Rich Dad Poor Dad

[mpillajo]

Hi

Has anyone taken the Rich Dad seminars? I`m thinking about taking some of the seminars but first wanted to check for feedback from people who have recently taken them.

Thanks

 

[Barb379]

I took their weekend seminar & was so upset with how scammy it was. I demanded my money back. It took me a month of calling them, I even tried to get Robert Kiyosaki`s phone number because I thought he might like to know how poorly his company was being represented. I now will not ever buy or participate in another Rich Dad event.



QUOTE (ronda @ Feb 4 2008, 04:05 PM) Has anyone out there enrolled in the Richdad Coaching program? I am in the middle of it right now but I am having second thoughts about it. Has anyone done the program, and what did you think of it?

 

[DaveToynbee]

If anyone is interested is a Rich Dad three day training session for two people, I will give them a smokin` deal. I`m not interested in going myself.

 

[Oli]

Hi all.

Interesting thread... I`m considering joining the coaching program (not the seminars, those seem in general to disappoint people). kimloh, could I get an idea of how much you paid? I`ve read around $4500-$5000, but on other forums I`ve heard of people shelling out $15-40K!!!

I also plan to join REIN once this is over (and from what I understand the coaches will recommend joining a Mastermind group anyhow!). I`m almost done with Don`s book (Real Estate Investing in Canada), and Don seem to recommend staying away from creative financing. The director of the program I had on the call tonight was basically saying that my first investment property will be done with 0 of my own money. He kept insisting that I should be using OPM (other people`s money) as much and as often as possible, and keep my own cash in my own pocket.

Thoughts? He`s calling me back on Saturday to discuss whether or not I want to join. The one thing that "scares" me is that he won`t openly tell me how much it costs until I make a commitment that I want to change my financial education (though I can still decline after he eventually tells me on Saturday). It just feels like a scam, lol.

 

[Thomas Beyer]

QUOTE (Oli @ Aug 13 2009, 11:13 PM) ....

The director of the program I had on the call tonight was basically saying that my first investment property will be done with 0 of my own money. He kept insisting that I should be using OPM (other people`s money) as much and as often as possible, and keep my own cash in my own pocket.
...

that makes sense after you have done a few deals and proven yourself to others !!!

REIN is likely a better (and more cost-effective and certainly less "pushy") group as it is spread over 14-18 months .. as it takes a while to absorb it all !

 

[GaryMcGowan]

QUOTE (Oli @ Aug 14 2009, 01:13 AM)
Hi all.



Interesting thread... I'm considering joining the coaching program (not the seminars, those seem in general to disappoint people). kimloh, could I get an idea of how much you paid? I've read around $4500-$5000, but on other forums I've heard of people shelling out $15-40K!!!



I also plan to join REIN once this is over (and from what I understand the coaches will recommend joining a Mastermind group anyhow!). I'm almost done with Don's book (Real Estate Investing in Canada), and Don seem to recommend staying away from creative financing. The director of the program I had on the call tonight was basically saying that my first investment property will be done with 0 of my own money. He kept insisting that I should be using OPM (other people's money) as much and as often as possible, and keep my own cash in my own pocket.



Thoughts? He's calling me back on Saturday to discuss whether or not I want to join. The one thing that "scares" me is that he won't openly tell me how much it costs until I make a commitment that I want to change my financial education (though I can still decline after he eventually tells me on Saturday). It just feels like a scam, lol.




We went down the same road you have. We found REIN and have not looked back. REIN offers everything Rich Dad can not. A proven CANADIAN track record. OPM is also the banks money. Rich Dad folks will want you to use Lines of credits, credit cards and other forms to purchase your first property. They will recommend buying a property to flip to pay the back the loans and their fees. It is up to you to find the property. If you are not a seasoned RE investor Flipping in todays market can be one of the riskiest things one can do.

Join REIN and REIN only for the information and research that Rich Dad will leave out. It will save you thousands.

 

[Oli]

Hmm I didn`t expect to have replies this late

I specifically told him that I wasn`t in to flip. Not only is it not what I`m in for, but like you said, Gary, the current market is the WORST time to be flipping properties.

So my questions are:
- Apparently REIN seminars occur once a month (in a given major city, like Toronto in my case), right?
- Will I learn at REIN all those "tricks" that Rich Dad would, such as owning a company to pay lower taxes on gains, using various "exotic" ways of financing downpayments (credit cards, LOC, etc.). Also the director seemed to be saying that having huge limits of the credit cards are good for the credit score, and they could explain how to get lower rates on the cards. I`m at page 195 in Don`s book and none of that has been covered yet so I want to know if REIN will basically be a "superset" of Rich Dad`s.

