Rich Dad Education Review
I’ve been to a few other seminars and education programs offered by other “gurus” but when I started the Rich Dad Education something just clicked for me. I love how they focus so strongly on your mindset. That’s exactly what we need before we are presented with new, life-changing information! An example is before we attended the 3-day real estate class, we were given a workbook of about 100 pages just to help us reprogram your mindset. I found that very helpful and it definitely made we better prepared (mentally) for class.
Attending the Rich Dad Education Symposium in San Diego from January 24-26th, 2014 was a great experience. Meeting so many like-minded people was my favorite part. The reminder that your “network is your net-worth” is certainly ringing true! I’ve connected with many of those people on Facebook since then and it’s great to keep in touch and hopefully keep us all motivated. Keeping motivated is not the hardest thing for me, but figuring out which avenue to dedicate my time to is very confusing. I become inspired and want to give all my attention to something. Letting go and just following where my journey takes me is exactly what has gotten me this far. However I feel my progress is hindered because my attention is split. I’m kind of stuck! So I’m finishing up my pending blog posts in the meantime so here’s all about my experience at the symposium.
Thursday Evening CashFlow Game Night
The night before the three day symposium was the CashFlow game night and about 60 players attended. I was the most experienced player at my table so I was able to be the game master, managing our table and giving guidance. My table members seemed to like me and wanted my advice. I’m planning on starting my own CashFlow club in Granada Hills soon so this was a great learning experience for me! It’s already happening that all the pieces of that idea are starting to come together! What I learned from the game this time was how to help the other players. At the end of the game I was close to being out of the rat race, so I paid off enough liabilities to put me out by $27! Fun for the game, but I would definitely not do that in real life! I shared my blog with my table members and it seemed to be received well. 🙂
I had my first session with Chris earlier in the day that was AWESOME! He really focused on the Law of Attraction which is exactly what I’m interested in studying. My introduction to the Law of Attraction all started with The Secret by Rhonda Byrne, then I was blown away by Bob Proctor and now my friend introduced me to Abraham-Hicks where The Secret originated from. I listened to Abraham for the first time driving down to San Diego and everything they say really resonates with me. They said not to judge the fruit by the tree and that’s exactly what I’m doing. Wow…very excited and love it!
Some great quotes I heard throughout the weekend
“The longer you go without doing a deal means you are that much closer to never doing one!”
“Why don’t you have any money to get started? Because Rich Dad [Education] has it!”
“Don’t over think it. Wing it!”
“Your education is what you pay for it. You will pay for it either way, through missed deals or knowledge.
“Mobile home: affordable home owner opportunity”
“True freedom is when you’re free to do what you want to do and be who you want to be”
“There are only consumers, producers and bankers”
“If you do well, great! If you mess up you can only blame yourself”
“Which is biggest motivator? Fear or love”
“You don’t like working unless you know what the result is”
“The teacher will appear when the student is ready. You’re full of irrational fear”
“W-2’s want to know what they are going to get paid before they go to work”
“Never waste your credibility”
“Whoever names the number first loses”
“A poverty mentality focuses on what is the lowest you can give. Instead structure a win-win and repeat!”
“There’s not a competition mindset. But a “we” in terms of joint ventures”
“The deal of the decade comes about once a week!”
“She changed the narrative to fit the reality”
“An investor takes all the information, analyzes it and then makes the decisions. They take specialist’s advice (power team) to help make a decision. Being the entrepruer is lonely. “Well my attorney says…” is just a shield to not do it. Entrepreneurs have clarity.” – Aaron Adams
Day 1 – Friday
Friday morning everyone at the symposium gathered together for a morning meeting. We did a networking exercise and that’s when I was able to introduce myself and my financial freedom journey with the entire audience! That was an incredible special moment for me. (I blogged separately about that here.) I attended the Marketing Today course. It was great to be back with Travis Howard my instructor from C.O.R.E. He had mentioned his real passion is marketing and it sure is! It information he shared was very up-to-date and relevant. Some things he shares are so new they haven’t even made it onto the course materials yet. Needless to say I took a lot of notes!
We learned about the do’s and don’ts of direct mail, bandit signs and branding the first day. The best part is that he shares exactly what works and doesn’t work within his own real estate investing business. And the majority of what we learned is just great marketing information you can apply to any business!
