I'm Thinking about joining a REIA group I'm nervous what can I expect?

Question

I never done this before. I want to become a real estate investor. I've been listening a lot to the bigger pockets podcast. And I heard Justin say ask any question on BP so here I am. I'm Going to visit my local REIA what can I expect? is this the right move? Or am I jumping the gun too fast? All I know I'm hungry and i want to do this thank you for your time

Kent R. · Answer

Edwin, welcome to BP.  As Ryan mentioned, CFRI is a great group to check out and the next general meeting is at Edgewater High School.  There is no dress code... you will see people dressed from shorts and flip flops to suits, with the majority on the casual side.

The general meeting will probably have around 200 people attending with various vendors set up in the lobby.  The real advantage to CFRI though, are all of the Focus groups you can attend throughout the month (much smaller crowd... 15 to 40 people, and they are included in your membership)

Hope to see you there!

Scott C. · Answer

Hey Edwin, Bill gives great advice on here. Most likely the REIA will bring in different speakers each month who speak about relevant subjects to investing, plus there's usually networking before and after the event. I would talk to as many people there as you can, and then be consistent in your attendance if you decide to continue your career in RE. You didn't mention what part of investing you're most interested in, but wholesaling is probably the best as you're getting your feet wet with REI (least money into it).

Like Bill said, you'll learn a lot by reading your state's RE agent textbook which will teach you about RE terms in general but you don't need to know EVERYTHING in it at first. 75% of agent textbook material is stuff that isn't necessarily applied on a daily basis, but it's good to know down the road. 2nd book to read: FLIP: How to find, fix, and sell houses for a profit by Rick Villani (best book on Flipping houses I've come across) and 3rd, The Millionaire RE Investor by Gary Keller. You need to read the last two books to get a good base on the investing mindset you will need whether you're flipping houses, land lording or wholesaling.

Personally, I wouldn't spend too much money on anybody's coaching programs yet in your career. Read and reread those books until you  know what your talking about, then your next step is just networking with people in your REIA. Learn who Invests full time in your REIA and offer to help them with whatever they need help with. I've licked the back of lots of envelops for Direct Mailer's, moved staging furniture, etc whatever the full time investor's needed help with, and it'll pay off eventually. That buys you the opportunity to pick their brain while you're helping them, which is priceless starting out. And be consistent in everything you do, whether it's showing up at REIA meetings, your marketing plan, etc.  Good Luck, this is a great place to find info!

Edwin Solivan · Answer

@Ryan Kopczyk absolutely I would love to. I'll be there. Is there a dress code?

Bryan L. · Answer

@Edwin  Solivan  Why are you nervous?  Are you worried that your enrollment fee is high, or that you will just be wasting it?  If you're nervous about put $500 on the line, you need to get past that in a hurry if you want to be in this biz.  Many of us here on BP have lost many multiples of that at one time or another (and of course, we've made many multiple of that as well).

You will find that there are two types of REIAs - 1. For-profit, and 2. Not-for-profit.  You can learn a lot and get great networking from either type.  But just know which type that it is so that you know where they are coming from.

Sam Alpha · Answer

Wise words!

Ryan Kopczyk · Answer

@Edwin  Solivan  I am in the Orlando area and belong to a few groups. The biggest and best one I belong to is the Central Florida Realty Investors. The next meeting is January 7th here in Orlando and I would love to have you come as my guest. I set up a table for my title company there and have been going for a long time now. I can also introduce you to people. Its never to early to go to the groups. You build relationships and get the support like you do from your family. I also host an REI group in my office every other month I would like to invite you to as well. I always have good food, drinks and good speakers. If interested let me know!

Mike Hurney · Answer

@Edwin  Solivan  Welcome.

I think there are more REIAs in Florida than any state in the US.

Bruce Olsen · Answer

Since REI is a team sport, you need to attend as many different meetings as you can so you can start finding the service providers you need to be successful (in addition to learning more before you start spending real money, as other posters have suggested). They're all eager to help educate you in the hope that you'll be successful and give them some business, so they're usually willing to offer some guidance.

I started with just free meetups and quickly weeded out the ones that were all take and no give. You can tell because there's no time provided for networking. I also asked attendees about other clubs, including those not listed on MeetUp.

Don't be afraid to speak with other attendees and ask what they advise. By speaking with a couple of private lenders (for example) consistently over the course of several months (a great point Scott C makes) they're beginning to believe I might be a good risk for future projects. One has looked at a couple of potential projects and pointed out the risks that I didn't see, and which would have caused him to turn down the deal.  So now he knows I'm serious, and I know what kind of deals I can finance through him. I'll probably borrow from him for our next flip.

Just keep the old rule in mind: you have 2 ears and 1 mouth... use them proportionally.

Edwin Solivan · Answer

Bill G. Thank you so much for your feedback. I agree with you 100% you should learn RE before you invest. Any books, blogs or article you recommend I read?

Bill Gulley · Answer

Edwin, if you have noticed any of my posts about getting started, the place to begin is not in how to invest in RE but to learn RE first. You can get a textbook for agents taking the exam for about $20, that has the basics you need to know.

I think what you can expect is a bunch of people to network with.

Trick is, who should you work with and who should you believe?

Some groups will be better than others, might be a very good one, I suspect more wouldn't be.

Very few old investors keep up with regulations and the changes, they are the been there, done that, let me show you how bunch, they can be dangerous. That goes for Realtors too.

But, it is a group that can help you and you need to know them, wade before you dive in. :)

I'm Thinking about joining a REIA group I'm nervous what can I expect?

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