Rich Dad Poor Dad Seminar Review

Rich Dad Poor Dad Seminar Review

This was pitch night for the Rich Dad Poor Dad three day seminar, and I decided to take my 17 year old daughter to the free “basic training class.”

Of all the wealth building schemes, I think Robert Kiyosaki’s Rich Dad Poor Dad makes the most sense. Speaking as one who has done several “no money down” deals, one of which has yielded me value of over $20,000,000 in less than 10 years, I believe his simple principles are generally valid.

I counted 100 attendees. The pitchman was friendly, and the presentation was relatively low key. I believe he had at least two shills that I could identify but that’s expected for the Get Rich Quick business. The overriding principles of achieving cash flow in Kiyosaki’s world are:

  • Opportunity
  • Knowledge
  • Action

The seminar, known as the “Rich Dad Poor Dad Academy” is a 3-day affair, and the price (discounted 50% of course for tonight) was $495. He compared it to Robert Allen’s $1,500 and Trump’s $3000. The Academy is purported to 1) present methods of discovering opportunity with reference books and guides, and 2) teach some procedures for buying properties for no money down. Nothing unique here. Carleton Sheets is yawning.

He showed a video example of a young couple who bought a house for no money down, and re-sold it 6 weeks later for a gross profit of about $26,800. Here are the numbers, by memory:

  • Asking Price $240,000
  • Purchase Price $210,00
  • Flip Sales Price $258,000
  • Gross Profit $48,000

The couple reportedly obtained a hard money loan (individual investor loan) for $210,000. Now, let’s look at the cost of goods sold beyond the purchase price:

-$ 4,200 loan fees (2 pts)

-$9,800Upgrades/remodel

-$1,200 closing costs

Reported net profit $26,800

So, this previously pennyless, young couple living off the husband’s pizza delivery income put $26,800 in their pocket in 6 weeks?

I don’t think so

The fallacy is the hard money loan. NO ONE is going to loan her essentially 95%-100% market value for 2 pts, and I guess that was an interest free loan for 6 weeks? I am always in the private loan business for good circumstances, and for that deal I probably would have nailed her for 5-10 pts. and half the deal. She had to have a partner, being inexperienced and with no cash or collateral. My guess is they got thrown $5,000, maybe even $10,000, which is fine for them, but not $26,000 to them.

I had a little problem with the Rich Dad pitchman’s next topic, himself. Probably LDS like so many of the no money down guru crowd, he said he worked for Robert G. Allen in college, then started flipping houses. That makes sense. But then, he told of us his latest “coup,” an area development agreement for “the ENTIRE states of Maine, New Hampshire, and Vermont” for a Mexican QSR franchise! His reasoning was that the cost was $450,000 per store, and that Qboda and Chipotle both do about $1,450,000 in volume, and that at 1xgross he would be making$1,000,000 per store and that was a “no brainer.”

My ass it’s a no-brainer! I have been a strip mall developer for 30 years and trust me, NO restaurant is a NO BRAINER! 1x gross valuation is accurate, but only on stabilized volumes and it’s highly unlikely that those stores will do those volumes in those areas, even if they are run perfectly. So, the limited credibility he had went out the casa with that one!

Finally, I was watching for conversions. I would guess it was pretty strong, possibly 25%. Do the math. 25 x $500 = $12,500 x 4 seminars = $50,000 gross for our area and that’s a very generous estimate.

For the past three days, you could not turn on the radio or TV without hearing a spot for these seminars, nor could you find a local website without RICH DAD plastered all over it. They used affiliate marketing on the net, and I’m speculating that the deal with Kiyosaki was licensing, not a vertically owned enterprise. It looks like Russ Whitney is involved as well, and he’s got quite a history. If interested in this no money down, get rich quick real estate seminar topic, here’s some recommended reading. I’m guessing there was an easy $25,000 in promotion. That leaves $25,000 left to pay the bills.

$25,000 less

  • License fees
  • Pitchman’s cut
  • Support staff
  • Hotel meeting room; 4 seminars, 2 hours each, plus a 3 day meeting (includes a lunch)
  • Materials

My guess is that if the promoters netted $10,000 from this deal they’d be lucky. As repetition is the engine of creating an annuity, one could argue that repeated twenty times a year there’s $200,000 in profit, and that’s probably the case, BUT….wouldn’t it be less risky and much less work to flip eight or ten houses, at $25,000 profit each??

You make the call. Is the Rich Dad Poor Dad 3 day seminar worth $500? Maybe, for some, it could be. I’m a huge proponent of education and training, and have spent that sum and more many times for legitimate seminars and conferences and have never felt like I was ripped. As a frequent speaker at regional and national shopping center seminars and conventions, I want to offer supreme value for the attendees’ time and money and I think we do. If you have no background whatsoever in real estate dealings, it’s probably not a bad deal, and at least Kiyosaki hasn’t gone bankrupt (to my knowledge) like so many of the “mega successful” gurus.

In reality, the “secret” to making money in real estate is no secret at all.

It’s exactly what Kiyosaki says in his original book, Rich Dad, Poor Dad: Opportunity, Knowledge, and Action. Where most people fail is not implementing the 3rd step–not taking action.

Subscribe to LocalCenters.com ,consider attending quality real estate seminars and conferences, and you’ll learn everything you need to know, and then some. Read the articles, ask your questions, even request articles on specific topics, and soon your ability to move forward with your retail or development goals will become greater than 95% of those who don’t invest their time as you are. While we don’t address residential properties to a great degree, the principles are the same as in commercial real estate.

{ 46 comments… read them below or add one }

D Hu

Hey people, I am a sophomore in high school in Knoxville, Tennessee and I will be attending this 3-day seminar with my dad this Friday, Saturday, Sunday. As I expected the seminar to be great, after reading the comments above I found it kind of flattering to some people who said that it would be a rip off paying K’s amount of money for more advanced training. Well as I high school student, I foresee the world that the people who are limited in as a high schooler. Way before in my life I thought I wanted to be an orthodontist or medical field area job. I had completely ignored the idea of businesses and real estate. I thought it was boring. After reading the first series “Rich Dad Poor Dad” it had changed the paradigm concept in my brain thought that was very enticing to me. I really before hand thought of being someone in the medical field like an orthodontist would be fun but not as money making, but to real estate I had found the ideas of becoming rich instantly. I had got more interested and had continued to read the series of rich dad poor dad and read the book “why you want to be rich” by both the biggest real estate developer and investor Donald Trump and Robert Kiyosaki. I had definitly got more interested and that is why I had attended that seminar that held in my city, which lead to me to attend the $495 3-day seminar with my dad. My dad is also an open minded person, he seeks new ideas to live life too which is great having him with me for support on this subject.

I also besides real estate investing thought of other ways to make “big” money. Investing into the “Iraqi Dinar” is a big one also. I have recently bought dinar for a relatively cheap price. The dinar that I bought now would be worth 3X the American Dollar about 10-20 years ago. Since then, it fluctuated to a real cheap price $1USD=1206IQD currently. But researches say that the dinar will probably not reach that mark again but it will definitely someday reach up to the 1/1 mark.

Well that is all I got to say for right now. I will post again how the experience goes during this 3-day seminar this friday and please leave comments for me and questions! Thanks!

D Hu

kelly

I attended today and loved it! I decided not to attend or buy the 3 day seminar, but the free seminar had great info. I went to look for industrious, hardworking partners wanting to help me with global expansion. I met great people and we will see. If you know anyone that wants to work hard for 1-3 years in order to have finanacial and time freedom , let me know. The best! But, I loved today! I love RK!!!

Rbt

I initially discovered the RDPD phenomenon about 6 months ago when I found a copy of the first book and read it. The book was inspiring for me for several reasons but I immediately recognized it’s double use as an advertising tool for other products, notably the Cashflow games. I continued to explore by reading most of the other published works by Kiyosaki and his RDPD collaborators including “Why we want you
to be rich” written with Donald Trump. After reading several of the books I ordered Cashflow 101 and admit that it is a challenging and very fun board game to play – where as I despise the boredom of Monopoly, Cashflow delivers on it’s promise of excitement coupled with education benefits.

