Is Rich Dad Poor Dad coaching worth the money?

[moellerryan]

The bootcamp and high priced mentorship programs are usually just high pressure sales that prey on your excitement and emotions.  You are better off doing the following:

1.  Picking one strategy, read all the free stuff you can on it, the goal is to become a master.
2.  Find a mentor, preferably a local one so you can learn by doing.  Do it for free if you have to at first, any profits while learning is a bonus as you are certainly not paying thousands for info you can get free.
3.  Do not stop until you become a master.  If you are spinning your wheels then refocus, educate yourself more, learn by doing and become a master.
4.  Once you become a master you can systemize, delegate, duplicate and/or pick a new strategy to master.

[tbodley74]

I admit I was pretty excited and my excitement got the best of me that day. Although the things they talk about does make sense when escaping the rat race, which would be a dream come true for me.

The bootcamp and high priced mentorship programs are usually just high pressure sales that prey on your excitement and emotions.  You are better off doing the following:

1.  Picking one strategy, read all the free stuff you can on it, the goal is to become a master.
2.  Find a mentor, preferably a local one so you can learn by doing.  Do it for free if you have to at first, any profits while learning is a bonus as you are certainly not paying thousands for info you can get free.
3.  Do not stop until you become a master.  If you are spinning your wheels then refocus, educate yourself more, learn by doing and become a master.
4.  Once you become a master you can systemize, delegate, duplicate and/or pick a new strategy to master.

[moellerryan]

I can relate.  I purchased Robert Allen's bootcamp for 4-5K about 6 years ago, an impulsive decision based on excitement.  I justified it to myself by making myself believe if I didn't do this bootcamp I would never do anything.  Spending money does make you act though, learn for free and you haven't lost anything but if you spend 5K and don't do anything then you will hate yourself.  I did learn a lot in a little time but of course I paid for the 1 year of mentoring which was a far worse decision.

My goal this year is 20 deals, I'm on pace for 48 so I'm way ahead of schedule.  When I look back I could have learned all of the material for free.  I was like most beginners spinning my wheels trying every strategy with 5% of the needed effort.  I would have benefited tremendously from picking one strategy and area to focus on thus simplifying things.  My career didn't take off until I did this.  Beware of the herd of followers who do nothing but spend 10s of thousands every year going to bootcamps and seminars and never do a single deal.  Focus, simplify and master and you can achieve any results you put you mind to.

[tbodley74]

That is one huge price to pay for bootcamp. I'm always trying to convince myself that my quick decisions are worth it even if it turns out it was not.

I can relate.  I purchased Robert Allen's bootcamp for 4-5K about 6 years ago, an impulsive decision based on excitement.  I justified it to myself by making myself believe if I didn't do this bootcamp I would never do anything.  Spending money does make you act though, learn for free and you haven't lost anything but if you spend 5K and don't do anything then you will hate yourself.  I did learn a lot in a little time but of course I paid for the 1 year of mentoring which was a far worse decision.

My goal this year is 20 deals, I'm on pace for 48 so I'm way ahead of schedule.  When I look back I could have learned all of the material for free.  I was like most beginners spinning my wheels trying every strategy with 5% of the needed effort.  I would have benefited tremendously from picking one strategy and area to focus on thus simplifying things.  My career didn't take off until I did this.  Beware of the herd of followers who do nothing but spend 10s of thousands every year going to bootcamps and seminars and never do a single deal.  Focus, simplify and master and you can achieve any results you put you mind to.

[nsu1997]

Spending money does make you act though, learn for free and you haven't lost anything but if you spend 5K and don't do anything then you will hate yourself. 

Exactly...there's a strong case to be made for having "skin in the game" as it correlates to taking action. I can't tell you how many friends of mine swore up and down they wanted in this business, but weren't willing to make any sort of financial investment whatsoever...and of course none of them actually took any action. Only the few who were willing to put their money where their mouth is actually are doing anything.

[justin0419]

I wasn't going to let us fail after putting about 25k into our first deal.  I had that attitude along with I wasn't going to fail the tenants and be one of those LL's who ended up in foreclosure putting the tenants in a bad situation.  For every deal we do, we have a responsibility to ourselves as well as our tenants not to fail.

[lauraalamery]

Having a mentor is very important and vital for a success in a business like real estate, where there is so much to learn and practice. However, there are other ways to have a mentor without investing so much money upfront. Keep your money for real estate investing itself - nowadays cash reserve is vital in surviving in this business.
I would suggest you inform yourself and decide what real estate niche you want to concentrate your efforts on. Then find someone that can partner with you locally, who has experience in that particular niche, and offer a percentage of your first deals.
Wholesale flipping is a niche I would suggest for a new investor, to build cash reserve and experience, and it would not cost you any money.

[DannyBuys]

Whether you pay a fortune or not for a seminar means nothing without action and a plan. 

Personally, I feel these things are usually well overpriced.  But if they get you started and on your way to financial freedom, perhaps they are not.  Yes, you can do this without the high priced seminars, but it is probably a much tougher road. 

I completely agree with just finding a mentor (preferably in your town) and doing whatever it takes to work with them and learn from them.  This is a much better path as you are working with someone that does this stuff day in and day out and in your local market.  The price might be high at first (sharing in profits or doing a lot of grunt work), but what you learn is priceless.

[tbodley74]

I don't know where or who to look for in my part of town that does this wholesale flipping. Wholesale investing is non existent in where I'm from. I would need to have some relations with a good title company that does wholesale deals. I wouldn't know how to ask them anything about wholesale because not many folks down here are caught up to what wholesale is.

Whether you pay a fortune or not for a seminar means nothing without action and a plan. 

Personally, I feel these things are usually well overpriced.  But if they get you started and on your way to financial freedom, perhaps they are not.  Yes, you can do this without the high priced seminars, but it is probably a much tougher road. 

I completely agree with just finding a mentor (preferably in your town) and doing whatever it takes to work with them and learn from them.  This is a much better path as you are working with someone that does this stuff day in and day out and in your local market.  The price might be high at first (sharing in profits or doing a lot of grunt work), but what you learn is priceless.