Rich Dad Poor Dad Workshop
Posted on Aug 5, 2008 in wealth | 11 comments
Last night I attended a free workshop Learn to be Rich. It’s part of Robert Kiyosaki’s “get rich” empire. I just finished his book Rich Dad Poor Dad and happen to be on their mailing list, so I decided to check it out. What I discovered was quite fascinating.
About 50 people showed up for this free two hour event. A sharply dressed man was the MC and introduced a lovely young lady, Jessie Connor, a former Apprentice contestant. She showed pictures of her with celebrities like Regis and Katie Couric (to build credibility) then one of a worn down shack — that’s where she grew up.
She told us her rags to riches story and credited her success to investing in a three day Rich Dad course where she learned everything she needed to get wealthy from real estate. You see where this is going. She was pushing this course. “Sign up today and you get half off PLUS we’ll throw in a ton of extra stuff.” The cost Р$495 for two people. Not bad.
Right away a lady stood up and registered for the class as our host Jessie encouraged others to follow. “Limited spots available!” I want to believe that lady genuinely felt a calling rather than the Rich Dad folks picked her off the street and paid her (she looked rather rough).
Then she gave us a taste of what we would learn in the course. If any of you have been to the course or any like it, I’d love to hear from you. Or if you have further insight about these topics, let me know. Here’s what she had to say.
During a foreclosure, there are three stages of opportunity:
- (Before) Pre-forclosure. Using Craigslist, she puts an ad “If you know you won’t make your next payment, call me.” Then she does a Sandwich Lease to Own. The link does a better job explaining this than I ever could.
- (During) Auction. She doesn’t like this method because there’s too many details. So she didn’t get into it much.
- (After) REO. This is Real Estate Owned (aka owned by the bank). For each house, the bank must have 8X the delinquent loan in reserve. Hence why so many banks are tanking right now. So they’re desperate to unload these properties and will do it at a bargain.
She also talked about:
- Using lenders money to fix the joint.
- Something about 3 month rehab and secondary markets. I didn’t really catch it.
- Tax Liens and buying them at auctions (but she didn’t say how).
- Wholesaling is a great way to rehab (buy-fix-rent). There’s no money down, you use options and there’s earned income ($5 Р10K each).
I’d love to learn more about this, but didn’t have it in me to hand over $495, although some of it was intriguing. We all know the housing market is “half off” at the moment, so now is the time to buy. Maybe I’ll catch the Get Rich folks the next time they’re in town and I’ll be the first person in the audience to sign up. Maybe.
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Hey, I was just surfing the internet about this topic since I went to that exact conference YESTERDAY! It was the same lady talking about the same exact things you mentioned (I was taking notes… lol). Anyway, I’m in Miami, FL and the course cost was the same. Times are tight for me right now and I couldn’t afford to throw down $500. I figure that the information is out there already, but you have to look for it and find it. By the way, I called them up today just to see how much it would cost without the high pressure offer and they bumped it up to $595.
Hello Carla and Serg,
I too just took this 2 hour seminar yesterday. Jessie was also the speaker, we got there a few minutes late as we lived over an hour from the seminar. My boyfriend was really excited about it as he has done some real estate work before. I admit I was skeptical on some levels I still am. Jessie and the other representatives were again pushing to take the 3 day course for the price of $495 (half off the regular price so we were told). We too couldn’t see paying that price nor can we afford it at this time (4 boys at home to take care of). I agree with Serg the information is out there if you do your own research. I am looking into the REO’s now and seeing if this is possible to manage. I think there is an opportunity to be had over the foreclosures in this country and there is money to be made and everyone wants to make money. During her speech she had mentioned finding ‘inventive and unique’ ways to get money instead of borrowing from banks or taking it from your own pockets. That was the questions I wanted to ask her, HOW? I love it how they make it sound easy but I think you have to truly be determined and also have knowledge in that industry. I personally have always had a hard time with real estate investing and owning 2,3,4,5, 10 homes. I am still working on owning my 1st home. I recall there were a few people sitting around us who wanted to ask questions but she didn’t call on them to ask them. I admit I didn’t feel I got my full time worth on the experience. My boyfriend went back to talk with the gentleman when people started going back to sign up for the 3-day course. They seemed helpful until they realized he wasn’t going to sign up for the course right now. I was very disappointed. It came across as a gimmick. I am hoping to continue learning about investing and better spending habits but a lifestyle change takes a while.
I too attended that same workshop in California, hosted by that same lady. I almost signed up for the 3-day program but luckily called the wife first and she talked me out of it. And boy am I glad she did. Go to RipOff Reports.com and put in Rich Dad. You wont believe what you see.