Several weeks ago I attended a free 3 hour training expecting a sales pitch but curious to hear about the RDPD education and also anxious to get some idea of the real effort involved in applying the RDPD principals and strategies. The entire 3 hours is a hard sales pitch, but it was enjoyable enough to sit through. Needless to say I ponied up the 490 dollars to attend the 3 day training understanding that I knew very little about real estate and knew that I needed a look behind the curtain so to speak. After signing up and charging the 490 dollar “doodad” I was presented with my “free” guide to real estate investing and the 3 step guide to financial freedom book, as well as some other reading and CD / DVD products. The materials are well presented and very informative, but nothing ground breaking for anyone with personal finance savvy, and nothing that can’t be substituted for at a local book store.

Before attending the 3 day seminar I set a limit for myself, knowing that it too would involve a salespitch, that I would not impulsively purchase any thing else if the cost was ridiculous or the product was not measurably tangible from the outset.

Having just attended the 3 day event I must say the introductory level training was worth every penny of my 490 dollars with my only caveat that I have only a very basic understanding of Real Estate. For someone at my level the course was most likely valuable. But a real estate agent that was at the same seminar admitted to me openly that they already knew everything we had learned up to that point of the program. The age and experience level of the class varied and nobody seemed overtly unsatisfied.

One who attends this 3 day seminar should expect a broad stroke introduction to several real estate investing subjects, including financing methods, wholesale tactics, foreclosure process, due diligence, etc… However it is emphasized over and over that to be successful one needs intensive training in each of these subjects. This of course is where the sales pitch for more advanced training comes in. In addition to the training that you do receive, and I re-iterate that you do receive good training at this seminar, you get to play Cashflow 101, meet new people with similar interests, and receive more literature and information to study on your own.

Anyone who has read the RDPD books is very aware of and familiar with the concept of the “rich” mentality vs the “poor and middle class” one. During the sales pitches, which are a continuous part of the 3 days, this “mentality” becomes a tactic. This is where I began to detach from the experience and hastily put down my glass of “kool-aid”. I felt it was a tad insulting to use the validity of the RDPD message in it’s inspiring context as a subtle manipulation to get one to do such things as consider credit cards “investor card” and then attempt to convince one that investing in education is the only way to succeed. Not that this is inaccurate, but once you are presented with the pricetag of the advanced training the ploy becomes blatantly obvious. The advanced training packages, consisting of more weekend seminars, vary from 2 to 8 training events for prices ranging from 9K to 65K. I am not exaggerating when I say that the speaker / salesman suggested that people could take money out of their retirement savings to “invest” in these classes. It quickly becomes evident that it is ridiculous to expect to learn the complex advanced subjects at a 2 or 3 day weekend seminar with a price tag in the neighborhood of 3K to 5K each. In addition to the audacity of the inflated prices the speaker made several claims regarding the company owner (which is not Robert Kiyosaki) as well as herself which were easily refuted with some online research. It is worth mentioning that on the first day the class was encouraged not to use Google to look up unreliable internet information. My unreliable Google search netted a NY Times article about the Wealth Intelligence Acadamey’s owner – Russ Whitney – which was far from an unreliable Google search. There was other information and claims that I disproved and/or could not substantiate that I wont waste time on – by now you should get the point.

As I had agreed I walked away at the end of the three days without “investing” in my future – But I did it with no credit card balances and still have my life savings in it’s account where it belongs. The WIA / RDPD crowd may now accuse me of “thinking on the wrong side of the quadrant”… however I was confident that I could afford to pass up their generous opportunity because while I was using the internet to look for unreliable information I found several alternative sources for RE investing classes, mentors, and opportunities with much more realistic price tags. One of these is the Non-Profit organization the NREIA – I am not currently affiliated – but I do recommend one look at the website if they are interested in RE investing in any capacity.

I’ll part by saying that my overall experience was very positive and that I am pleased with the service I received for my 3 day introductory seminar. I came away with a wealth of information about Real Estate and investing that I didn’t know existed, and with the motivation and plan to seek out more training. The experience was life enhancing and horizon expanding.

I have taken Rich Dads lessons to heart and recognize their value in learning how to think progressively about financial security. But I learned some lessons from my Poor Mother that are worth mentioning here – and that is that some elbow grease is what it takes to get things done. AKA – apply yourself. If you can afford to pay premium prices and feel that a few days will get you where you want to be then the Russ Whitney / Kiyosaki team is a good choice. If your realistic, use some sense and shop around for something less manipulative and more reasonable.

Best of luck.

james

rbt thanks for th einfo, i will be attending the 3 day class next week and i am grateful for your review.

William

D Hu
March 26th, 2008 at 1:59 pm

“Well that is all I got to say for right now. I will post again how the experience goes during this 3-day seminar this friday and please leave comments for me and questions! Thanks!

D Hu”

So?….I am waiting….so you were scammed too? There is my question…

fSc

re: Rbt’s comments

Your review was very timely in the scheme of things for me. Like you, I happened onto the RDPD book and branched out into a few of the other books including the one in collabo w/ Trump. They were inspiring in that they all had slightly contrarian views to money (think: most parents teach their kids to study hard so they can get a good job, but still end up living paycheck to paycheck), and offered a glimpse, albeit rather fuzzy, into a way out.

I was slightly slower in my approach, in that last year, I attended a free seminar, knowing full well that I would hear a sales pitch, but going nonetheless, committed not to be sold. However, the RDPD company stayed in touch with me, and when the seminar came around again last night, I went again still in the minds-set of just refreshing those inspriational ideas. This time, I pulled the trigger. I’m not sure if it was all the gimmicks (think, the “take action” part, where someone runs up to get the dvd, or the heavy dose of contrarian rhetoric, think “how many of you learned to disect a frog in school”?), but, by the time the pitchman, Mr. Paul Figurski, got to the “go sign up for class” part, I was in. Fortunately, this is also when my need for confirmation instinct kicked in, so I straightaway began doing some background checks on both the seminars and the people involved. I tried to keep an open-mind while reading, knowing that different people respond to things differently, yet, repeatedly, the evidence was overwhelming that the material being taught, while potentially useful, was in the wrong hands: teaching folks how to increase their credit limits so they can purchase more classes is not in their best interest. The kicker as you might say, was the NYTimes article that you described, which was easily found when googling Russ Whitney, and cited devastating examples of zombi-behavior in those that attended the classes. That is when I realized that there is a reason, I was immediately uneasy with the whole thing: learning and decision making are naturally events that take time to mature – so, based on the tactics they employed at the seminar, which utilized hyped up emotion/energy and banked on the illusion of scarcity (limited class spots), the instructors were espousing group-think, which actually more frequently leads to being personally lost and not self-digestion, which can lead to intellectual independence.

To conclude, I don’t part with any ill-will towards RDPD, b/c I do believe that their concepts if aptly applied, can lead to succesful results. Where they begin misleading you, is the process. Kiyosaki, I believe is an ideas/dreams peddler. And, like the many who have come before him as well as the others, certain to follow, they prey on the mutually shared dreams as well as areas of discontent (being dis-satisfied with your job, lack of family time, etc) to exploit the natural human desire of wanting to think that one is better than others.

The million dollar question that others have asked and that I will repeat in parting is: how much of their respective fortunes, b/t kiyosaki and whitney have been from real estate and how much of it is from these get rich seminar empires? The answer to that should tell you all you need to know about where you should place your dreams…(you may need to be the next one in line to “teach” others how to get rich)

jlm

I tried to get a refund! I had to cancell because of a death of my poor dad.I called the academy,faxed the app.,my statement,and info.I believe I should at lease get an email!I know I got hosed!!

Tomi

Did the 500 dollar 3 day course. Got my moneys worth with a few nuggets but in all you only learn enought in 3 days (thats 3 very long days) to become dangours. Its a big sales pitch to spend 12-65 thousand more dollars in advanced education.
Your not allowed to ask questions during this 3 day class. you can ask the 2 other teachers in the back of the class before after and during breaks.
but 500 bucks… I made it all back on the nuggets he taught us.
but no way could i spend 12k on more.
Yeah college cost double that to get a “Job” but unless RDPD starts up a student loan program… well you get my point.

LKB

I am an investor that started with RDPD. I love his books but I don’t like their education program. I thought they were the only source out there but there are so many other good ones where you can get a better value for your information. The one thing I disliked most about the RDPD 3 day seminar was that the company is like a traveling circus. I couldn’t attend the 3 day seminar the week I signed up and they told me it wouldn’t be a problem for me to attend another session. Well, the next session was a week or month later…but in another city. The next year they came back into my city but once again my schedule didn’t allow me to attend. I kept waiting for the traveling circus to come back into my town to attend. Then once you join…your on your own. Sorry, no one from RDPD is there to hold your hand as you try to educate yourself about investing like they say will.

su

My boyfriend and I attended two days of the RD seminar on stock trading in NYC Aug 2009. Although we did learn some potentially valuable information it was overpriced and I feel they are con artists and it is a big scam. I will say that it did make me feel motivated to do some of the things that I want to do financially. But I was already at this point when we signed up for the seminar. So this was not a total loss, but only because I recognized that this is a scam and what to learn from it. I’m not advocating going to ANY RD seminars. Hopefully we will be able to figure out what information we learned will be valuable to us.

