved with trying to avoid paying perhaps the strongest, faceless entity in our country? Run away from any of these pitchmen.
 

Gen1GT

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QUOTE (jessandy @ Jan 19 2009, 06:42 PM)
my wife and i went to a "rich dad weekend" and loved it. the guy (Pip ?Stehleck?) was excellent and there was only Canadian real estate content. other than pressure to shell out $5000 to take more specific courses (e.g. "wholesaling" or "commercial real estate") we had an awesome time. In fact, it was only through the "rich dad" stuff that we ever found REIN!!

I think RK's strongest suit is his motivational mindset stuff, REIN is far better for real estate specific techniques, although the rich dad stuff gave us lots of neat tips that compliment REIN.



I wasn't impressed with the Cashflow 101 game. My wife and i picked it up easy and got bored of it quick, BUT everyone else i've talked to loves it and its a GREAT resource to teach kids about investing!



(my two cents)




Hey HEY Hey. I think I was at the same event as you last weekend. I learned a ton from the Rich Dad/Tigrent Learning seminar. It is also extremely motivational. The problem I had was with the cost of the advanced seminars, but however, I don't doubt for a second the techniques they teach will work. Pip was a lot of fun, and all the topics made sense.



I haven't taken any other real estate courses or seminars, but I have a feeling that the Rich Dad education makes you more aware of protecting your assets, and putting you in a mindset of being rich. If I had $45,000 kicking around, I'd take the full package. As it sits, I still plan on learning some of the techniques described.
 

ChrisDavies

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Given the CBC Marketplace special the other day this thread seems kind of relevant....
 
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