I attended the 2 hour seminar last night. I was impressed with Jessie Connors’ (from the Apprentice, 1st season) knowledge of real estate investing. I have been to the Rich Dad 3 day class also and found it to be a marketing session for the Rich Dad University (in Costa Rica?). It’s a shame. I think that they have enough good info to make a legitimate financial education system. (I found the Rich Dad book, “The ABC’s of Real Estate Investing” by Ken McElroy very useful.) But, it’s not presented well enough to leave the student feeling confident. Their system seems to be going the way of other bait and switch scams. Very dissapointing. OBTW, the other source of capital recommended are hard money lenders. They may be OK for short term deals, but with their interest rates I don’t know if I’d use them for a long term investment. Maybe the initial income could be used to pay off the capital. Then, It’s not such a bad deal if there is no other capital source available. I did learn a few things. But, I think that I learned more from the 9(?) weekend PA state real estate licensing course for $450 taught by a licensed realtor. IMHO.
I went to the seminar today. Not impressed and she was closing to go back and sign up every 5 minutes. It transitioned really fast into the class pitch. If Jessie loves to travel, is making a lot of money with her deals, hangs out with Regis, Donald and Katie then why is she flying all over the country pushing these seminars? Scam.
you know these people know what they are talking about. And their business comes from seliing overpriced seminars. Go to ripoff report and you will find the truth. If you are seriously interested in investing then figure out a wa y to learn the information some other, but dont be scammed by their pyschology into spending thousands in t heir products
Hello,
I have attended the first info seminar and I have also spent $495 for 3 days workshop that has taken place this weekend in Vancouver,BC. I can say, it was worth every penny even the second day is also sell pitch to up sell additional courses that goes from 12-44K … Some people will do it, some will not .. all depends where you are in your mindset and how much you are willing to spend and invest into yourself. For me and my wife .. this workshop was a great investment as it gave us what we were looking for and we are moving level up to do what we like to do – Real Estate Investment .. This is all about mentality, mindset and willingness to do the extra step … Is it expensive – YES, does the system works = YES, can do this everybody = NO .. Unfortunately not everyone will be happy
that is life and it is what it is .. it is exactly like in the book Who Moved my Cheese ..
Take it or leave it,
Cheers
Yesterday i attended a seminar for the Armondo Montelongo Real Estate course. Jessie was also the speaker. (Apparently she works for anyone with a buck. The speech was identical to the one she gives for “Rich Dad, Poor Dad” seminars. And I mean word for word. Except this 3 day course was discounted from $4995.00 to a mere $1497 if you signed up today. I actually felt dirty after this seminar due to the amount of BS that was thrown around there. Many people did sign up though. Too many for them all to have been “shills”. They made a bundle selling a course that you can get from a book called “Buy it, Fix it, Sell it= PROFIT by Kevin C. Myers. I am not trying to help sell this book. You can get it free at your local library, if you don’t want to buy it. (But you do indeed get a lot from it and I am sure Kevin C. Myers would appreciate it) It is my understanding from much research, that during the 3 day seminar, they try to sell you on up to $45,000.00 dollars worth of “guidance and education” to insure your success. I saw those people at the seminar. They all looked poor, desperate and hopefull. I am sure you can ad scammed to the ones that did sign up. Something needs to be done.
My husband and I saw Jessie this week in Tennessee. She was promoting the Armando Montelongo 3 day course here also. There were several people who signed up for the course, but truly even at $1,497.00(down from the $4,995.00) I couldn’t see using money that was set aside for bills to hope and pray that we could make the money back quickly. Some of the testimonials that were shown were of people who where supposedly unemployed or living on welfare. My question is, if these people were in that kind of financial condition, where did they get the money to pay to attend these courses? It just didn’t make sense. Afterwards, we asked the other speaker if people are able to pay the fee out it payments and he said, “No, it has to be paid tonight by check or credit card.” When he found out that we weren’t willing to write a post-dated check, he just walked away. Don’t get me wrong, I don’t regret going. The seminar was free and we learned a lot of valuable information that we plan to use. It still comes down to the fact that you have to have money to make money. Unless a person has a rich uncle that is willing to invest or we can come up with a clever gimmick for a 3 day course, we’ll have to continue to make our money the old fashioned way – hard work. A money tree sure would be nice!
Jessie is freakin HOT!! She says and tells a good story but the facts are way over inflated as i have extensive experience rehabbing homes and flipping them.