The course instructor spent much of the time trying to bully, insult and sway us into signing up for and paying ridiculous amounts of money for advanced classes($10,000-70,000). And all of this has to be done on the last day in order to get a better rate… which is already way too much money for a 3 day seminar… !!!! Just a drop in the bucket compared to the money you will make with RD “Education” and mentoring. If they are so sure of this, something they keep disclaiming throughout the course and in their literature… why not defer the tuition until we make the money to pay them????

I googled Kyosaki/scam before we went to the free seminar but found nothing… too bad.

Our seminar instructor, Scott Stewart, claimed to be a *very successful* trader, but I could find nothing about him online. He did share a lot of knowledge about trades and trading strategies, his own and the kyosaki system… as well as about his own finances… but due to the crazy stuff(like telling us to increase our credit limits on credit cards, max out our credit and deduct vacations as board meetings in our proposed private trading corporations) who knows what is sound and what is true…??? He also belittled and insulted people who are nøt financially successful and who have previous trading experience, telling 3 traders who attended that they would never be able to be successful with K’s system because of their preconceived notions. I think that much of the information he shared can be found online for free, such as the turtle traders rules which he said they teach in the advanced courses. He said that if we wouldn’t invest $3000 in our financial future( the “tuition” for one of the advanced courses after tax deductions from our “proposed trading corporations”…I’m not sure how he arrived at this number) then we didn’t deserve to be millionaires… lol !!!!!

And tell me why would a successful trader need or want to teach for RichDad? According to Scott, because he loves to teach and share his knowledge and because RK pays him big bucks. But teaching does not include insults and pressure to shell out your money. This would almost be funny due to Kyosaki’s view on education systems which I agree with in part, if it weren’t so reprehensible. Presumably the credit card limit increase was to help pay for the ridiculous price of these 3 day seminars which would make us into millionaires and more? It is important to note that the course prices and access to courses were determined by the size of your portfolio/mutual fund/pension/bank account.

I spoke with a father and son who lived near us… the father has spent $30,000 on real estate courses… I don’t know if he made any profit yet but he said he was investing with the big wigs now and had met K briefly I think. Another woman had lost her money, paid off her debt and was now recovering… I hope that she doesn’t give RD any more money. We were encouraged to change tables and network, especially if we were doing advanced classes… if we didn’t take the advances classes then we would “NEVER” be traders… lol.

My boyfriend and I never did the encouraged private sessions with the advisors, I suspect these are probably designed to see how much money you have, but we did speak with Jose, who said that he had not made a lot of money trading, and that if he had he would be on an island somewhere not here giving a seminar… lol !!! I overheard Scott telling one of the advisors on day two that someone was causing trouble, maybe one of the traders, by telling everyone what to do and could they figure out how to deal with that…NOT A GOOD SIGN !!!!

From what I’ve now researched, I learned that Kyosaki has apparently never made any money in real estate or trading, but in selling books and ware and promotional talks. I also found that Whitney Information Network Inc., one of the companies associated with RichDad “Education” made, according to their financial statements/reports in 2008 $39 million in gross profits. They advise against buying their stock as RD is having a problem with them and may stop association with them and they’re being investigated by the SEC and DOJ. K is associated in some way with Amway and the Morman Church had a warning article about RichDad Seminars… pot calling the kettle black!!!

Bottom line is… these people want your money, they want lots of it, and they’re using time honored sleezy and ugly tactics such as psychological warfare to try and get it… they don’t give a rats ass about your financial future or welfare. BEWARE !!!!

REJ

I paid $495 to go to the RDPD seminar in Ontario, CA from 092209-092409. Is there anyone can give me an idea before i attend this training session on what I should be looking for or looking out for. Is this just another real estate sales gimnick or is there a true opportunity to make some good honest money without ripping people off? I do have a conscience and I would never want to take advantage of anyone trying to make an honest living or seeking knowledge and understanding.

Thank You!!

John D Markey

i went to that free seminar and that is was a total scam, things paul said he would cover he never did and then when he pitched the 3 day school he some how just disapeared out the back door never to come back and go over some material he said he would,,

Jvan

Thanks for the infor, I’m takeing the 3 day
class next weekend

Mark Went
Ace

Hi all, I have read rdpd books which I have to admit they are inspring, which is a great thing. I too paid the 500 for the 3 day seminar there were four of us total. so we spent $1000.00.
I have no real estate background so i feel the money i personally paid 250 cause we all split the cost. i think it was worth it.

The turn off for us was when tehy spent from 3 in the afternoon till 7pm trying to sell you the 12k to 67k plans was discouraging. We felt that they took too long to some how convinse us about it. Was a dead giveaway for me and my guest.

another turn off was today toward the end of the day while we got to play cash flow when the speaker came up to us and asked why we hadnt gone up and we said we didnt have that kind of money how in less than a second he left our table without looking back and when leaving shaking his hand trying to say that i enjoyed what i learned he didnt even to bother looking me in the face when he said great. I guess i should of committed. NOT.

I wish everyone luck and wealth for any to pursue their hopes and dreams. for i will try to do it myself. Peace out to all…

Aleigh

I just finished a 2 hour seminar of “rich dad poor dad” and bought into the sales pitch to attend the 3 day extensive “rich dad academy”. I just got home and read all of these reviews, what a waste of money it is. I have no desire to attend it anymore, and am trying to find a way out. Does anyone know how I would cancel? An excuse that would be valid to cancel and get my money back? The academy isn’t until August, and I just paid a couple hours ago, so i’m wondering if there’s anything I can do. Any suggestions would be great, thanks!

Spring Eagle

This is my $500 worth of information. I hope no more people who see this would waste their $500 anymore.