Thanks a lot for your feedback... I`m really on the fence right now

 

[Thomas Beyer]

QUOTE (Oli @ Aug 13 2009, 11:42 PM)
.... Will I learn at REIN all those "tricks" that Rich Dad would, such as ...... I'm really on the fence right now

You do not need tricks to make oodles of $s in real estate !



You need:

a) a team

b) a system

c) research for the right areas and types of properties

d) access to money from your own jeans, LOCs, banks, vendors and investors

e) follow-through

f) a brain that thinks

g) a heart that cares



If you want to make money the "easy" way with "tricks" .. do not join REIN. Go to Vegas. There is an almost 50/50 chance that $10,000 invested will be $20,000 by playing roulette !



If you wish to learn a sustainable business and meet hundreds of successful small or large entrepreneurs that are willing to share their insights or connections .. then REIN is the only game in town !!



It takes more than a weekend course. It takes hard work and commitment. But proven results will follow.

 

[Oli]

Hi Thomas,

I didn`t mean in a "get rich quick" way. I meant things like using a/multiple companies for tax purposes (lower income tax, dividends,...), when to use and when not to use LOC/credit cards.

I`m not here to become millionaire overnight

 

[tonyla]

QUOTE (Oli @ Aug 13 2009, 11:13 PM)
Hi all.



Interesting thread... I'm considering joining the coaching program (not the seminars, those seem in general to disappoint people). kimloh, could I get an idea of how much you paid? I've read around $4500-$5000, but on other forums I've heard of people shelling out $15-40K!!!



I also plan to join REIN once this is over (and from what I understand the coaches will recommend joining a Mastermind group anyhow!). I'm almost done with Don's book (Real Estate Investing in Canada), and Don seem to recommend staying away from creative financing. The director of the program I had on the call tonight was basically saying that my first investment property will be done with 0 of my own money. He kept insisting that I should be using OPM (other people's money) as much and as often as possible, and keep my own cash in my own pocket.



Thoughts? He's calling me back on Saturday to discuss whether or not I want to join. The one thing that "scares" me is that he won't openly tell me how much it costs until I make a commitment that I want to change my financial education (though I can still decline after he eventually tells me on Saturday). It just feels like a scam, lol.


I think I can give you a unique perspective on your decision. About a year back, my friend was in the exact same situation you were. He was interested in investing in real estate and heard about this Rich Dad Poor Dad coaching program. He did some research so and he was sold. Also to note he is in the US so I would assume their material _should_ be even more targeted to him.



The cost of those coaching classes were in the 15-20K range because they upsell you to buy more "coaching" after the initial classes. From what I gather he learned quite a bit about real estate but not necessarily how to succeed in investing in real estate. He and another friend went on down the path of trying to "wholesale" properties. This is where you go around to distressed sellers and get their property under contract for a price. Then turn around and try to flip the contract at a premium to another party. As you can see this can only really work in a hot market where prices are ever increasing or buying at significantly under market price. So far this hasn't worked out for them and they have done exactly 0 deals. This isn't for the lack of trying, because they have put their time in. It's just those deals are very rare and almost impossible for rookies to ferret out. He ended up joining a local real estate investment group (non-REIN because the monthly $$) and now is doing some research into buying a rental.



This is just one data point but I would bet this is closer to the norm then an anomaly. I would highly recommend REIN. As others have pointed out before me, it's a much better value for your money.

 

[ChrisDavies]

FYI, I met a gentleman here in Kelowna who managed to find Rich Dad coaching in Canada put on by people assocated with RD in the US, but with Canadian content, and not the Darren Weakes crap. He recieved 4 or 5 courses for a total cost of $35,000, not including travel expenses for each course.

 

[Thomas Beyer]

QUOTE (Oli @ Aug 14 2009, 08:02 AM)
Hi Thomas,



I didn't mean in a "get rich quick" way. I meant things like using a/multiple companies for tax purposes (lower income tax, dividends,...), when to use and when not to use LOC/credit cards.


multiple companies in itself doesn't save you tax .. as you still have to pay taxes when you take money out on a personal level .. also each company has annual cost .. so this makes sense only if each company has $1M in assets or more .. it does not make sense if you own 5 townhomes to have 5 corporations !



more on this here in this thread



Pro`s and Con`s of creating a company for real estate holding:


I'm not here to become millionaire overnight

don't worry .. you won't .. but you will become a millionair in a decade if you stick to REIN principles !




QUOTE (Oli @ Aug 14 2009, 08:02 AM)
when to use and when not to use LOC/credit cards.




don't use a CC ever for real estate as the interest rate is too high .. usually a tickler rate of maybe 4% will jump to 26% if you miss even one payment for one day !! be extremely careful with CC.



