Here’s What Happens at those Free “Rich Dad” Real Estate Workshops

There must be something wrong with me because I obviously didn’t learn my lesson after the first sketchy presentation I went to. I’m still trying to decide if I enjoy punishing myself or my life just isn’t exciting enough that I have better things to do. Whatever the case may be, the outcome is the same; I went to another questionable get rich presentation.

I’ve grown bolder since I wrote about the first presentation I attended, so I have no qualms about divulging who was behind this one. This time around it was a Rich Dad real estate workshop with Robert Kiyosaki of “Rich Dad Poor Dad” fame as the big name behind it.

I’m sure anyone that lives near a moderate-sized city has seen the advertisements for similar events. The basic premise is that if you come to their free presentation they’ll show you how to become independently wealthy using their methods. Of course there’s always a catch though. In this case they won’t give you that information until you pay to attend their course.

Expectations

After attending the previous similar presentation I think I had a pretty good idea of what to expect even without breaking out the crystal ball. I’m basically a modern day Nostradamus.

From what I could tell these presentations followed the same format of:

  1. Promote heavily in a bigger city using the name of a well-know financial figure
  2. Have a charismatic speaker
  3. Sell you on a lifestyle
  4. Sell you a course that can supposedly offer you that lifestyle
  5. Profit

I was a fan of the principles taught in Rich Dad Poor Dad, so I was hopeful that maybe there would be more substance to this one. I wasn’t holding my breath though. Unlike the previous event I was glad to see that at least they were upfront on the promotional material that Robert himself would not be there. I think some people show up to these events expecting to see the big name person and feel misled when they aren’t in attendance.

Before the Presentation

I headed on over to the local Hilton for the presentation that would surely be a life-changing experience. Once I arrived I was greeted and signed in by a few guys that look like they were plucked straight from a Joseph A. Bank commercial.

After waiting a few more minutes in the lobby we were all ushered into the presentation room. I couldn’t help but feel like we were all sheep being herded into the wolves den. I could only imagine the sales tactics that lie ahead.

Mr. Kiyosaki then made an appearance!… through a pre-made video. He welcomed us all and let us know that we made a good decision in coming. Whether or not it actually was a good decision was still to be decided at this point.

The Speaker

After the video ended we were finally introduced to the MVP of the presentation. He used to be a high school math teacher who decided to make a change in his life 20 years ago after a presentation just like this one. I will say he seemed a lot more genuine than the presenter from the previous presentation I attended. He was much more down to earth and didn’t exude that “look at how rich and powerful I am” vibe that some of these guys tend to have.

The Presentation

After his intro and ice breaker we got down to the nitty gritty and looked at a few examples of real estate deals. This is where I started to get a little uneasy. The examples were oversimplified to the point where it was essentially misleading by omission. Many costs weren’t factored in so the potential profit appeared higher than it would be in reality. I get that they’re trying to sell us something but c’mon man, a little transparency wouldn’t hurt.

He also mentioned that Legacy Education (the company behind the Rich Dad seminars) is the only publicly traded company that does these types of courses. He said it as if it were a point of pride, so at the time I just assumed they must be doing well. Upon further inspection that is definitely not the case. They’re basically a penny stock with a poor track record, and I’m definitely not a fan of those.

Stock Chart of Legacy Education Alliance (LEAI)
At least they’re consistent…

In addition, he gave some tips on how to pay less in taxes that were actually pretty interesting. Some of them sounded like they take advantage of the system, but I guess if you can get away with it then go for it, right? Just for clarification they aren’t illegal though. I’m not trying to get sued here.

Even with all of this information coming at us, the speaker made sure that the course was always the real focus of the presentation. With each new topic there was always a tie-in with how the course can help you succeed in that area.

One of the big themes was “take action”. He made it clear that nothing will change unless you take action to change it yourself. It was all very inspirational, but then he used it against us. At the conclusion of the presentation he urged us all to take action and make that change in our lives…as he motioned towards the tables at the back of the room. It was at these tables where would be selling our souls. Okay, maybe not souls, but the course is still expensive. I’ve got to give him credit for that smooth transition though. He earned that MVP moniker I originally gave to him jokingly.

The Rich Dad Real Estate Course

All right so what’s the deal with the Rich Dad real estate course? Here’s the breakdown.

It’s $495 for a three day course and you can bring a guest, take it as many times as you want, they’ll throw in some “free” stuff (goodie bag with educational material), and they’ll add in a two day stock market training class if you sign up the night of the workshop.

Each day of the three day course has a different theme.

  • Day 1 – Mind Set
  • Day 2 – Combine 12 Strategies
  • Day 3 – Build Personal Action Plan

Here are a few things that he said will be covered in the course. He went to the next PowerPoint slide before I could write them all down but I tried my best.

  • Lease Options
  • Tax Strategies
  • Wholesale Strategies
  • Property Flipping
  • Cash Flowing Properties
  • Bank Relationships
  • How to Build a Power Team
  • How to Access OPM (Other People’s Money)
  • How to Evaluate Properties
  • How to Analyze Deals
  • How to Find the Best Deals
  • Creating Partnerships, etc

So the big question comes down to is it worth it? It seems like a slightly better value than the previous event’s course, but overall I’d still say no.

That was especially true after I Googled around a little more following the presentation. Apparently this 3 day course is used to upsell for more classes and mentoring, and those are a tad more than $495. I’ve seen claims of anywhere from $7,000-$45,000 for this next step. Yeah, I’d pass on this one.

Final Thoughts

I really don’t like the way they run these presentation/course combos. It’s very predatory on people that are looking to make a positive change in their life, and the presenters make it seem like their course is the only avenue to achieve that change. It’s obviously not though. There are numerous cheap/free resources that can be used to learn about real estate if that’s the goal.

If you buy anything of Robert Kiyosaki’s I’d recommend it be his Rich Dad Poor Dad book. It has some good lessons that will help get you into the entrepreneurial mindset. The best part is it doesn’t cost $495.

Author: Finance Brofessor

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