Rich Dad 3 day training Seminar (Tigrent)
Date: August 13, 2010 to August 15, 2010
Instructor: Gregory S. Downing
Staff: Marianne$Tom$Lavone
Topics list:
1. process of assignment of contract 2. Pre-foreclosure 3. Lease option and how to go around 1031 exchange 4. Create finance–use property management strategy to build business safely. 5. commercial properties 6. multiple streams of income through Real estate: need to master minimum 7 of them in 14 months and 14 of them in 3 years. 7. asset protection and tax relief 8. mobile homes 9. internet resources
Business Plan we had to write during training:
I will always do exactly what I say I will do. I will take action in my life now. I will always be on time this weekend. I will participate at level 10 all weekend. I will master the art of learning how to follow the money. I will dedicate a minimum 14 hours a week to my real estate investment business. If I can’t I must. If I can I will. Failure is not an option. I will take minimum 4 months vacation every year. I will become completely debt free 12 months from today. I must do one per month every month for 24 months deals. I must develop relationships with portfolio lenders (community banks). I must develop database consisting of 350 potential buyers, sellers and tenants. I must master the art of taking the action quickly. I must follow up on all offers within 24 hours after delivered. I must develop a quality rehabbing database (45 in 45 days). I must generate $50,000 capitol by Sunday morning. I must tonight write my real estate investment company mission statement. I must develop relationships with tax professionals (in next 30 days).
Power Team: 1. Mentor (millionaire wealth build mentor) 2. 3x community banks 3. 3x Mortgage brokers 4. realtor (must be a millionaire wealth builder) 5. property manager 6. Accountant 7. real estate attorney
Strategies to convince us to sign up for advanced courses:
1. Today 60% of college graduates move back to their parents. college education average costs more than 35,000 dollars a year in tuition. Thus the 35,000 dollar training package of 7 courses which will guarantee you make money is a bargain.
2. if you want to make money, you have to committed to your financial education. We are here to help people who has financial trouble by buying pre-foreclosure houses at 70% to 80% of fair market value. And we are educating them and helping them to make more money on their house by persuading them to do seller financing. We are helping people who cannot afford buying a house now to buy their dream house through lease option. We are making contributions to today’s economy.
3. People’s fear prevents them from getting out of rat race and being financially independent. They need positive thinking from right brain.
4. Future learning for successful business: 1. land development 2. Creative Finance 3. Foreclosure 4. short sale (1-4 are earned money) 5. lease option (passive income) 6. asset protection (when make over a million dollar) 7. property management portfolio (1-7 are the safest and quickest way of making money and must to learn) 8. mobile home park 9. commercial 10 Tax liens and Deeds (to park your cash)
5. By the end of the second day of seminar, the price tags of the advanced training are reviewed. Based on the above, the package 3 “wealth acceleration certificate” are highly recommended which includes Rich Investor, seven additional training program, personal Mentor program (3days), software, 2 refreshers up to 2 years, additional software activation code (recurring fee applicable). The full price is $55,404, onsite price is $34,990 with a savings of $20,414. The lowest package is” Special Interest Certificate” including rich Investor, One additional training program, software and 1 refresher up to 2 years priced at $9,990 on-site. The highest package is “Financial Freedom Certificate” priced at $65,990. All packages are money back guarantee in writing.
Information new to me:
1. Need to work with non-conventional lenders also called portfolio lenders who will not sell your loan. Typically conventional lenders sell loans after 3-4 payments.
2. Only buy properties in hot spot which has appreciation rate of 5% or more. Rich Dad has a software can use zip code map to track medium house price, appreciation rate and every day price change. It also link to a database which has down loaded all documents of filing of foreclosure in each county court house.
3. Renting a single family house is the least profitable (about 1.5% PCF ); multiunit building is 3% PCF; and mobile home park is 10% PCF.
4. How to find a good realtor: 1. Call for No. 1 realtor in the company 2. must like to work with investors 3. know zip code map 4. know average price by neighborhood 5. know appreciation rate
5. How to make conversation with people to establish database:” Hi, my name is xxx. I represent Colorado Investment Group. We are investors. We are going to invest in the next two years of 8 to 10 million dollars worth of real estate here in this area. If you or anyone you know ever has a question about real estate don’t hesitate to give us a call.” Create profile of people you met: 1. hobbies 2. family 3. make 30 day contact, then 90 day contact. Document last conversation. Relate new call to old one. Call 9 times in 2 years.
6. How to work with foreclosures: Find pre-foreclosure through county court house and send letters to the owners. You will get 30% response.
7. Elements of contract: 1. subject to partner approval 2. subject to inspection 3. subject to financing 4. make 2 offers/house in writing: request seller financing at 80% fair market value; pay cash and close quickly at 70% fair market value 5. 75% business is from database or by word of mouth 6. Make offers to 100 houses per month
8. Whole Sale house: find house, make contract, assign to buyer (rehabbing) –quick money, only own the house for a few seconds
9. Cost of setting up your Real Estate Business: $50,000 1. business set up by accountant who knows real estate $750 2. equipment: computer, modem, cell phone, transportation 3. Ads, sales letters 1st deal may take 90 days 4. advanced training, mentors 5. capitol to fund business
10. How to raise $50,000 from credit cards: consumer cards are bad debt but don’t cancel them which will lower credit score –freeze them. Investment cards are the ones with cash advance, balance transfer, convenient check. Call credit card companies to increase credit limits. If it is below $10k ask for $10k; if it is over $10K, then ask for double the amount but less than $50k. You can open as many as possible new credit cards in 14 days window to be count as one for credit score. You can say your house hold income to be $50K a month since you can get that cash for the current month through the business. Before the first billing cycle ends, you can transfer your balance to another credit card or other cards. Then do the same for the next month. By paying off the previous cards, your credit score will be increased since you are proved to be a responsible person. You and call credit card company to eliminate transaction fees. If your credit score is over 650 you can get instant credit from 1-800-600-blue and go to web creditwww.com.
11. six tools needed to start your business: 1. mentor 2. financial education 3. money 4. tools of pro: software 5. attitude 6. desire
12. “Buyer to be given the right of 1st refusal to buy note of mortgage under the same terms and conditions that could have accepted by a third party.” This is the statement in the contract of seller financing example. For a house which fair market value was $220,000, the counter offer was $185,000 with seller financing. The amount of $1262.03/month paid to owner. Then in the mean time, a lease option was done based on 0.75 to 1% fair market value which is $1650 to $2200/month. Taxes and insurance are paid by investor. The lease option is based on future value increased by 3% a year. The investor asks the seller to act as a bank and at interest rate of 8% the seller will make over $440k in 30 years. The seller did not believe anyone will stay in a house for 30 years. The investor gave the seller Mr. Smith another calculation which showed in 5 years, he could get $250,322.26 instead $185,000 at present. Mr. Smith agreed with the term and signed contract with the above statement. Later Mr. Smith decided to sell the mortgage to another mortgage company. And the mortgage company asked for a discount for $163,000. Because the above statement, Mr. Smith has to sell the discount mortgage to the investor at $163,000. Because of both lease option and the seller financing, the investor make a lot of money in short time. It is all in the name of helping people who has financial trouble. When the house was not paid off, a sandwich lease option is used to sell with wrapped mortgage. A contract for deed does not protect buyer. It was the above statement did it.
Conclusion:
“The Rich Dad Education 3 Day seminar” is a scam. It is a sales pitch for the pricy advanced training courses. There is some useful information but mostly misleading material. Lease option and Seller Financing are the dirtiest tricks to rip off people in the name of helping them.

david

I am in Dallas right now just finished day number 1 of the 3 day seminar. What a long day and long sales pitch!! My wife and I only paid $199 “special offer” during the free intro seminar so we decided to give it a try. For the past month I have been obsessing and researched studied all of these methods already and I consider myself somewhat knowledgable in the subject of real estate. We are both the youngest in the group of about 100, we are both 22 years old and today I am very happy because the bank accepted our 65k offer on an Reo “Real estate owned bank owned” property! My plan is to rehab and with my estimates will be 3-4k. The after repair value is 103k. Well enough rambling about that back to the seminar. About 70 percent of the time has been spent on the sales pitch and building up the belief in peoples minds that without them they wont succeed in this business. All of this talk about maxing out credit cards and pension plans is TRUE THEY DO ADVISE YOU TO DO THIS!! I had read about this and was prepared for it but oh my God I feel terrible for the people that actually have spent their last 200 bucks to attend the seminar and will be led into buying 10k-70k classes! They will WARN YOU to not bring any WASTE MATERIAL to the table you are sitting at meaning to not be negative and they mean it. We only live 45 min away in Fort Worth and decided to stay at a hotel :) to make things easier. Tomorrow in day 2 we should be expecting to play the cashflow game because today for some reason fedex/ups or whoever is delivering the board games could not deliver them on time….makes no sense at all but oh well i hear it is fun and this is the only thing i am looking forward to do in the seminar. Another thing is that usually i am very good at figuring people out and their energy/intentions i got it from my mom well.. I sensed something fishy with one of these so called “coaches” and I asked her as she was passing by our table some basic knowledge about rehabs and flipping homes. Lol, she immediately corrected me saying that is not the proper term LOLOL everyone uses it even HUD. I asked her basic knowledge questions and she changed the conversation EVERY SINGLE TIME. After this I became very afraid i dont know why but I got this negative sense and it hurt me to think that these people could rip these people off! Ive learned more from reading a 50 dollar ebook than in a full day and most likely the whole 3 days. Well its late folks and I need to sleep to get up and go to day number 2. If i remember I will be back to inform you all of how it went. Good Luck

jna

Is there anyone out there who cancelled their registration BEFORE the 3-day training? If so, did you return the books given at the ‘free’ 2-hour seminar? If you didn’t return the books, did they provide you with a full refund of the seminar anyway?

Lucky

Hey Mark Went,

Thanks so much for the link to cbc. That’s incredible! Everyone thinking about attending the 3 day event and especially the advanced seminar needs to LOOK at the report. I just finished the 3rd day today 11/14/10 and actually believed it was worth the $200. It was held in Garden Grove, California. Our instructor Lee Escobar was quite charismatic and convincing. I probably would have shelled out the $10k – $65k for the advanced seminar if I didn’t have a wife and two kids. Yes, even if it meant to put it on your credit cards! “Since you could pay it back in one year!” I was moved by Robert’s book Prophecy and knew I had to do “something else” than my job to attain financial freedom. They throw Robert’s name around quite frequently and to learn that he actually is quite angry about the company and can’t get out of his “contract” is very disturbing. Because it was his book that made me want to attend the seminar! I feel very sad for those people that are/have spent the extraordinary fees to continue learning in the advanced seminars.