CC means Convenience Card .. not Credit Card ! You should not use it for credit !



a LOC (or a low interest rate CC) is useful if you can service the payment comfortably .. otherwise you'll lose the investment property and your own home too !



More on this here:



LOC vs. mortgage: http://myreinspace.com/public_forums/Real_Estate_Discussion/62-2302-What_is_better_a_mortgage_or_a_line-of-credit_.html



Are you too levered ?

http://myreinspace.com/public_forums/Real_Estate_Discussion/62-10823-When_are_you_too_levered_.html

 

[invst4profit]

Oli

The key to any system is YOU.
Every system available, whether it be REIN, Rich Dad or whatever, has winners and losers. They all have proven methods to invest and make money as evident by those that have succeeded.
The chances of success are dependant on the investors mental attitude, skills and approach to the system they implement.
In my opinion none are better or worse that others but rather better suited to certain individuals.

For those promoting REIN it was obviously a good fit but...... There are present or X members that have failed and lost money. They were not a good fit or failed to implement the program properly.

Is REIN worth it? Yes if you have what it takes to be successful.
Do you have what it takes to be successful?
That is the million dollar question that REIN is offering to help you answer. But only YOU have the answer.

 

[AndyLuchies]

Oli

I`m telling you right now, drop that Rich Dad stuff.

Robert Kiyosaki is a genius, but ever since he gave his school over the "wealth intelligence academy" or whatever its called it hasn`t really been his stuff anyways.

(i`ve been to the weekend seminar thing) its a great value for your $$$ (500 for all that free info and 3 days to ask questions to pros)
but they`re just starting in canada, and alot of what they say just doesn`t work. most of what you think is great info, isn`t.

Example: 3 tiered company structure. Yes, you might pay less % taxes, but do they tell you it will cost something like $2000 a year in fees per company to stay incorporated...are you going to save THAT much in taxes, it just doesn`t work. Plus, you have to put a personal guarantee with your mortgage usually, and people can also sue you personally regardless of incorporation! 3 tier structure sounds good but its crap for someone who`s starting out.

Example: running up credit card amounts is perhaps a good way to have capital if you need it, but you can`t ever buy something with it because the bank will laugh at you if you say you`re giving the down payment with a credit card. unless of course you lie, but they require 3 months of history on your down payment (unlike the states) so how long are you gonna need a $20,000 cash advance! banks in canada simply don`t give out those convience cheques, only the cash advance ones with immediate interest.


Example: treating realtors like garbage by forcing them to put in lowball offers, will get you so many unreturned phonecalls, you`ll be blacklisted within the month. It may work in a city where there are plenty of desparate realtors, but it will never work on the good ones.

Its just too easy to get a mortgage in the States, so when Americans come up here they try to alter their USA tactics to work in Canada, but they just don`t work here.

for rich dad program, it`ll cost you $5000 for just 1 specialized course, and the minimum you can sign up for is 2 at a time thats 10,000.

I got a rein "by mail" membership for 17 months for only $1700, and I can actually phone don campbell himself to ask questions!!! any rein member can!

You need to drop the wealth intelligence academy, save your money and join rein, it just ain`t worth your time! rich dad might be worth a look, IF REIN didn`t exist.

plus REIN is all about honest negotiations. They know you may actually have to be nice to your team to succeed.
take what you can from richdad, but don`t shell out any more $$$

 

[EdRenkema]

QUOTE (jessandy @ Aug 15 2009, 03:23 AM) Oli

I`m telling you right now, drop that Rich Dad stuff.

Robert Kiyosaki is a genius, but ever since he gave his school over the "wealth intelligence academy" or whatever its called it hasn`t really been his stuff anyways.

(i`ve been to the weekend seminar thing) its a great value for your $$$ (500 for all that free info and 3 days to ask questions to pros)
but they`re just starting in canada, and alot of what they say just doesn`t work. most of what you think is great info, isn`t.

You are bang on Andy, I did the WIA 3 day course as well, it was worth just the books and CDs, I know because I checked on the Rich Dad website, I still listen to the CDs, lots of good key fundamentals there. Anything else beyond that they are clearly upselling you which is the whole point of the 3 day course.
You don`t learn RE in a weekend or even 2 weeks full on. It is a progressive learning curve and REIN is a system of learning and mentorship to get you there.

 

[koop]

LOL, My wife and I have been to a Darren Weeks weekend (all they did was sell, sell, sell and sell) (Who ever called darren "Canada`s rich dad" anyway).
And to the evening where they tried to sell the three day program, we learned an important lesson, When they try to sell to your emotions- WALK OUT.

