What do you think of the Dallas REIA?

Question

Its a 1 hour marketing for Phil Groves big event, followed by half an hour of the event sponsors giving their pitch.

The keynote presentations from Shenoah that I have sat through were very informative, but they only take up half of the advertised time.

And then the nametag is there to remind yourself that you didn't spend $20k (minimum) to get into the 'Big Dog' program which meets in a separate room from the rest of us riff raff.

I want to know if yall find any value from attending. What are your thoughts?

I still try to attend these meetings, so dont hesitate to say hello!

Patrick Ellis · Answer

Alan, If you sit back and watch the Phil Grove events, it's interesting. They have perfected a system for finding the people most capable of paying the ridiculous fees for their classes. If the stories are true, their training has worked for some people. But then there are 1000 times more people who have found success by simply reading, talking and taking the first step and buying their first property. I've told many of my friends and people I've mentored that the best lesson is the first deal you do. Even if you simply break even on the deal, you'll walk away with a ton more knowledge than you had walking in.Good luck to you in your journey.

Omar Khan · Answer

@Alan E. I don't want to comment specifically about local REIA events because I prefer not to annoy my friends. My 2 cents: If you're looking to invest in smaller properties - SFRs, small MFs - then you don't need to pay gurus thousands of $. Best bet: keep educating yourself through BP/podcasts/blogs, network with local investors/lenders/brokers and narrow your focus. E.g. instead of looking to purchase a 4 unit property in Dallas, you should try (e.g. only) a 4-unit property in Garland under $600K. That will give your partners a better idea of your criteria + they will take you more seriously.PM me if you need anything.P.S. I had to do a double take when you said $20K minimum! You could take courses from Ivy League school for that amount. The quality of the education would be of a way higher standard. What are these people smoking?

Bruce Lynn · Answer

@Alex Nelson Look on meetup for Roddy Round Up of DFW Real Estate Investment ExpertsNormally meets monthly often on Monday's..but subject to bumping at Addison Conference Center. Next meeting on June 7. George offers some great inexpensive training occasionally. It's not the $300-$3500-$35000 pitch. Often it's $99 and he is boots on the ground here in Dallas area active investor. You can also spend lunch money and more if you want. I'd say 1/2 the group there is realtors, and maybe 1/4 active investors and 50% want to be investors. Even though that doesn't add up....there is some overlap. Normally about 200 or so in attendance. Good vendors, maybe 20.

Bruce Lynn · Answer

There are a couple of different kinds of REIA events. I don't know about this one specifically, but some seem to be organized to enrich their leaders. One I used to attend would bring in a "guru" once a month who would give a 30 minute pitch during the meeting, encouraging you to attend the all day Saturday class for $200-$300 and there you get the big pitch for the $3000 weekend class where you then get the pitch for the $20,000-$50,000 mentoring bootcamp and hand holding. I always got the impression that those leaders were getting some kind of referral fee from the guru.Too often these events are full of people who want to do something, but really aren't doing deals. Maybe the leaders aren't even doing deals. One event I went to last week, the leaders said they aren't doing deals as they don't want to compete with their students. Another one I went to said they had probably spent $200,000 on just about every guru who had come through town. When I hear these stories, I wish they had spend $200,000 on buying property instead of training and classes.One networking event I like is free and there is rarely a pitch for a weekend class and that is the REI 20/20 ---Roddy event in Addison. Lots of good vendors there. Lots of good education. Dinner and drinks and at least 3 people there always who are doing deals.

Bruce Lynn · Answer

@alex nelson The Addison meeting is free to attend. There is free training everyweek they call Toolbelt training. Every one I've ever seen is great. It's only the 3-4hr or all day classes that are a charge.

Caleb Heimsoth · Answer

Alan E. I went to one of these several years ago. I almost fell for it thanks to the wonderful world of bigger pockets. Looking back I shouldn’t have stayed as long as I did. I should have walked in, and walked out. Zero value here.

Bruce Lynn · Answer

The other one I like is Roger Hodkin's NTAREI that meets normally on Thursdays in North Dallas off LBJ and Preston. I think there is a $20 charge per meeting on that one, but normally good group of people and information.

Neal Johnson · Answer

I have nothing negative to say about Phil Grove Big Dog meet up. When I first started real estate investing a couple of years ago, that was the first event I attended. It's very informative to the newbie investor and if you go to the paid 3 day event you'll learn even more. I think I paid $150 dollar for me and my business partner to go to the paid event and I walked away after those 3 days with a wealth full of knowledge.The only thing I will say is if you know you are not financially able to pay $20k on the program after, I would probably wait on investing in the later program. Still attend the 3 day event, but do a few deals by yourself and if you feel like you still need the program, invest at that point. Besides that, like I said they give a lot of great information. Also go on meetup.com and check out some of the free meet ups in Dallas as well. Don't be intimidated because you're new. Just start making connections with people and the deals will come.

John Van der Kieft · Answer

Gave it a look Tuesday July, 24. Paid $100. for 6 month membership and tickets to residential and commercial workshops. Of course there is a higher level membership $1000 with what seems more like an expensive 3 day field trip with photo ops.CON: No access to data or presentation material. No hard copies provided and nothing I can find to download from their website. Is the only info you get from notes taking at the presentation? I imagine the real connections one would have pay more money. Nothing to say those connections would be fruitful either.PRO: I did get a lot of ideas from the presentation. Phil was direct in telling everyone he wants them to bring deals and how to go about doing it. Not all that dissimilar from many brokers who make you pay the same or more on a monthly basis.TAKE AWAY: I’ll go to the seminars I have “free” tickets to. But disappointed in lack of data and market information given to “members”. Do not anticipate meeting a rainmaker either.

Phyllis Hill · Answer

Personally I do not care for the hard core selling tactics of Dallas REIA. I was turned off immediately.