Ian F

Great post and information on here. I will be attending my 3 day seminar in about 2 weeks I will do a write up after explaining my experience.

shane lear

I just attended the free seminar and signed up for the 3-day one as well. I have read all of kiyosaki’s books. I also understand that he made the majority of his money from the books etc. not in real estate. It onlt cost $199.00 so i fgure what the heck. I absolutely will not be spending money to buy the more expensive courses.

Mark Douglas

I went to a seminar this weekend and left on the 3rd day, before it was over. They shared what I thought were amazing techniques to make money in RE using OPM [other people's money], which is really appealing. I’m sure it can work and would actually like to have given it a try, but there are things that turned me off.

First is the pressure to sign up NOW! because if you don’t you’re NEVER going to make it out of the rat race; there’s no allowance for outside researching and consulting with others so you can make an informed decision. They require a ton of $ to take their advanced training, so you would think they should want people who go in with their eyes wide open, but no! they appear to mainly want your money and your soul.

The 2nd thing has to do with one of their ‘business plan’ statements which is ‘I will always do what I say I will do.’ When I explained that I had promised my wife that I would make no unilateral decision to commit to anything [she was out of town, so did not participate in the seminar], it seemed to be okay with the trainer that I ignore that commitment and just go ahead and do whatever I felt like doing. That’s when I realized that their making money off of me was more important than doing the right thing. They’re big on emphasizing doing the ‘right thing’ and not taking unfair advantage of people in unfortunate situations [which I agree with]. So why be inconsistent in the application of doing the right thing? It’s indicative to me of more serious issues. So, no thanks Robert.

LC

Hey Mark, thanks, and well said. The reason the trainer didn’t respond is that he probably wasn’t given the answer beforehand. Good for you for involving your wife. That’s the right thing to do. Unless, you just HAVE to have a $1,000 .45 pistol that’s calling your name;-)

Gordon

I thoroughly agree with everything you said. I decided to attend only the first day of the 3-day seminar since it became obvious that they’re making us pay just to market their advanced coaching program and boost their enrollment. Enough is enough!

Eugene

Hey folks, I just attended a 2 day basic 3-day RDPD training class and as a Commercial Broker, I can tell you there are a few nuggets to obtain from this Selling (oh, I mean training), but many senerios are inaccurate.Do yourself a favor and research the training and reviews. To good to be true,,,maybe! That being said, Real Estate is a very good place to invest with the understanding that it is a process and not a “get rich quick” vehicle! Ed

Chuck

I recently attended the RDPD seminar in Phoenix (3/25/11-3/27/11). I was a guest of my girlfriend, who had bought the 3-day seminar a year ago, before we got together. I am an attorney and prior to that used to be a realtor, so I was interested in what they had to say about investing in real estate.

From the start, I felt like I was at a timeshare presentation, meaning that I was being told how great everything was and how much I needed this program to change my life, and was waiting to hear how much it was going to cost me. The presenter (Lee Escobar) was a very polished snake-oil salesman who spent a lot of time giving us his background, complete with pictures of him in uniform (army chaplain, apparently), his mom (army major), his Bentley, etc., to establish his credibility. He also spent a lot of time talking about how well-regulated the RD company was by the SEC, and how we had to trust what they were telling us because all of it had been verified and survived scrutiny by various attorneys, the SEC, the IRS, and the Easter Bunny. Sorry, sport. Enron was a publicly traded company with SEC oversight, remember? So is Fannie Mae. So is Freddie Mac. The government couldn’t make a quarter if it managed a laundromat, so telling me to rely on government oversight really isn’t reassuring whatsoever.

Lee set out early ground rules, the most important appearing to be that nobody gets to ask any questions during the class. He graciously offered to stay after class (which ended at 7) to answer any individual questions, but the general impression I got was that he wasn’t going to be challenged by us “left-sided thinkers”. That doesn’t sit well with me, being told to effectively “sit down, shut up & don’t ask any questions because we know what’s good for you.” After all, if I knew what was good for me, I’d already be rich, right? Hard to argue with that logic, eh? And if someone actually did have the gall to ask a question, he would refuse to answer the question and talk to them in a condescending manner, letting them know that they were wasting everyone’s time.

Most of the day was spent with the class acting like a bunch of barking seals, dutifully raising their hands whenever Lee ended some leading question with “let me see your hands.” (“How many people want to be rich? Let me see your hands.”) It happened so often, that in just one 3-hour stretch, he said it 137 times. But people kept responding. (Oh yeah!) So he kept it up, making sure to chastise the class when he didn’t see enough hands. I told my girlfriend I was going to have 2 lb. wrist weights made and sell them outside RD seminars for $10 each and market it as the “LMSYH” workout (Let Me See Your Hands).

At the end of day one, he told everyone to go home, call their credit card companies, and try and get the limits on their cards raised, ostensibly because they would need capital for deals they were going to start making. Interestingly, early in day 2, he informed everyone that it was the people with bad credit who had an “advantage” in real estate investing, because they already were in a position financially that the “good credit” people would be soon enough – where they would have to “engineer” deals using no cash and no credit.

Well, if the credit card exercise wasn’t for deals, then what was it for?

Luckily, I didn’t have to wait long for that answer either. By the end of day 2, we had the prices of the advanced training. Mr. Escobar told us how much he would have loved to give us all of the information he had on engineering deals, but it just wasn’t practical in the 3-day timeframe, so we all needed to have this advanced training and mentoring. The packages he recommended were between $25k and $35k. Um… Thanks anyway.

I didn’t bother going back for day 3. I read a number of reviews online and watched an expose of the RD seminars done by a Canadian reporter. The things outlined in that youtube video were eerily similar to what we were hearing. In fact, if you watch the report, pay close attention to the mobile home park portion, because Lee spent a ton of time telling us how he was making a half-million on a mobile home park and that we should be buying trailers at $5,000 apiece and renting them to generate positive cash flow each month.

To be fair, there was some good information presented, although I wouldn’t recommend anyone actually go out and act on it. At best, it was incomplete and might land you in some financial distress if you attempted some of the deals they were advocating. At worst, it might land you in legal trouble. I’d STRONGLY advise talking to some “left-sided thinking” attorney before you ran out and began using some of their one-size-fits-all contracts, because if you’re ever hauled into court on a breach of contract action, you’re going to be presenting your case to a “left-thinking” judge and a bunch of “left-thinking” jurors who might not appreciate your zeal for making shady deals just so you can buy more $5000 mobile homes.

One final note. Lee made a big deal about being “financially free” and being able to do “what he wants, when he wants, where he wants, any time he wants, with no negative financial consequences” and you couldn’t ever get to that point if you were an employee of a company. Then, he proceeded to tell us how he used to be both a teacher and a mentor in the advanced RD training, but had to give that up because he spent all but 30 days away from his home one year and RD told him he had to choose one or the other. He chose to be a mentor, but RD told him that he was going to have to teach instead. So Lee is no longer a mentor. Doesn’t sound like he has the freedom to do “what he wants, when he wants,” does it? Also sounds a heck of a lot like being an employee.

Bottom line: Do your homework. Ask questions. Don’t be talked down to.

Bey

Their should be laws against this form of B.S If any of these groups can promise you a rose garden make them bring it if not give the people their money back. they give you a arm full of books and CDs and send you on your way with the luster of the seminar wearing off with every page you read. They should take a person by the hand and make sure they at least get one deal done.

Abby

I couldn’t agree more with Chuck! I just attended the 2nd day here in Arlington, TX. The whole thing goes as Chuck says. Couples: be aware, make sure you both are in the same boat because Lee Escobar is going to tell you that if one of you doesn’t support the other, just leave him/her, don’t even try to convince him/her, they are not smart enough. Very odd!
Also, Lee is extremely charismatic, but don’t let that fact robbed you more than $10,000 (for one “advanced” course). However, to be fair, the seminar had some good information (borderline unethical, I think) but half of the time was a huge sales pitch. I don’t really want to go tomorrow Sunday, but husband is still intrigue…so I better go with him, I wouldn’t like to come back home with $40,0000 debt under his shoulder…..

Ryan

I’m going to be hanging out at the hotel where they are having seminars this weekend. I refuse to pay $300 for info that is available in a book or online for FREE. Fyi Kiyosaki does say that network marketing is going to be the sales model of the future.
http://www.rmq.energy526.com

cara maria

This seminar was a huge rip-off with very outdated information. They try to lure you in to spend more money on the more expensive packages to invest in your ”education”. The highest level package was, if my memory serves me correctly between $30-50,000! Another one of their sneakly little tactics they do on the first night is to go home, call your credit card company and try to get a limt increase, disguised as a way to secure more funding for
”real estate deals”. What their real motive is, to get you to finance all their other extremely expensive ”courses” they offer using your credit cards if you are low on funds.
They are quite friendly and personable in the beginning, however once they realize you’re not taking the bait their demeanor turns cold as ice. Just know what you’re getting yourself into!

