FortuneBuilders.com is an online education website that teaches its members the ins and outs of real estate investing. Run by Than Merrill, Paul Esajian, and JD Esajian of A&E’s “Flip This House,” FortuneBuilders claims to have courses available to people of all levels of real estate investment experience.
Though this may seem like an odd time to become involved with real estate investment, fans of the show “Flip This House” understand that the concept behind Merrill’s investment theory is buying homes cheaply and finding ways to quickly and affordably fix them up for a solid profit return on your investment.
How Does FortuneBuilders Work?
Fortune Builders functions completely as an educational company. Working with professionals in every aspect of the real estate industry, their course curriculum covers a wide range of real estate related topics, including but not limited to what to look for when buying an investment property, what remodeling projects offer good investment returns, how to deal with the tax implications of quickly buying and selling property, and how to successfully market and sell your property when the time comes.
Having recently been written up in Inc. magazine, FortuneBuilders is growing quickly. Perhaps one of the best reasons why is the wide variety of ways they handle their classes. You can take an in person seminar from one of the three owners or many faculty members referred to as a 4 Day Bootcamp seminar, which is a type of crash course to being successful in the real estate industry.
In addition to that, Merrill himself offers a brand new webinar each week on a topic relevant to investing in today’s volatile real estate market. They also offer eBooks and online classes, in addition to a selection of DVD series on a variety of topics.
Finally, they offer the FortuneBuilders Mastery Implementation Coaching Program to a select group of members at a time. This series includes in-depth training from a variety of professionals who have been and continue to be successful in the real estate industry.
Is FortuneBuilders Right For You?
Fortune Builders claims to work with people of all different levels of experience, but what they aren’t clear about on their web page is what sort of resources you must have at your disposal to begin a career in real estate investing.
A quick glance of their DVD training series will be enough to stop many people, as the DVD training courses are priced at $1,197.00 each. A further investigation shows that investing in many of their coaching programs often requires investments of thousands of dollars.
Though prices in the housing market as low as they’ve been in years, you’ll still need the time and money to purchase, fix up, and a market a home. As these figures vary widely from region to region and project to project, Fortune Builders wisely makes no promises as to what is required from you for potential success. But it does seem fairly clear that being serious about switching to a career in real estate investing will certainly require some significant investment capital.
When I first started investing in real estate it was tough. I had some good deals and had some bad ones and was working way too much. At that point all I was doing was reading books and going to seminars, but frankly wasn't having a lot of success. I joined another persons coaching program and it was good, but I saw only marginal improvements.
I then heard Than speak at a seminar in LA and realized what I was lacking. I understood how to invest in real estate, but I didn't understand how to run it like a business built on systems. What he said really hit home because books don't teach you how to build systems they teach you just the mechanics of how deals work.
Shortly thereafter I joined the Mastery program and yes I too was hesitant as it is a large investment. However, taking a loss on a property because of a lack of knowledge on how to run a business can be much costlier.
Well, I have been more than thrilled with my results since joining. In fact, my business looks very different now and is way more profitable. I am doing three times the volume I used to do and actually working less. I have a staff now that runs part of the business for me. It will take work believe me so you have to be realistic.
The biggest difference is the coaching I got from Than, Pat, Paul, and all the coaches on how to actually implement their systems into my own business. I used to waste a lot of time and now I am much more strategic with my time because I think very differently. Before I was a mess (ha, ha) jumping from idea to idea and niche to niche and through the coaching calls I have changed everything. There have been deals they have told me to walk away or renegotiate which I know in the past I would have done and taken a beating on.
Probably the biggest value though is the community of other mastery students. I have learned a ton from just hanging around and there are mastery students who been involved for years who make me look like a small fish. The last rehabbing event I was seriously impressed with how many people were doing deals. When I go to my local reia or other peoples seminars nobody is doing anything or they are a newbie.
In fact, Matt Connolly, who posted below I have met multiple times at events and is exactly the caliber of investor I am speaking about who is also in Mastery.
I just wanted to share my personal experience for what it's worth. It is not an easy business by any means, but their program has changed my business so I felt compelled to share.
More importantly after speaking with the customer I pulled and listened to the customer service call as he felt John had been rude. I personally have family members who have served in the military so this upset me when I heard it. In all fairness to John I wanted to listen to the call first before addressing him.
On the call John never used the word “coward." John did say he felt the customer was being overly nervous about starting a new real estate business.
However, I absolutely agree that John did not represent what my company and I stand for and was rude. Heck, I was nervous when I got into the real estate business many years ago.
That being said we have a zero tolerance policy for any rudeness of any kind and as of this morning John has been suspended indefinitely.
Our customers and students success are very important too me and I will be the first to correct a mistake if one occurs. We have been in business a long time and have very successful coaching students around the country. My contact information is below if anyone has a question, a concern, or an issue.
My Personal Phone: 858-255-1116 Personal Email: [email protected]
I've been investing since 1994 I started with Carlton Sheets ( worth the $200 I spent). Then read every book at the library on buying RE No Money Down. Bought, sold, rehabbed 100's of houses and unfortunately I've lost it all after a divorce etc.
When I'm ready to rebuild my RE empire. Fortune Builders is the way for me.
Hope to get to see you all in STL.
Now, let me state that I CAN NOT say the system is a rip off, I have never been a part of it. But, the tactics of the summit make me wonder.
