Rich Dad/ legacy property workshops Brisbane

Years ago, I received a glossy brochure for a Kyosaki seminar. Needless to say, it was very expensive. On the back page there were endorsements of the seminar from various attendees whose names and towns were published. I Googled three of them and found one of their phone numbers. I phoned and spoke with a woman who had attended the course previously with her husband and she said they had spent $15K. I asked was it worth it and she said they didn't learn anything new and that, if you already had started investing, you wouldn't benefit from attending. She said everyone was pumped and gung-ho about going out and buying property. She said it was kind of like an Amway rally. She said the best part of it was the networking. That's it.
Save your money!

 

Most people get into Property Investing with the goal of achieving a passive income to service their lifestyle in order to not have to work in a job to receive their income. And all of these so called property investor experts providing advice on investing in property to create wealth and retire are still relentlessly working at building a business. Is this because the reality of building an unencumbered portfolio significant enough to provide enough net income to service their lifestyle is extremely difficult and can take decades to achieve, depending on the performance of their assets. So they realise that in order to have a passive income large enough to service their lifestyle in a short period of time is to build a business? A business based on selling hope, rather than legitimate proven strategies that they can provide proof on? Just a theory. Does anyone actually know any property investors or property experts who can comfortably retire due to the net income derived from their property portfolio? I have never met a property investor selling services and education provide proof that they are in a financial position to retire and I haven't seen any evidence of their performance e.g. the properties they advised clients to buy and how they have performed over the years etc.

My belief is investing in property when fundamentally broken down into numbers is a 20 - 25 year plan if your goal is to retire off the income from your properties and even then that will take a lit bit of creative exercises to manufacture some growth and income. Obviously dependent on your lifestyle. But for the majority of families I would imagine a net income of between $60-$100k P.A would be needed.

And Kiyosake sells his education programs through instilling fear into people. Just listen to his podcasts. Doom and gloom, but he knows how to get the boom, as long as you enrol in his education programs.

 

35k-60k for mentorship?? Holy moly. I wonder what they give you for that.

 

It would be interesting for sprukers to disclose their verifiable portfolios.

 

Course should be renamed to

Rich Kyosaki Poor Customer

 

Hopefully a house deposit?

 

For a failed businessman, this is one business he is doing well.

 

Yes it would be interesting. I'm guessing the "Property Advisors" #Off the plan sales people, wouldn't have a leg to stand on.

I keep my entire portfolio and it's performance in a spreadsheet and if I was providing advice etc. i'd be happy to show it, in order to show that I do what I preach.

But in terms of having a portfolio that actually provides enough income to service living costs etc. I doubt there would be hardly any Property educators who could verify this. I'd love to be proven wrong though, as that would be the person i'd be paying to use as a mentor.

 

For some, the business of mentoring is just another word for a job. Perhaps its a field that they love, transforming the lives of others, and if so, good for them. Not all mentors are in the wonderful financial position that the smoke & mirrors marketing tells you they are in, but thats all part of the game, you just have to be discerning and step back and see the marketing for what it is. ....

 

I've been to a free seminar at Novotel Parramatta in March April. In the spur of the moment, I was keen to learn and paid $1250 for me and my partner.
The same night I went back home and did some research on Youtube and found some disturbing video/documentaries about their training course.

I sent them multiple emails and sent the USB back to the UK asking for a full refund.

Got refunded in full but you have 7 days to do so.

In my opinion, it's not worth it...

 

I would focus on learning as much as you can about:

A) the property clock/cycles for states/suburbs
B) having some understanding of historical growth for your markets targeted as well as, DOM, SOM, discounting Rate, ACR, PoR (proportion of renter/homeowners), vacancy rates, Yeild, S/D,
C) Key growth drives of areas


How I learnt about all this was mainly starting from some books and then on line reports and resources (free and paid), data at the back of property magazines, discussions on the PC and with peers.

That's all you really need imo.

 

Thanks guys,
Lesson learnt indeed

 

My wife signed up for the $1250 3 day seminar, but after reading some reviews I suggested she ask for a refund, within the cooling off period. As the cost was charged in pound sterling, she actually made about $35 on the refund, due to the exchange rate fluctuations.

 

I loved the Robert kiyosaki books as "story books", they were some of the first books I read, I even played his "rat race" board game. He is not rich through property although he does own a lot of property, he is rich through authorship and paid seminars. There needs to be some legal disclosure about that on the first page of his books.

 

Hi All

Interesting read.

I attended one of these legacy education 3 day weekend courses recently where I did actually learn things. Such as five different strategies (buy to let, HMO, flips etc) and how to make money work for you etc. So I did learn a lot on the weekend which was great. It was good enough to spur me on.

Just so you know, what they offered was a package (either UK or NZ package) where they provide training and a mentorship. After learning (2-3 months) you fly over to UK (or NZ) to setup a company and they introduce you to the team (accountants, sourcing agents etc) to start your investment career and start networking with the team. The result is that they want you to be knowledged enough to work with BA, RE's etc.

They picked NZ and UK due to the expense here in Aus things like stamp duty etc which you don't pay in those markets.

So it did sound good but I am not sure if it is something I can do by myself from here in Aus without paying for this sort of start. I do have a fair substantial amount of cash and would love to do this but don't wish to pay $40,000 to do it

I am sure there are other cheaper mentoring programs around.

Regards

Dave

 

Hmm, why go to someone who is a failed businessman (except for the Rich Dad products)?

 

Who has failed and what at?

 

Robert K and a con artist as well.

 

Pretty sure Robert Kiyosaki only wound up one company (out of dozens??). He probably has a 9 figure net worth, so I wouldn't exactly call him a failed businessman...
I doesn't take many $40k sales to offset 1 failed company...