Jeffrey

The last thing I heard walking out of this seminar as fast as I could was the insults from the two “sign-up here” thugs in suits slinging the “…back to the J-O-B…” guilt trip for not signing up for the once-in-a-lifetime, special price if you act now, 3-day education from top investors. Puleeze! And they call this low-class crap … education?

While the principles (dirty tricks) presented in the seminar were probably legal, they seem to take full advantage of the system and prey on the naive and under-educated. And while you can take the approach that this is their problem, it’s still morally wrong and only feeds the desperate get-rich-quick cancer that has been plaguing our lazy society for years.

While I am glad I went to the seminar and picked up a couple of pointers, but not the whole story, my gut told me it was a refresher course in motivation and sales tactics that making a quick buck on the backs of the unfortunate and naive will always be wrong. Thanks, but no thanks.

Lynne Dahl

My sister and I attended the 3 day class this past weekend. Our educator for the 3 days was Lee Escobar, Lee is a machine, full of useful knowledge and he really engaged with the audience making sure we were fully awake and really grasped to the best of our abilities what he was teaching. My sister and I both read rich dad, poor dad as well as owning the game cashflow. We both found this class to be very informative, so worth the $199 investment and an eye opener, and didn’t feel we were being sold, FYI the people in the background who are there to help you are financially free themselves, as you see them working on their computers during the training, they are working on making things happen in their own real estate world, really to them they want to see us succeed, their intention is not to “Sell” us something we don’t need or want…Success breeds success. There is even a guarantee or your money back if you don’t like the class you take!! Happy New Year!!

Aviv

There is a pending federal class action lawsuit filed against Tigrent / Rich Dad Education…… see http://www.bursor.com/news/20111212RichDad/

Aaron H

I have some important information to share about the Rich Dad seminars and about Tigrent Inc, the corporation name under which these seminars are produced.

I just attended a three day seminar in San Antonio on Feb. 24-26. “Bonita” was our instructor, and Trevor was the production manager for the event. Nicole, John and Rick were coaches at this event, along with Trevor. This team was a nightmare of human mis-interaction, and based upon their “way of being”, I was able to decide that I would not choose to do business with this company, regardless of the legitimacy of their educational material.

The first red flag occurred before I was even able to obtain my name tag. Tigrent registration policy for these events was clearly described for me and for my two business partners. One of our three partners attended a free event, where she was given an opportunity to register for the 3 day course for $199.00. For this fee she had purchased: an account number with which she could become a registered user of the Rich Dad web-site; authorized to bring one guest to the three day event; authorized to register one additional PAID guest to her account for a fee of $99.50; and a paid registration for herself at the event. This is what was purchased for the fee of $199.00, and this is the registration and guest policy for the 3 day Rich Dad Real Estate course.

A week prior to the event, my business partner and I called Tigrent inc.’s Educational Customer Service Department and spoke with our Education Supervisor. My partner requested that I be added as a PAID guest, and I was registered, by name, and was charged $99.50 on my personal credit card. I was e-mailed a receipt and a registration confirmation. I brought this receipt and confirmation of registration with me to the event. This is where the extreme level of unprofessional behavior from the event staff began to be be manifested.

Within the first minute of my arriving at the registration table, at 8:30 am, a half-hour early, the problems began. Three of us had arranged to attend the event together, and I was the second guest. There was only one guest signature place under my partners name, and I was concerned that, since I was early, if I signed there, that our third partner would have problems registering. I explained that I was a second guest of my partner, and that I had paid to register. The “Success Team” member at the registration table told me that this was not allowed. I tried to show him my receipt and he ignored me and told me to speak to Nicole. I went down to the end of the table, and Nicole quickly dismissed me, telling me I was not allowed to attend. She refused, within 3 or 4 seconds, to speak with me any further, and told me to speak to Trevor. In only a 5 or 6 second conversation, she was so rude to me that other guests later commented about it to me at lunch, and asked what her problem was!

So, having been ignored, and having my receipt taken from me and promptly thrown into the garbage can behind them without them even unfolding the receipt to read it, I was given a name tag as my partners ONE guest, and told to speak to Trevor. When I tried a second time to explain to Nicole that a second guest WAS allowed, she was incredibly rude, for a second time, dismissed me with a rude gesture, and walked away. Presumably, she was going to Trevor, so I followed her. Trevor, it turned out, was the site manager for the event. By now, I had a complaint about how I was treated at the registration table. I tried to voice my complaint, and was told to “Shut it!” Literally! He read me the riot act about how I was a GUEST, and that if I was going to create a problem I would be removed from the course. He said I had my name tag, and should go and sit down. I was stunned! But, I did go and sit down. I was really concerned that my partner would have a problem registering and entering the room, because I had already signed in his guest spot on the registration form.

My two partners did arrive, both late, and did get into the room. They came and sat with me, and I relaxed about the whole issue, ready to learn. This is when the problems escalated. THEY DID NOT HAVE ENOUGH CLASS MATERIALS. The room filled up, and the back 1/4 of the room did not have course materials at the seats, and the “Success Team” did not have extra materials. I heard many people asking for materials, as I was seated at the last row of tables that DID have materials. The tables behind me had been seated and began the course without materials. I was thinking that they were pretty unprepared. I took note of this. NEXT, about 40 minutes into the course, DURING the first session, a “Success Team” member comes up to me and whispers to me that they need to take my class materials and give them to “a PAYING customer.” I was so stunned, I just said “ok”, and gave him my notebook, course materials and course catalog. I sat there for the next half hour with no way to take notes, and with no book to turn to as “Bonita” the instructor, instructed us to turn to various pages. My partners were whispering to me about what happened, and I told them I didn’t know.

What happened next was a HUGE RED FLAG! Trevor comes up to us just before the first break and asks me, my business partner, and my other business partner, to follow him out of the classroom. He brings us out into the hallway, and begins to lecture me severely about my behavior. He said that he had THREE complaints about me arguing with his staff when I signed in at the registration table. He said that “if he heard one more word of complaint about me, I would be removed from the class.” He said that I was a “guest” that I was there only by their permission, as two guests are NOT allowed, and that if I wanted to stay, I would say nothing during the next three days! He was large, loud, angry and pointing his finger right into my chest! I was STUNNED! I wanted to attend the event, so I said “OK” again, with no argument, and went in and sat down. I WAS SO EMBARRASSED. I sat in my seat and was so angry at how I had been treated since I had arrived that I could not even listen to the material. As I sat there that day, I saw the “Success Team” treat others with this same level of disrespect. Anyone who asked any challenging question during the course was apparently labeled a “threat” and was asked to “step out into the hall.” I was disgusted with what I saw. This was no way to treat customers, or guests. I was both, a paying customer, and a guest. I expected more from any professional person, and I knew already that they were not a corporate culture that I would do business with.

After lunch, when some people had arrived late, “Bonita” (a stage name, not her real name), the instructor, lectured the class on “INTEGRITY”, speaking to those who had come back from lunch late about how inappropriate it was to do so. She had already spoken about what commitments her company had, and that she had, and how she would live up to these commitments. After listening to her speak for 10 minutes about professional behavior and “integrity”, I could not sit in my seat any more. I went out to the hallway and called Tigrent and asked to speak to a manager. I explained about how I was treated at registration, how I was a paying customer who had my materials taken away, how I was lectured in front of my two partners, how I was interrupted twice from hearing the course presentation, how my receipt was thrown away by them without even unfolding it and reading it, and they listened. They assured me that Trevor, Rick and Nicole would be sent to me with an apology. The Tigrent manager told me that they were wrong, and that they should have been trained in registration policy. I went back in and sat down.