Also keep in mind especially in Real Estate the devil is in the details. FB intentionally omits the details because the course work is not specific to any one region of the country.
I have gained much more help from my local REI club. They invite me to attend for free, but I would not waste time with another FB course.
Myself and several other "graduates" have built successful careers in REI, in spite of (not because of) FB and we all agree education is important but best focused working with accountants, attorneys, and other professionals do not rely on pitching educational products like FB to pay their rent.
Also very annoying I still get TEXT SPAMS from Than .. SHAMELESS !!
We did not invest in the mastery program because it did not fit with our goals. There were no promises of slides to be sent later. I took about 50 pages of notes. I confess that I am a compulsive note taker, but have learned NOT to write down things that don't apply to me. Obviously there was a lot that did! We are very near retirement and are not involved in buying or selling real estate. We have one 4 unit apartment building that we have owned for 5 years. We learned a ton about how to better utilize our existing retirement savings. We found out a lot of things we have done wrong and even some we got right. The goal setting exercise was helpful in clarifying what we want and how to get it.
I wasn't crazy about the revival/AA style of some things either. I just chalked (not caulk) it up to presentation style and got over it.
We went into this expecting an upsale so it wasn't any surprise to us. We focused instead on what we could get from what we heard at the weekend.
I don't understand why it is a problem to learn from Jonathan's personal story. Everyone in the room probably had one. We all know people who have experienced tragedy. What helped me was hearing how he came through it and found a way to apply it to my life. I found it sincere and honest and encouraging. If you didn't then fine, but give the guy credit for not giving in to a situation that a lot of people don't and won't overcome.
I am the biggest critic of all. Prior to signing up for mastery at an event I asked every mastery student there what they thought of the program and how they have been doing. At the time the response was overwhelmingly positive. I then spent several hours googling everything I could find out about Fortune Builders, and it has been mostly positive (if it were all positive I would be more worried). After all that my dad and I decided to go for it. We plunked down a very hefty amount of money, there was no question about that. However what we have learned and the ability to surround ourselves with these types of people would have been worth that kind of money over and over and over.
There will be sales at the seminars… if someone told you there wasn’t going to be, then that person lied. However there is also a mind numbing amount of information that will help you. Will it be EVERYTHING… NO! If it was, then they wouldn’t be around for very long… it costs money to put on events and they have to recuperate those costs somehow! So just be prepared for that, but also prepare yourself to take copious notes, and learn everything you can.
Now… if you are already actively investing in real estate, have been doing flips, or are a real estate expert already, then Mastery is not likely for you. Can it still take your business to the next level? Absolutely, you just need to be open to the idea. My dad and myself were total noobs to real estate, we had done one deal and botched it pretty badly, so we knew we needed help and we found it. Our first two deals netted us $40,000 in profit. We have done 2 more rehabs plus several wholesale deals since that time and have netted approximately $50,000 more. So clearly whatever they teach.. .works… if you follow it. Oh yea… that was all while working my full time job!
Is it a lot of money to outlay for knowledge? Not if you need it Will you make more than you spent? Yes! As long as you follow their program and ask lots of questions!
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Disclaimer: I am not in any way connected to Fortune Builders, or Ct Homes or any of their employee or students. In fact, I am not even in real estate business. I am actually, an executive in biotechnology industry and my only connection to this was my spouse wanting to start her own real estate business and my support to her when attending Fortune Builders seminars.
I may sympathize with above rip-off report but i don't think it paints balanced picture on FB seminar.
My spouse and I just completed 3 days seminar March 16-18 in Sacramento, CA; my spouse was interviewed and selected to enter mastery program but we did elect not to pursue at this time. Probably, due to not enough information, time or just it was all new to us and we just wanted to let it sleep before we make an informed decision. Perhaps, my spouse would decide to pursue Mastery program later on.
Here are some of my comments:
1. 200$ spent was worth every cents - in fact more than, what we have learned during these 3 days could potentially be a money savers for us, for example: just a few tips given at seminar on retirement could be quite beneficial etc. There were many, many other quite useful tips it is my opinion.
2. Although tiring (seating 8 hours, 3 days in a row), coffee free (talk about cost management) and small not comfortable chairs, meeting were highly professional, motivational, positive and have also thought about life in General with quite a content and references. Great presentation from Ryan Burk and JD! Good job - Consequently, I might be using some ideas for my Team building, as well.
3. Tuition fees for mastery students although high at first (15-40K) were not transparent prior to the Seminar. I would highly suggest to Than and his Team to consider being more transparent about prices and curriculum just like any University program would be with of course their own touch. They should not be afraid to this, at all. In fact, if my spouse (we) had more time to evaluate the program prior to the seminar, she might have made her decision during if not prior to the seminar, to consider pursuing mastery program. More importantly, it is my opinion that by being transparent that FB would be able to attract higher quality of students, which should be the goal of any quality educational program, anyways.
All the best to FB, mastery students and all of the rest of seminar participants.
1,2,3 Crash it!
Most of the staff was wonderful, however every group has that one person, and this one simply ruined the event for myself.
If you are going to attend one of the 2 hour or 3 day events, just be honest with yourself and understand that it is a sales pitch. Nothing if free no matter how it may appear. Fortune Builders is just another traveling seminary group selling motivated people who have or have access to money big dreams for even bigger prices.