Robert Kiyosaki, Rich Dad , Oh where did he go ?

[Lakewood90712]

All the recent threads about Suzy Orman made me curious about another talking head - and I found this: his co. is no longer in business - maybe I missed it last year.

https://thecollegeinvestor.com/4726/ultimate-hypocrite-robert-kiyosaki-companys-bankruptcy/

Geez, look at the fees for his education materials.

 

[REWahoo]

Guess you missed this old thread: http://www.early-retirement.org/forums/f27/rich-dad-poor-dad-author-files-for-bankruptcy-63346.html

 

[RobbieB]

Hehe, yeah never take financial advice from broke people!

What a sham, what a scam. "Get rich flipping houses using other peoples money"

These guys are still on the radio out here, amazing.

 

[calmloki]

Hehe, yeah never take financial advice from broke people!

What a sham, what a scam. "Get rich flipping houses using other peoples money"

These guys are still on the radio out here, amazing.

And we still loan to some of those flippers. The ones to whom we do hard money loans buy really really smart, have great contractors, knock out the upgrades/repairs fast, stage well, and price reasonably. They sell quickly and probably make $50-$70k per house. They are sharp and work hard; we are content backing their play.

 

[griffithee]

And we still loan to some of those flippers. The ones to whom we do hard money loans buy really really smart, have great contractors, knock out the upgrades/repairs fast, stage well, and price reasonably. They sell quickly and probably make $50-$70k per house. They are sharp and work hard; we are content backing their play.

Calmloki, I am fascinated by hard money lending. I would like to pull out rentals and just do notes or hard money lending. Any recommendations for a place to start. I'm in the greater Houston area. Not sure if location makes a difference on lending as it does for hard RE.

Cheers and thanks for any responses.

 

[Onward]

Flipping houses is the opium of the people.

Just my $0.02.

Can't stand Suzy but I actually like Kiyosaki. He helped turn on the light bulb that allowed me to FIRE.

 

[RobbieB]

And we still loan to some of those flippers. The ones to whom we do hard money loans buy really really smart, have great contractors, knock out the upgrades/repairs fast, stage well, and price reasonably. They sell quickly and probably make $50-$70k per house. They are sharp and work hard; we are content backing their play.

Interesting. Yeah I imagine if you knew what you were doing and had the right help lined up you could make a lotta dough.

I'm also sure that doesn't include 98% of the wanna be's that pack the "free seminars"

 

[Scuba]

Calmloki, I am fascinated by hard money lending. I would like to pull out rentals and just do notes or hard money lending. Any recommendations for a place to start. I'm in the greater Houston area. Not sure if location makes a difference on lending as it does for hard RE.



Cheers and thanks for any responses.

Location does matter for hard money loans. I’m in So CA and the guy I use only works with lenders in CA. Hard money lending has worked well for us as one part of a diversified portfolio.

 

[calmloki]

Interesting. Yeah I imagine if you knew what you were doing and had the right help lined up you could make a lotta dough.

I'm also sure that doesn't include 98% of the wanna be's that pack the "free seminars"

I totally agree with you.

 

[NW-Bound]

We do not watch TV unless we are up in our high-country boonies home where there's no broadband Internet. There, I turn to satellite TV for entertainment, and watch a bit of HGTV. I like the Flip Flop couple's show. It seems they know what they are doing, and the money they spend on some big and extensive renovation is a lot less than what I think I would have to spend. Don't know if there's any flim-flam on the accounting, but I am impressed taking at face value their monetary results of each project.

But back on the question "Where did Kyosaki go", lemme post a Youtube song for a break.

 

[joeea]

But back on the question "Where did Kyosaki go", lemme post a Youtube song for a break.

Thanks - now I've got Pete Seeger in my head...

 

[Fedup]

It’s 2 for 2 for me. I never liked Suze nor Rich Dad, Poor DAd, or now bankrupted dad.

 

[calmloki]

Calmloki, I am fascinated by hard money lending. I would like to pull out rentals and just do notes or hard money lending. Any recommendations for a place to start. I'm in the greater Houston area. Not sure if location makes a difference on lending as it does for hard RE.

Cheers and thanks for any responses.

We kinda fell into it - was making payments and told the little escrow company we wanted to be on the other side. Started making smallish loans through the private escrow company. After some years and a number of mistakes that cost a bunch we kept running into the same several people when we went out to do eyes-on inspections of properties we might loan on. Now we pretty much just loan to them or through them.

Hard money gratifies our real estate urges and pays well - mostly. Having to foreclose has been rare, which is good, because it is expensive and painful. A company that was handling our money at one point evaporated, taking more than a year's worth of our living expenses with them. Making loans only on commercial enterprises feels better than loaning to widder women and Bob Cratchit's family.

