We attended a preview of Robert Kiyosaki Real Estate seminar - promoting 3 days of indepth hands on training with their top notch trainers. We signed up for this training which cost $500.00 that did not deliver their promises.
The trainer spent the first half of the first day touting her success all of which was building on the group purchasing additional very expensive training to the tune of if you took all classes a whopping discount included...$65,000.
To set the class up for this training and to remove any objections that their credit cards were maxed out, the ending excercise and home work requested by trainer was this: call your credit card companies and get the balance raised to the highest amount they would approve. When they delivered the pricing the next day it was easily explained that your first foreclosure could pay for the the Weatlh Acceleration Certificate course which included 8 plus training totalling $34,990.00. To add drama and building during the first two days, the trainer kept asking who are my 10%.. Each day the hands lessen.
Also, the trainer waited until the close of the 2nd day to announce to the group that the Wealth Institute Academy was under federal investigation. It was like a bomb went off in the room; you saw the group just sag. Why was this statement never devuldged to us at the Preview... No it was a total Bait and Switch.
One example this trainer used to add drama and get the hook going to frighten folks was this: if your home was paid off you were basically setting yourself up for being sued, but if you went to the bank got HELOC your home would be leveraged to the maxed so no one would want to sue you cause you looked on paper poor. What she did not tell the group that a simple Umbrella policy for 1 million dollars value would easily off set any lawsuit against you.
Another very bad example she explained was use your credit cards with the high limits to buy a house and move the money around to 3 the cards until the house sold... She never said well if the house doesn't sell and your cards are maxed out and you cannot meet your bills, you are in a world of hurt.
She deliberated mislead young inexperienced real estate novices into thinking this was a cool deal.
I am extremely dissappointed that I took a vacation day on Friday and wasted my Saturday to only be hoodwinked.
Robert Kiyosaki needs to get himself out of the Wealth Institute before it destorys his reputation. I have lost respect for him and his organization.
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