At the end of the evening, at 7pm, Rick stopped me as I was leaving the classroom. He asked to speak with me. He appeared really angry. In front of one of the people I was with, he told me that he thought that calling in with a complaint was “not appropriate”. He told me that he wanted to explain things from his point of view. He did. He said that he was their out of the “goodness of his heart” to “give back to others” because he had “become so wealthy” from his participation. He said that he was “not being paid” and that I should “appreciate that he was there at all.” He was unwilling to listen to my complaint. I had had enough. I told him what his companies registration policy was, that he had not listened at all that morning when he began the problem by not listening to me, a customer, when I had something to say. He became VERY angry, insisted that what I shared was NOT the company policy, insisted that he was correct. I was disgusted. At this time Trevor came out, and I voiced my complaint to him as well. It was apparent that he had been called by his boss at corporate, and he apologized half heartedly, and then AFTER his apology, he tried to deny the policy, and AGAIN state that I was not supposed to be there, that I had “gotten in for free.” This was AFTER he had admitted that he had checked the registration and seen both my name, but also seen my payment as a PAID guest. Also, during this, Rick had admitted to several things, then denied them. He even denied that he had said it was “NOT APPROPRIATE” for me to call in and complain. My friend and I both corrected him, and flat out called him a liar. In face of this confrontation, he finally admitted that he HAD said this to me.

In short, I found their staff to be rude, unwilling to listen, nearly pathologically dishonest, confrontational, bullies, unwilling to be wrong even when in violation of their own policies, and completely hypocritical to their own lectures on integrity. I saw in this a corporate culture that disgusted me. This is not a company which I can do business with. Still, I wanted to hear the course material, so I stayed. I felt like I was selling myself out, but I stayed.

The first day, Friday, “Bonita” was teaching the participants about how to raise their credit card limits. She had introduced herself as a “Christian”, and now she was teaching the class, outright, how to lie to credit companies over the phone to obtain higher levels of credit. She told us how she first had raised her credit limits. She said that she called one of her cards and said “I want to do business ONLY WITH YOU, and not with my other credit companies, so will you please raise my credit limit.” She continued by saying that “after they raised my limit, I called and said the same thing to every one of my credit card companies.” In other words, she had lied to each one of these companies, had admitted it to us, and then suggested that we say the same thing to each of our credit companies that night. A true Christian does not lie, and would NEVER teach others to lie. From other information posted online, I believe that “Bonita” is a stage name for this woman, that she is a Mormon, and that she is a professional Multi-Level Marketer. What I know for sure is that her personal level of integrity permits her to admit to lying in front of hundreds of people without, apparently, being aware of what she is even doing. This instructor is not someone who can teach you complex real estate information with enough integrity to keep you out of legal trouble. This is a huge red flag. As a Christian minister, I am alarmed at how she uses the name of Christ to gain trust with an audience.

Still, I waited to gather more information, I had paid to be there, and I wanted to hear the lessons the next day. So I returned. Then even bigger problems happened. A man seated near the back of the room challenged a statement made by Bonita, saying that what she described was not his experience. He asked how to find a “LTV” banker who would lend on the appraised value of a property at time of purchase, and not on the lower purchase price. I had this same question (I have 15 years as a professional Mortgage Broker and Banker), and I was interested in the answer. I had my pen ready to write down the advice I had hoped I would learn. Instead, Bonita was very sharp and very ugly with this man. She asked why he was in the class. She suggested that he should leave. She actually accused him of “Subverting” the others at his table by comments he had already made to them in private. She actually made false accusations about this man, in public, in front of a 150+ people, when she had no way of knowing if what she said was true. She ATTACKED him instead of answering his simple and honest question! It was then that this man’s wife stood up in outrage, and defended her husband saying “My husband has not said one word of disagreement or complaint to anyone at the table!” She added, “He only raised his hand and addressed his concern and question to you directly.” At this point, “Bonita” had visibly shocked the room. She was so ugly with this man, and now was faced with his angry wife (both husband and wife appeared to be well dressed, polite and educated people, behaving in the most professional manner even in spite of the instructors awful behavior). Bonita backed down at this point, but the mood in the room was of disapproval, shock and dismay. Bonita had obviously lost many MANY potential sales with this crowd.

After break, Bonita came in and began by addressing this man’s questions. She had a very reasonable answer, and she gave it. It was a good answer to his question. I was left wondering why she would attack first, and answer second. It became very apparent to me that this Rich Dad culture was a business culture that sees every customer as a threat first. These people actually are TRAINED to use communication to DOMINATE, THREATEN, COERCE and DEMEAN people. They are committed to controlling people, not to listening to them and serving them. They are not interested in addressing peoples concerns, like my concern of them not letting my business partner in because my registration was not acknowledged and I was signed in in his place. They are not nice people. Suffice it to say, I went online Saturday night and spent hours inspecting what others had to say about this company. I did not return on Sunday. I do not care if their education is valid or not, I will not give my money away in order to spend more time with such awful and dishonest people.

I want to address what it is that I am getting at… Most people have been online discussing whether this education is a “rip-off” or not. This is not my concern. I am a highly trained professional, and I can tell you that I look to a persons “way of being” first and foremost. In other words, what are they committed to? What is their way of being? Do they value integrity? I can assure you, these questions were not well answered by the “Rich Dad” staff at this event.

The listening that these people have of their customers is that everyone is “a potential problem”, that they are “dumb and wrong” and that without their coaching and brilliance, not one of their guests has a hope of earning their retirement from real estate the “right” way.

The way of being of these people is to: dominate, control, belittle, threaten, coerce, manipulate and to treat each person as an object to use, not as a person to honor.

These individuals do not come from a corporate culture of integrity, but of a culture using these words to gain sales. They lie, often, and they do not care when they are caught. They attack, and they remove people from the site if they disagree.

In my opinion, Robert Kiyosaki’s own personality can be figured out by how the individuals at my course behaved. Do not be quick to dismiss this claim, allow me to explain. As the leader of this business enterprise, He alone is responsible for setting the “tone” of the company. And leaders DO set the tones for their companies. The behaviors I witnessed this last weekend are behaviors that are firmly entrenched in Rich Dad. That is apparent to me. This was a display of the corporate culture that is in place with Rich Dad. This culture is a reflection of the owners personality, or else it would not be permitted to exist. The behaviors I have seen are so entrenched, so visibly displayed, so accepted and prevalent among everyone who was on site, that this is not a anomaly. To watch these people operate is to look into the mind and character of the leader of this company. It is with this in mind that I begin to believe the things I have read about this weekend.

1. Robert Kiyosaki’s Rich Dad Poor Dad book is a work of fiction. Mike’s dad is a fictional character. Robert is not rich because of Real Estate, but because of Multi-Level Marketing schemes such as the one I was a “Guest” at.

2. The sales do not stop at buying a $37,000 package. Each 3 day event is another up-sale opportunity where you are USED and treated as an object, abused, and forced into buying additional “Coaching” packages.

3. If they do not have integrity, they will coach you into dangerous and illegal situations. They will also be a culture in which you will either lose all of your integrity, or have it seriously eroded. If you do not have integrity to begin with, you will not learn it with this company. Without integrity, nothing works. You may make money, but you will NEVER have a life that satisfies you.

Thus, regardless of the material they teach, they are not people who I would ever allow to teach me. You MUST be careful of who you invite into your life. You MUST be careful of who you allow to be your mentor, teacher and role model. I would never, in a million years, ever allow my child to be around these people, even to go to the movies. So, why would I pay a lot of money to spend multiple three day events with them. Why would I allow these people to teach me? If the answer is, “because you want to get rich”, then you have just sold your soul, and your integrity, for money. If you do this, no amount of money can ever make you happy, and you have just committed yourself to a miserable marriage. You have also condemned your kids to having a bad mother or father, for no parent can act out of greed, instead of morality, and be a decent parent.

Thus, to all of you in the world, I ask this: why have so many people asked if this is a scam or not, and NOT looked at the behavior of the people they were with for three days? These are people focusing on the wrong issues. These are people so focused on getting rich, they don’t care about their morality as they do so. This, to me, is sad.

To anyone who says they have gotten rich from this education, I ask YOU, why didn’t you CHANGE the culture of corruption which is so evident while you were participating. Did you just overlook all the lies and wicked, selfish harmful behavior as you were seeking riches? My mind is made up, I will read books to learn this information, because these are not people who I would allow to be a part of my life.