I like Don, no emotions, no selling, just facts.

 

[GORDandJULIE]

I too, took some of the RIch Dad (Wealth Intelligence Academy) courses. I`m only sorry that I didn`t find REIN first. I will credit Robert Kiyosaki for getting me started in real estate. The problem I have with his program is the pressure to keep spending more money on the education. I was contacted by them to accelerate my learning for a fee before I even took one class. This fee was on top of the already very expensive course modules. While the course material was good, you were left on your own after each training seminar (which depending on what modules you were taking, were spread apart every few months or longer). But wait, for a few thousand more dollars, you could have 3 days of mentoring.
If you are on the fence on what to spend your education dollars on, I recommend REIN. The level of support, net working, information, attention to detail, etc. etc. is fantastic. I never feel like I`m alone in this business.
Spend a few dollars and come out to one of the workshops. You will see the differance.

Good luck,

Gord

 

[JulieHoffman]

QUOTE (ronda @ Feb 4 2008, 05:05 PM) Has anyone out there enrolled in the Richdad Coaching program? I am in the middle of it right now but I am having second thoughts about it. Has anyone done the program, and what did you think of it?

Hey, Ronda.

I have not enrolled in the coaching program. However, Richdad organization has a pretty good reputation. I would just recommend that if you want to invest in real estate, that you make sure you coach is investing in real estate. Playing a game and buying real property are two VERY different things.

Otherwise, you can get lots of coaching from REIN members. Myself included. I am happy to answer any questions you may have. I`m a girl (like that makes any difference), I have been investing in real estate since 2001, I have had lots of success and I have made lots of mistakes. Feel free to contact me either through here or directly.

Take care and good luck!

 

[ClintonB]

Well I just read a lot of responses about topic that strongly relates to me as I just canceled my RichDad Coaching.

I recently decided to engage myself in real estate investing and read a ton of RichDad books, love the Cashflow game and now found the time was ripe to move ahead down this path.

The Rich Dad Coaching was $8k CDN but their conditions are that you can only cancel within 3 days of receiving their material in the mail. Talk about cramming! I think I burned 30+ hours.. and in the end I learned a lot:

• The forums in RichDad are very quiet currently, and almost like a ghost town for Canadians (3 found) or Canadian content, and I was looking for real working suggestions, not more general ideologies
• 1/2h per week coaching didn`t feel like enough time for me (that works out to about $450/hour)
• After completing much of their content/instructions I was concerned by their post assessment since most of the followup questions looked too general and this was further confirmed by the majority of their testimonials
  • basically "i feel good that I have a plan", when I wanted to hear "I have successfully learned how to invest and now have a dozen cashflow properties" nor "this course made me the cashflow king I am today" (https://www.richdadcoaching.com/success_stories/the_passion_that_has_been_missing_for_many_years_has_come_back.html)
  • Specifically, I have done some great coaching for motivation/self and such to take advantages of my specific abilities, I didn`t want a course that seemed to focus on helping me decide what I wanted to do or to help me "make a plan"
  • most of the post assessment responses sounded like
    • are you on target to your financial goals / what specific steps will you take to increase your income generated from the right side of the quadrant
    (don`t get me wrong a PLAN is essential, but I personally didn`t feel I needed to pay someone else to make one for me as I am a research junkie and would prefer to analyze the information myself to make that decision)
  I did like the opportunity to call their helpline 8am-8pm M-FI actually found REIN because someone completed their coaching and was recommended to REIN by their coach (so I decided to skip the coaching step and joined REIN and it has been a welcome change from the pushy salesmen and plethora of toll free department transfers that I experienced with RichDad)I believe RichDad coaching would be an excellent program for a person with little or no small business experience, (typically someone who has isolated themselves as an employee for decades and needs the knowledge and CONFIDENCE of where start or how to work for themselves) since I have started a couple small businesses and learned much from those experiences I am actually finding the `business` side of real estate has many parallels (just lots of new rules)Lastly, I learned that I was a fool for purchasing the course using my Canadian Credit card... did you know that EVERY US purchase on your CDN card gets charged US exchange PLUS 2.5%? And when they (RichDad) refunded my tuition the bank kept their 2.5%... youch time to get a US credit card for US purchases!

 

[Rickson9]

I would strongly recommend people to attend the Rich Dad, Trump Education, etc. (or any promotional event) to learn how to sell. I am never interested in the event itself, but I take notes on the techniques they use - the wording, the audio/visuals, the testimonials, the timing, the order in which they use each technique, how they soft/hard close, probing, etc.

Nobody has ever accused me of being a great salesperson, but I believe that selling is a very important skill to have.