Friday Evening Session with Aaron Adams
Aaron Adams was a school teacher who has turned real estate investing mogel. He has built a rehabbing machine and also offers investors the opportunity to own the rehabbed homes to keep as rentals. And you can have them maintained from Aaron’s property management company. He has this designed as a retirement plan and I think it’s a fantastic idea! For example if you invest $300,000 of your retirement account into buying 5 houses you’ll get about $2500 a month in passive income. Instead of pocketing that money, you roll the rents together into buying more houeses. The projections are incredible! In 15 years you should have about $11,500 in passive income from about 23 houses. If you started this young (my age!!) then in 30 years you could have about 97 houses with about $44,000 in passive income for retirement. Well that’s freaking awesome! I am all about passive income and real estate is definitely one of my favorite assets for doing this.
Aaron also talked about the Myers Briggs personality test and how important it is to know the personality types not only on your team, but your client’s as well. Once you understand someone’s personality, you can establish a great working relationship!
Analytical – They just want the data.
Extrovert – Chat over drinks and will discuss business at the end.
Caretaker – Look me in the eyes and tell me you will take care of my property.
Alpha – Sit down. Let’s talk about how great I am. Once I know you I’m the biggest, I’ll do business with you.
Aaron gave a few good pointers about doing fix and flips:
- Fix ‘n flip only in areas older than 25 years
- Best area is for first-time homeowners
- In the beginning, only consider doing the rehab yourself if you can net 25% on it until you’ve done at least 10 deals. Otherwise just wholesale it.
- Don’t factor your loan fees into deal! It will effect your profit but doing so will cause you to pass on many good deals that can still make you money. If you’re using hard money, account on 20-40% of the profit to pay for hard money.
- Remember to question: “Is the deal bad or the loan bad?’
- It’s better to do cash deals for rehabs so you’re careful not to overleverage yourself. Remember your lenders become your business partners and put on stress on you and can cause you to make not the wisest decisions. In most cases the lenders are not even investors themselves.
- Home inspection: rehab only 97% of house. An inspoectors job is always have find problems so leave some repairs undone so you already know what they will find. Then you only have to fix the deficiencies not do add-ons!
- Always have appliances be negotiated
- Drive by the very homes that have sold in the past 6 months
Day 2 – Saturday
- Pat Flynn’s pod casts
- Gene Trowbridge
- A Fortune at Your Feet by A. D. Kessler
Delving into more great marketing content! Mindblowing!
Saturday evening session with George Antone
George Antone is the “king” of private money. He’s created the largest network of private money lenders in the country. His lecture was very opening and he really emphasized the fact the banking (lending) is one of the oldest practices in the world. There’s a reason there’s a bank on almost every street corner – their business model works! His story is fantastic. He worked for top technology companies in Seattle earning about $300,000 a year. When he wanted to develop an great idea of his and needed funding, he turned to a billionaire mentor who said to quit what he was doing and become a real estate investor. So he quit that day! Talk about a leap of faith!!! After a few months of doing rehabs, his mentor said no, no that’s all wrong and explained the world of banking to him. Now George is the private money lender partner within real estate investing. I’m guessing his leap of faith paid off!
George was selling his “Bankers Code” system that teaches you how to become the bank on real estate investments. I definitely feel that I would benefit greatly from his system, however I have too much to focus on right now plus I didn’t have the money right now. I think it was $299 but it might have been $499 as I don’t quite remember. I plan to purchase it in the future when I have more things up and running.
Day 3 – Sunday
What do I think makes Rich Dad Education different? Mindset! No other education company in any of field focuses so much on mindset as Rich Dad Education (and my internet marketing education company). Focusing on mindset really makes a giant difference – not only in your success in your chosen field but in your self development as well.
At the free preview I got hope that I can do this and I need to do this.
At the 3 day real estate workshop I realized not only can I but I will be able to do this.
And now the elite training has given me more than enough knowledge to get the confidence to take action.
On Sunday I did a video testimonial for the Rich Dad Education company. It’d be pretty cool if it gets used. 🙂
I also did my video blog interviews with elite mentor Scott Wilson and my instructor Travis Howard. This was the first time I’ve ever done an interview so it was a great learning experience. And I know I’ll do better each time!