Rich Dad-Poor Dad - Training Academy

adg1

theartfullodger wrote: »

Note to self: Beware miss-spelling in my futures posts...

D'oh!

Ah well. There's always next time.

JanCee

mutley74 wrote: »

I just been on a 2 hour free seminar to property investing using the RDPD principles. Initially sounded okay, but people at the seminar aim is to get me on a 3 day training academy to go through in more detail how to buy property, mortgage it, rent it out etc. This course is a "discounted" at £349 for 3 full days incl a free CD/book pack.

Just curious if anyone here has been on such a course by RDPD and what their views are? is it worth it, or can better advice be picked up reading forums like this, or is it worth do 3 intensive days to learn more about property investing??


One thing i was puzzled is how they suggest to investors to use credit cards to buy property.....when i asked how, told well its explained on the course! Cany see how one can use a CC without incurring cash advance charges to buy a property...?

It's a scam, just walk away and keep your credit card firmly tucked away in your wallet. There is absolutely no such thing as "3 intensive days to learn about property investing". It is a trick to separate you from £349.

PasturesNew

Nobody mentioned HMO ... and that if you buy cheap property, splash it with magnolia, then rent out to people on benefits you can rake the cash in.

Seriously OP ... some people will always be able to make money from anything, in any market. For 99.99% of people, it's not them, it's not now, it's not property.

Why not look into a franchise for holding gold parties ... less risky! And you're not so far behind the peak on those as with housing.

Bermuda_John

it used to be possible to buy as many houses as you could get your hands, possible to buy 20 houses in one year .......... but ......

1. you cant remortgage within 6 months
2. you need a large deposit
3. house prices are uncertain
4. demand for housing is low

given all this you CANNOT buy with no money down anymore so what they are preaching is old news.

Previously ...... i buy a 100k house on a 90% LTV interest only mortgage for £90k ..... I use 9k on a credit card to fund the deposit. AS soon as i complete the hosue is worth £105k. I remortgage and release the £9k to pay off my morgage and then rent out the property.

I then repeat this process until i have £2,500,000 worth of assets at around 60% LTV (due to house price rises/remortgage values) all rented out.

great while values are going up ....

What they dont tell you is when you go to sell the property you are stung with CGT which you will struggle to pay as you have built the portfolio on remortgaging at very tight marhins.

AS mentioned above, this cannot be doen now ........ you need 20% and 6 months ownership to be able to remortgage.

Give it 5 years and it will come back round to this situation again ..

googler

... and if you try to sell within 6 mths of buying, the buyer's lender and their solicitor take the huff because of the money-laundering regulations....

mutley74

Thanks for comments, some useful here, some off tangent.

In the 2 hour free course i did learn some useful info, which has given me some food for thought, more than i knew previously.

They never once told me or promised i will be a millionaire. They only given me info on how to increase my personal cashflow and income. They never said how many properties i will have or need. i think they may be some comments here relating to other property courses such as Inside Track which do have a poor reputation.
if anyone has been on a RDPD course i will be interested to hear feedback and comments.
thanks

theartfullodger

Mutley, have you not yet realised you cannae trust !!!!!! Dastardly???

overandout_2

After reading the book, I thought why not? And signed up for a free session on the phone with one of the advisors. He spent an hour talking to me on how to increase my cashflow, and as the hour goes by, he started asking more personal questions i.e. how much money I have in my bank account etc...

And at the end, his sales pitch started and he wanted me to fork out about £2k for sessions where a personal mentor would call me from the US every week to make sure I am on schedule etc...and when i told him I wasn't going to pay that amount of money, he became abusive and told me that I should invest that amount or I will remain poor for the rest of my life.....

I checked on forums for others that has paid the amount and started those sessions, seems like it is pretty much a hoax. And sometimes the personal mentor doesn't even call you - and you can't really do much especially if you are in the UK and your mentor is in the US.

Personally, I will steer clear of them - and this is from the person who loved the RPDP book

GDB2222

adg1 wrote: »

Here is your £349 seminar: It was based on buying off plan/development sites/development opportunities, at a discount

Can I stop you there. There was no discount. Of course there wasn't. It was all based on over-valuations, so there was an apparent discount, not a real one. It's like the stores that add 25% to the price before the sale, so they can give you 20% off during the sale. Of course, as we all know to our cost, the lenders were ignoring these hidden incentives then. But no longer.

adg1

GDB2222 wrote: »

Can I stop you there. There was no discount. Of course there wasn't. It was all based on over-valuations, so there was an apparent discount, not a real one. It's like the stores that add 25% to the price before the sale, so they can give you 20% off during the sale. Of course, as we all know to our cost, the lenders were ignoring these hidden incentives then. But no longer.

I know the over valuations caused the impression of discounts to most buyers.

It was, though, also to do with two other aspects of the market a the time - the continually rising prices, ie buy now and it will accrue very fast, and multiple units bought at prices under what they were valued at (although the valuer was, or course, the developer and hence agrees with over-valuation statement).