QUOTE (Phantomtib @ Feb 7 2008, 07:02 PM) This is what I found.....
Hey Y`all
Remember back in August they were advertising a free seminar about real estate investing put on by rich dad poor dad?
Well I went to the free seminar they put on at the Deerfoot Casino conference room. It was mostly a bunch of gobbledeegook for people who have ZERO background with Rich Dad Poor dad or Real estate or investing period, but the speaker did pique my interest when he started going into to Zero Down purchasing, flipping, wholesaling, asset protection etc..
So like the brainwashed sheep I am I paid the 500 dollars to go to the real 3 day course which for me started today. I am just going to put up my review of the material covered and comments for those who may have been thiking of doing the same - This might save you a couple hundred bux, or maybe you`ll want to do the same
I`m trying to make this as unbiased as possible. Just so you know I have a little bit of background in investment real estate, but I`d only say i know more then the average person on the street, I am by no means a professional at this and thats why I am taking the course.
The basic set up of the course is one guy "Marc Gatineau????" does all the speaking but there are these `advisors` that kind of hang out in the back and answer questions for Marc because hes a dick and absolutely will not talk to you no matter what unless hes soliciting audience participation.
The room is split into many 6 person tables and you end up moving to a new table every 2-3 hours and meeting new people which was kind of fun.
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Day 1:
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Hey Phantomtib, great review.
i just visited the same thing in Toronto and it was the same guy - Marc.
Just wanted to add some comments and what happened on day 3 of the seminar.
The first thing I suspected that was wrong was when Marc Mousseau started talking about mentors and him put Anthony Robbins as "Tony Robins" on the board.
The second thing was that although he did say to take notes in the workbook - we opened it 3 times for the entire course.
The third thing that I noticed was that there problems with numbering of the points, which showed me their lack of preparation for this teaching.
QUOTE (Phantomtib @ Feb 7 2008, 07:02 PM) LOCs require a minimum of 3% of the utilized credit each month
When applying for a loan at the bank the bank will assume a min 3% payment on your whole LOC as if it were maxed out, but will only assume the minimum payments of your CCs at that time
^^^ now regarding this, my bank used my total credit on my LOCs AND my CCs and figured a minimum 3% payment. D.Dub if you are reading this - Do you do the same? I cant remember, anyways the speaker said that only banks do that and that Mortgage Brokers do not. Not sure if this is truth or fiction.
I had the same experience in real life. We had a mortgage broker in the room and Marc even asked him did calculated the Credit Card payment of 3% and the mortgage broker said yes. But Marc disagreed with him and said that his consultants told him this information.
QUOTE (Phantomtib @ Feb 7 2008, 07:02 PM) Then around 5:00pm we busted out teh Cashflow 101 ame that they try to sell you in all of kyosakis books. I actually own this game and I think its pretty fun - But I was the only person in the joint who knew how to play it. We played for an hour and a half??? Seemed more like 35 minutes and I think i rolled the dice maybe 5 times... Then we all had a big discussion and people got up and talked about their `FEELINGS` towards the game... gawd
then in the last 45 minute the speaker decides to break from the program and squeeze the section on Corporate structure and asset protection in before the end of the day... This was one of the main reasons I paid for this course so i was pissed that he rushed it, but what are you gonna do
During my class the game setup was horrible. What happened was that Marc did not really explained the rules and just said figure it out. After 30-45 minutes of playing he stopped the game and said - how many of you are frustrated? How many are confused? How many have no idea of what they are doing?
After talking for another 5 minutes he said that if the table will be able to come up with 15000 and give it to mentor then the mentor will join their table and help them get out of the rat race.
After 10 minutes someone obviously did it and the Mentor puled out the Big deal - it was an apartment house and then he had a special deal with hard money lenders that will be giving 24% intrest rate (if you know that in the game it is 120%). So suddenly with this kind of thing every single deal in the Big Deal will always cashflow. That table gets out of the rat race.
Then Marc asked - so now do you see that you need mentors help?
At that point I understood that a huge sales pitch is coming in near future.
During the Day one there was also some Jeff and he came to the mike and told his story of how he close the deal of a strip mall in Sudbury for 3 millions and now is selling it for 8 millions. Basically convincing again that the mentor program is great and everything.
Day 2:
QUOTE (Phantomtib @ Feb 7 2008, 07:02 PM) 9:00amOK So the morning discussion started off with everyone sharing their stories about what they learned from their Credit Bureau reports.
I used to have a 758.... Now I don`t, and that made me very very sad.
During these ours Marc actually took mine report and went through it explaining what it was. So I got a tip afterward of what I should do
QUOTE (Phantomtib @ Feb 7 2008, 07:02 PM) CONTRACTS
The contracts was also my favorite part because Marc really did his stuff and gave a lot of good information.
QUOTE (Phantomtib @ Feb 7 2008, 07:02 PM) 12:00pm Normally we break for lunch here but today Marc decided we`d go through much to 1:00 and cover Foreclosures and Power or Sale and Pre-Foreclosures
Same was said for this one as well.
QUOTE (Phantomtib @ Feb 7 2008, 07:02 PM) 2:30pm
Story time. Marc told us a story about condo plans where he sold the wrong codos to the wrong people and lost a lot of money.
Same here. He told a very scary story about his friends buying 2 apartment houses and then the got burned, the tenants moved out and his friend personally guranteed his house so he lost everything.
Since I done NLP and basically this is what Tony Robbins is teaching this is called swinging of emotions - when people`s mode are shaken from very positive emotions to very negative and stressful emotions. This technique really helps to sell because most of the people get scared and after it gets back to the positive emotions the person feels connected to the seller.
