What Makes a Good REIA? What Makes a Bad One?

[Courtney Fricke]

Hey everyone, 

As I prepare to start a local REIA, I'm curious as to what is your favorite part about the REIAs you attend? What do you like? What do you dislike? What do you think those meetings should be doing that they are not? Looking forward to your input!

Also, I'm looking to connect with other leaders of REIAs. As I plan to start one locally, I'm curious about certain aspects to the logistics. Did you start a separate entity for the REIA or is it run out of your regular LLC? What are some value adds that you added to your program? Curious to things like that.

[Jerryll Noorden]

I dislike them period, as they are of ZERO value to me and just a waste of time and gas.

So to answer your question, to organize a good one, they need to provide value to investors.

Just a "hi I am Monkey Man and I am an investor" just won't cut it.

Provide value to wholesalers, investors cash buyers in a way they can not provide without the meeting.

For instance, some say.. ohh you can find cash buyers there (as a wholesaler).

I can find 300% more cash buyers in 20 minutes than sitting there for 2 hours by going online to craigslist. So for me, going there for cash buyers is pointless.

So as a cash buyer,  finding wholesale deals...

Pointless. The serious cash buyers know that any wholesaler that can not get rid of a contract will end up there. BECAUSE and this is why I am a great wholesaler, which no one seems to follow.. I ONLY sign homerun deals. ONLY when the deal is a no brainer do I sign it. I mean 70% discounted.

Why? The number one thing about a wholesaling business is.. reputation. The second my cash buyers see an email from me coming in, they stop lovemaking with their wives and say sorry babe,  monkey is a callin. and they bid on the contract without even looking at the details.. why? because of my rep.

Any wholesaler that needs to go to those meetings simply couldnt get rid of the contract online, and are desperately trying to get rid of them. 

So me as a cash buyer (I don't work with wholesalers period) but I wouldn't go there for meetings.

So what other reason IS there to go to these meetings? Mingle, talk REI socialize.. ohh and "networking".. yeah.. which is all fine and dandy, but I just have no time for that.

So if you find a way to provide REAL value then absolutely.

Suggestions?

1) A REIA for new investors to provide info and how to, like a workshop on whatever their niche is, perfect. Have seasoned wholesalers, cash buyers and flippers come, and schedule a 20 minute presentation like talk, with Q&A at the end. At the end of the meeting evaluate what was well received, what had a ton of questions, what was awesome, and adapt the second meeting to account for that data. Called a feedback loop. No one friggin does this! Meetings will only get better like that.

2) A REIA meeting to talk about SEO tactics to get more leads, Absofrigginlutely.

3) Have agents come there, and mingle with wholesalers, and let eachother school them on better ways to benefit one another as usually they are mortal enemies. And most agents have no idea how to do a double close.

4) New ways for lead generation. Look into Garage Sales for example. Usually people are about to move out and sell house when they do garage sales. Find out where all the garage sales are held in your favorite town to invest in, and sent them your ugly mailer! Did you know this? No? Well there you go DMM. New item for your list. Come up with more clever untapped secrets. Trust me, people will WANT to go to those meetings.

That sort of thing provides value.

But none of these REIA I have see, been to, heard of, even KNOW what the agenda is. All they know is we meet, at this time and we drink and eat, and we let it play out.

What serious investor has time for that?

Not trying to talk bad about any REIA lovers. You asked for opinions, and this is mine!