 

[griffithee]

We kinda fell into it - was making payments and told the little escrow company we wanted to be on the other side. Started making smallish loans through the private escrow company. After some years and a number of mistakes that cost a bunch we kept running into the same several people when we went out to do eyes-on inspections of properties we might loan on. Now we pretty much just loan to them or through them.

Hard money gratifies our real estate urges and pays well - mostly. Having to foreclose has been rare, which is good, because it is expensive and painful. A company that was handling our money at one point evaporated, taking more than a year's worth of our living expenses with them. Making loans only on commercial enterprises feels better than loaning to widder women and Bob Cratchit's family.

Never thought to approach the escrow company. Interesting. Thanks for the data points. Cheers

 

[ERD50]

And we still loan to some of those flippers. The ones to whom we do hard money loans buy really really smart, have great contractors, knock out the upgrades/repairs fast, stage well, and price reasonably. They sell quickly and probably make $50-$70k per house. They are sharp and work hard; we are content backing their play.

After they do that a few times, do they still need to get outside financing?

-ERD50

 

[calmloki]

After they do that a few times, do they still need to get outside financing?

-ERD50

Strange to me, but they do keep coming back to us.

 

[Winemaker]

Flipping houses is the opium of the people.

Just my $0.02.

Can't stand Suzy but I actually like Kiyosaki. He helped turn on the light bulb that allowed me to FIRE.

I bought several of his books, they were also motivational for me. I always do my DD with any financial huckster.

 

[ncbill]

Kiyosaki is just another "power of positive thinking" guru.

As critics point out, he made his money via books and speaking fees (primarily to Amway members)

Going to the local library to borrow Dale Carnegie or Napoleon Hill books would be a better and cheaper approach if you want something in that vein.

 

[Retch The Grate]

Kiyosaki is just another "power of positive thinking" guru.

As critics point out, he made his money via books and speaking fees (primarily to Amway members)

Going to the local library to borrow Dale Carnegie or Napoleon Hill books would be a better and cheaper approach if you want something in that vein.

I seriously hated his books, I read Rich Dad, Poor Dad many years ago and was really amazed that it had so many boosters. It was just pages of gibberish and silly graphs, with literally zero actionable advice. I finished it and went back to sticking my investments in index funds. I read a second one since with all the hype there must be something to it, and no, nothing actionable in whatever the second one I read was either.

 

[cyber888]

Wow. I was never really impressed with that guy. Didn't he and Trump had a business partnership together ?

All the recent threads about Suzy Orman made me curious about another talking head - and I found this: his co. is no longer in business - maybe I missed it last year.

https://thecollegeinvestor.com/4726/ultimate-hypocrite-robert-kiyosaki-companys-bankruptcy/

Geez, look at the fees for his education materials.

 

[gcgang]

I heard Kiyosaki is on the short list to replace Kudlow as head of Economic Development. Lol.

 

[cyber888]

I heard Kiyosaki is on the short list to replace Kudlow as head of Economic Development. Lol.

LOL. I guess he almost got the position when Kudlow suffered a stroke.

 

[Another Reader]

I liked Cash Flow Quadrant. It laid out why being an owner and an investor is better than being an employee fairly concisely. Although I learned a lot of investment knowledge from my father, the reasoning behind investing made more sense when I read the book. I got the book from someone that had finished reading it, so I did not contribute to the rise and fall of the Kiyosaki empire.

He had a nice house in Paradise Valley at some point. If he still has it, it will probably be sold out of the bankruptcy estate.

 

[FreeBear]

I seriously hated his books, I read Rich Dad, Poor Dad many years ago and was really amazed that it had so many boosters. It was just pages of gibberish and silly graphs, with literally zero actionable advice. I finished it and went back to sticking my investments in index funds. I read a second one since with all the hype there must be something to it, and no, nothing actionable in whatever the second one I read was either.

Read Rich Dad too, almost 15 years ago. Never heard of it until I started chatting to a guy at a local coffee shop. The conversation really got going when we discovered that we both hated our j*bs! We started kicking around the idea of becoming our own bosses. He said that he had been working on something for years, and, wait for it, he wanted to get together to really talk this opportunity through. References to Rich Dad were sprinked throughout the conversation. Well, long story short, we sent me to a nameless meeting in a nondiscript office complex and I realized that he was he was pimping for Amway. I said "no thanks" and never heard from my new "buddy" again.

I did read through Rich Dad, and it seemed to take forever to get the punch line of leveraged real estate to generate passive income. The passive income idea was new to me, but real estate was part of my parents' business and I didn't want to deal with the hassles (didn't seem very passive!).

So, I decided to keep the passive income idea and I stick with my original plan to use mutual funds to fuel my exit from corporate hell. I doubled my savings rate, realizing there was no other "silver bullet" for me, and I FIRE'd 15 years later.

 

[Onward]

Malkiel
Bogle
Terhorst
Kalderli
Domingez + Robin
Kiyosaki,

probably in that order of importance, were the architects of my FIRE.