In early December of 2009 I attended a 3 day seminar put on by Rich Dad Education, with the theme being how to invest in Real Estate to earn wealth. The man giving the seminar was a very good talker, informative and charismatic, very polished and well dressed. It was intense indoctrination about wonderful hypothetical strategies to obtain good money through different investment strategies. It included how to raise money quickly and how to analyze your credit rating. Also, there was a considerable effort by the coach to emotionally isolate the attendees from outside sources, such as friends and family who might advise them against real estate investing, and more specifically against investing in the programs presented for sale at the seminar, telling the attendees that friends couldn't give the right advice concerning investing in the pricey "advanced education" packages presented at the seminar. The programs ranged in price from$120,000.00 down to $15,000.00. Maybe half of the approximately 60 attendees signed up for one program or another; I did not.
About ten days later I was contacted by telephone by what seemed to be an affiliate group that told me it was based in Salt Lake City, Utah. I initially talked with one man, who interviewed me on my interest in RE investment and credit viability. Another further interviewed me. I was encouraged over the course of a few days to upgrade my credit rating with my credit card companies to make it possible to buy a telephone-based coaching opportunity for $7394.00. I fell for it and put the payment on two credit cards, thinking, according to how I was impressed by these people, that I would be able to pay off the balances with just a few RE deals, within perhaps a couple months.
In the whole presentation (especially at the semiinar), risk in RE investment was not addressed as it should have been, situations were all hypothetical, and the ability to make money was heavily stressed. I am sure there are a few (very few) who might make good with this coaching, but the vast majority who fall for it probably don't pan out. Most people I have talked with about RE investment since I paid my money to Rich Dad Education, who have done RE investment, say it's a tough game, you win some, you lose some, but the overall outcome is not spectacular. There is no liability assumed by the program, and little time is committed to the student, compared to the amount of money invested. All conversations are recorded throughout the interview/negotiation process.
Since making my payment to Rich Dad, I have encountered some other mentoring programs for RE investment on the internet that one can subscribe to for one or two hundred dollars per month, with only a month to month commitment. This seems a much more acceptable way to do business, as a newby can decide if he really wants to do RE investment before making a large commitment to it. There is also a lot of free advice on the internet if you look for it.