Robert James Lange

Thank you for all these comments. It helped me to feel out what I was feeling after attending a seminar last Friday June 15, 2012, in Halifax NS. I was initially pleased that I made time for the session and learn some fasinating facts and info about taxes, buisness, and real estate. The Speaker had an incredable, well organized presentation that kept the audience attentive but kept pointing out the enthusiam in the room needed help. Yes we were being sold something and yes being entertained really that it was all worth attending the 3 day workshop for only $99.50 a person. Most Nova Scotians has been through too much to not take the bait and bite as easy. The Speaker was using a different tactics to convince us ‘it’s all worth it.’ that it had to be pointed out by an audience member that we, as a people, are taught to use caution when attending these functions. For me overall I left with a feeling of being overwhelmed. Sure the upcoming workshop sounds like fun and I love to learn about real estate but I walked away…’maybe’ next time’, and I felt like a bit of an idiot, and a bit helpless too. Not good feelings at all. It’s just where I’m at in life at this time having gone through a lot myself financially and health. I’m only human. I shook these parasite thoughts off but I knew about half way through the evening I should’ve gotten up and left while we were instructed to ‘sit at the edge of our seats and get ready ‘to act’. Now I’m curious and so as you see it didn’t stop me do a search here…one of I guess many I gather.

DG

su,

I also attended a seminar instructed by Scott Stewart.

This guy was basically the definition of a tool. Talking about his money, the lotus that he drives.. and was condescending to most of the people in the audience. If this guy is a successful trader, that’s fine, but his arrogance stunk up the room so bad it was revolting.

What most bothered me about the experience was that he was pushing attendees (some of which obviously didn’t have much money) to get $15k credit cards in order to pay for further Rich Dad “education”. What a joke.

To top it all off, Scott couldn’t explain why the market zig zags and moves in channels. His answer was “I don’t know.” I mean, seriously? Are you a trader?? At least provide some theory… elliot wave maybe? at least SOMETHING. again, what a joke.

Heather

I attended the 3 day seminar this weekend and found it very valuable for the $199 fee. I read the earlier complaints and want to provide an update. A rich dad executive has recently taken over Tigrent Learning and has simplified their focus on only the Rich Dad seminar. Our trainer was very professional and definitely had knowledge of the content. He did allow questions unless our time was jeopardized to run over the already long day. He would answer the questions after class for those that wanted to stay. They covered many subjects so I can see how the advanced trainings would be beneficial for a more detailed look at each subject but the price tag was very outrageous. They do make it very tempting and I considered it. I would have access to the trainer, the CashFlow game, their two automated programs (one with a monthly data fee) and for $10.990 I would get two classes. This was the entry point. Pricing went up to $66,000. You could save $2000 on the first level by taking the class online ondemand. The earnings potential for year one was shown to be $178,000 so the ROI in a Rich Dad mentality is a ‘Great Deal’! I worried that they would make us feel like Losers for not thinking like a Rich Dad on day 3 but they didn’t. It was still a comfortable learning environment. I plan to work on putting some of my existing knowledge to good use, build my power team, and continue my education after I’ve seen a return on my existing knowledge. My trainer was Jeremy Reece from Florida. I will say the mentors were fabulous! They shared what they knew. If they hadn’t worked a deal for a specific strategy they told you but recommended another mentor for it. My only complaint, besides the high price for the advanced trainings, is that if you don’t buy before the end of day 3, your pricing is significantly higher when you come back, to the tune of $2700 for the first level. If their mission truly is education, they should make it more affordable whether you buy on day one or day thirty one.
Overall, I felt I did get my moneys worth for the 3 day training. It was a good use of my time.

nicole

I just go for the free stuff and leave half way through, since these seminars are all the same no matter who runs them.

John

I just attended the free seminar in San Rafael last night, May 7, 2013, and would strongly recommend people avoid this nonsense. And yes, it is nothing but nonsense!

First, the presenter tried to hype everyone and when the tiny audience didn’t become immediately impassioned, she became caustic and insulting. Additionally, she presented a picture of a scanty trailer in Wisconsin, supposedly the home she grew up in, and then went on to say how wealthy she had become by following the Rich Dad teachings, which begs the question… Why would you be doing a seminar when you’re making so much money from the class content?

In the end, this bunch exhibited the behavior of a high pressure time share sales team and nothing more. They didn’t provide a single piece of information that had any benefit whatsoever!

I’m sorry if this review disappoints anyone hoping to find a meaningful path, which is in no way meant to say there isn’t one, I just don’t see it being here!

Katy

I KNOW ITS LONG BUT PLEASE READ ALL OF THIS!!!!
I would like to say that I went to the 3 day seminar with my dad… and it was the most amazing experience ever. I went as a guest $199 for two people before we went we weren’t really expecting to EVER be able to invest in real estate any time soon but we wanted to learn about it more because it caught our attention. And I would like to just throw it out there I have a basic job country town budget and I have still pissed away more than $199 dollars on things I have nothing to show for it so that money is not missed. Especially after the experience I left feeling like you just cant put a price on that. So I would like to let you know the way I see this program I took and what I plan to do with it. I have no extra money at the end of the month sometimes im able to throw a 20 in a savings jug that I think at this moment has accumulated to a total of $50.00 because I usually have to pull it back out. Woopie! I have no credit because I cant get approved for credit cards or store cards at this time – creditors really aren’t taking chances right now on blank slates. During our 3 day training we learned about trainings after that we can take that yes I will admit are hard to swallow for someone with a savings of whopping $50.00 and nowhere to borrow the money from….However! during the training however I had a one on one with a mentor that took my specific situation and made a direct outline on how to raise the money for the advanced class and all the software that comes with it (that we already demoed and I have to say was amazing!) The money that they showed me how to raise is not coming from my pockets… is not coming from a credit card it is coming from the training that they gave me to get started now and accumulate the money. So here is the way I see it… if I cant raise the money I cant take the class because ill never be able to afford it by setting money aside. BUT! that’s ok…because I don’t miss the $199 dollars for trying; However if I am able to raise that much money that at any moment before would be unfathomable then the way I see it is imagine what THAT coarse will give me? So say I raise the money I need to take a $12,000 coarse and hypothetically lets say that that coarse is a flop… (which I highly doubt) well… I raised it before and now I know how to raise it again right? (I mean really this is less risk then a student loan when you think about it) So I would just like to say that if you cant invest the $199 for the opportunity of raising the $12,000.00 on your own… you shouldn’t be looking at investing at all. Also the reason why im on this website is not because I give a crap about reviews but because my mentor mentioned during the three day seminars that there are hundreds of bad reviews about the class online but to look for the source of reviews…whos writing them and you will notice they all have links to a COMPETITORS website… im not here to read reviews because I know I had an amazing experience with no regrets and brighter outlook on my future im just here to see how true what she said was… in this very article theres a link to a competitors website…Just something to think about if you’re really trying to weigh this decision

Max

The first half of the seminar is worth missing. It consists of a few success case studies and high pressure sales for other paid seminars. The presenter didn’t know how to sell and in an act of desperation pretty much called those who didn’t register for the $200 seminar idiots. The second half of the presentation actually contained useful information and was lighter on the sales pitch. I lost a little respect for Kiyosaki’s company after this seminar but his books still provide useful information. I compare this seminar to a time share presentation.

Earl

We all know the saying “if it walks like a duck, and quacks like a duck” well, trust me,
this is the ultimate duck. There is nothing, absolutely nothing, any of these so-called
“experts” can teach you except how to con people out of their money.
Lease-options, lol, try and find a seller that stupid (unless he happens to be one of
the fools that purchased the advanced classes). The seminar has several “plants”
that will make you feel the necessity of believing everything the speakers say.
These same plants are no doubt the same people who write “glowing” reports
about how much they learned from RDPD. I’m not a big real estate investor, but
I do own 5 rental units, at one time I owned 7 but sold 2 to tenants. The nonsense
about raising your credit card limits to purchase real estate is the dumbest thing
I have ever heard. The only reason they want you to do that is so you will be
in a position to purchase advanced classes at the low, low price of $25,000.
Scam from start to finish. Run and hope you can wash off the sleaze.

LC

I did that–used a credit card for a down payment–for my first rental house and it was fine. I held it for two years and turned it for a nice profit. I’m just not interested in housing so I stopped after two.

I think anyone can pick up some ideas from the free pitch, and I’d encourage attending. I think most people, at least those commenting on here, wouldn’t recommend the full program. It’s good to see a thread where we aren’t trying to sell each other stuff! ~LC

the end

I am attending a 3 days class 8/22/13 , so far 2 days was ok , someone will pick up some useful tools. But ,be careful to consider tuition $
$12,000 and $60,000, it means without a mentor you may use that money to buy a $ 50,000 property for worry free ? I hope the information is helpful to you
good lucks .

caius

Total scam. Watch the CBC video. The only person getting rich is Whitney Information Network and RK.

http://www.cbc.ca/player/News/TV+Shows/Marketplace/ID/1404614484/

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