QUOTE (Phantomtib @ Feb 7 2008, 07:02 PM) 10 unit townhouses for sale. FMV for each alone is 125k, vendor was selling all 10 for 1,000,000
yeap, the same story
QUOTE (Phantomtib @ Feb 7 2008, 07:02 PM) 3:30pm THE PITCH
The pitch was great. After this they asked to talked to the `advisors` (basically good sales people) about signing up for the advanced training.
At the next day though the guy came to mike and asked if anyone would want to split the cost with him. He also said that they actually agreed to charged only $1000 for any additional class above the recommended package of 22K, but Marc made him shut up immediately and the guy went to the back of the room.
There were guys asking the question of why the hell is the education so expensive but Marc`s reply was - if you want to suceed in this business you have to get good advice and it`s cost money. What a BS!!!
After that were Lease options and sandwich options.
During the day there were also VTB and he just slightly touched on "quit claim" that you should have when you have a VTB. Basically in a quit claim you make the the buyer of your property sign a document under the VTB agreement that if will be late by more than X number of days in his payment to you - you get the property back with no questions asked.
TONY ROBBINS STORY
The last topic of the day was how Marc attended Tony Robbins Firework Seminar. Very touchy with details of how he signed up and got to this stage and everything with real pictures of Marc 20 years ago and his feet burned a bit from the coals. At the end - a emotional statement that that seminar touched his life. Will advance cources touch your life?
DAY 3
8 am - 9:30 am - meeting with "advisors"
9:30 am
We started out again the the "advisors" to help the people to sign up for the courses.
At the beginning there some sharing in front of the mike and lots of emotions and everything.
10 am Land Development
Nothing much valuable to me because I did not see any value in what he was saying, just some common sence.
After that he throwed 2 stories of Costa Rica and how he had this 1.2 Billion project and he sold and got from the sale 0.75 million bucks and then the story of Trinidad where he went to some old buy to this horrible estate and yellow sheets and horrible food and had to drink scotch.
At 12 pm we started playing the cashflow game
During the first day Marc said that it will be a workable lunch which I thought meant that the lunches would be provided but I was wrong.
The rules of the game were changed a bit: instead of 10% of intrest from bank loan it was only 5%. And we could negotiate it even lower if we wanted to.
I went out for lucng and then join a table. People were completely lost and they just rolled the dice 2-3 times and pulled out a big deal as it was adviced during the Day 1.
I had to explained the whole thing from the beginning and after 30 minutes most of the people understood the game. After another 15-20 minutes they were negotiating the deals as crazy.
At the 2:30 when the game finished one from the table was out of rat race, most of us had at least 30-60K, some around 200K and they very grateful to me for explaining the whole thing.
2:30 Software product
Marc just throwed some examples of how great this software product was.
I thought it was ok, maybe I would pay for this tool 200-300 bucks but certainly not 2500 as they wanted.
3:00 Commercial properties
He went over some general stuff. Talked about NOI and explained what it is. Talked about triple leases and gross leases, what is TI and some other general information. I thought it was useful and the were no details again.
There was also a story of how he got this 14 floor apartment building and was able to convert the top 4 floors into condos and then after another 4 floor for a profit of 6 millions and he still got the 6 floor of 800K a year with no mortgage on the property.
3:45 Property management
General stuff and common sence only. Give gave information on what to exprect to pay for the property managers that was helpful. He also shared some unexpected costs that the managers might deduct from your income. And some tips on how to manage tenatns which I found useful. Another story of his business partner Jean Lebeau and the document that he presented to the bank and how 27 banks turned him down and did not finance the deal. When he tried to explain why - I could not undestand because he moved so quickly to something else.
He also actually had the address of the building that he bought - 47 Orchard, Chatham. When I tried to find it - I found 47 Orchard Heights Dr, Chatham, ON
http://maps.google.ca/maps?hl=en&q=47%...sa=N&tab=wl. It looked the same.
The 80/10/10 rule - 80% will be good tenants. 10% will be great ones and 10% will make you suffer.
Another story was about aplication signing and how he got FBI or some sort of secret services into his apartment building and how he evicted the girl after couple of month living there and how she destroyed the apartment for 35K and he did not get the application from her.
4:45 pm
This is the end for general public. He said thank you and those who signed up - please stay. I could have stayed but since I was so discussed with the sales pitches and everything I did not want to stay.
OTHER THINGS:
the other thing that I noticed is that all of the cources at the back table were from a company called "Wealth Intelligence Academy". When I typed it in the Google on Saturday - I found a connection that they are all Russ Whitney seminars.
When I looked on Sunday at these binding they all said "Whitney Canada" at the beginnig and there were lots of Russ Whitney quotes during the books.
I have no idea how Russ Whitney is connected to this or is he even connected but this was the final reason why decided to run away from it.
Concerning Marc itself - I have a strong feeling that he is not a real estate investor at all but a big great sales man, he attended the Tony Robbins, that shows but I doubt that any of the stories that he tells are true.
Another thing: he always said - put the pens down I what you guys to understand the concept. Not just copy the thing. This is the first time I seen that someone told me not to take notes.
Another thing: out of the whole 3 days course we only opened the workbook 3 times!!! What kind of workbook is that?
MY GENERAL THOUGHT: if you are very new to real estate - it is a great cource. If you even bought a property - this is probably good stuff for you but most of it you know or have general knowledge. You might not know the lease options or sandwitch options but in general you are understanding the concept. But my recommendations is to not buy advanced cources.
