First REIA Experience: A big two thumbs down

[Fred Shandler]

After two months of religiously studying this board and reading numerous books, last night I finally attended my first REIA. I felt extremely prepared as I had a sold foundation of knowledge (much to the thanks of many posters on this board) and I've read numerous times about the importance of these meetings.

This REIA boasted a reputation as the states largest and most accomplished organization that has transcended the boundaries of other organizations (a paraphrase).

"Excellent", I thought. Now I'll have an opportunity to hear and see successful investors and pick their brains and be even more prepared going forward. Right? WRONG.

6:30-7:30 - Beginner Q&A Session. I'd say there were 40-50 newcomers at the Q&A session. Surely, I thought, they'd split up the group for a more effective and direct interaction. Unfortunately, that was not the case as all questions (maybe 5-7 questions) were dominated by 2-3 people in the group. I did manage to ask “Is it possible to find properties that cash flow in this state, based on 100% financing”. I thought this was a solid question, and the 100% financing part of the question was to avoid the “well it depends on how much money down” answer. He actually laughed at my question and said, “you’ll never get 100% financing!” I responded, “that was not my question, I ask that for purposes of analysis”, at which point he goes on to talk about how PURCHASE PRICE DOES NOT MATTER, TERMS MATTER. HUH???? What the F is this guy talking about? Surely, it had to be me. He was the pro and I’m just a non-property owning newbie. I brushed it off and moved on.

That sure didn't go as I expected, but that was okay because there was an enormously successful speaker to follow and surely he'd make this evening worth the trip.

OR NOT

The best way to describe him was reckless. He is standing there showing people copies of cashed checks ($100,000-$300,000), making people cheer and chat and even touch each others shoulders, while boasting about his "proven system!” Was I in an investors group meeting or was this some kind of wacky cult? He'd give stuff away and the crowd would go nuts, they'd laugh cheer and scream! "Anyone can do it, with no money down and no credit. Who wants to cash checks and go on vacation or drive a nice car"? I could not believe the reckless rhetoric that was spewing from this guy’s mouth. AM I THE ONLY ONE ACTUALLY HEARING THIS???

I sat through the rest of his speech, as he did intertwine a useful bit of information here and there, but that was usually followed by his "$2,400 PACKAGE OF MATERIALS THAT HE WAS SELLING FOR ONLY $499"! or his "ALL DAY SEMINAR THAT SHOWS HOW TO _______________" (fill in the blank).

Final thoughts:

Although this was a terribly disappointing experience, I'll go back. If, for nothing else, to pick up a few tidbits of useful information.

At the end of the night I did scratch my head and ask myself: "Was it me or am I the fool for thinking this"?