How do I associate myself with more successful people?

Question

I'm a college senior about to head into the real estate investing world full time. (ie. I'm helping to expand my parents business)

What has worked best for you in REI networking and do you think it's paid off? Do you have any advice for me?

I know you can go to REI Clubs, associations, and REI seminars but I'd rather be hanging out with these successful people daily, then just a bunch of college students that are looking for j.o.b.'s. I already attend a local REI club and I'm hanging out with an investor tomorrow who's close to my age. I really take it seriously that your income is based on your closest friends, what do you think?

Thanks for your time and help!

Take care,

Peter

Will Barnard · Answer

While it may be true that your income is often close to that of your closest friends, it is not always. I started off as a struggle and many of my close friends are not as well off as I am. For me, I don't care for the "nose in the air" people and do not enjoy their company as I do with the "real" people I have always tried to associate with. That said, I believe you should focus on people who actively do what it is you want to do. You don't have to be with them 7 days a week, but regular contact is helpful.

RE club meetings, associations, and RE events are great places to meet new contacts/mentors/etc.

Bill Gulley · Answer

Doing what someone else does will not yield the same results for you as it did for them. Ways of thinking, approaching problems, maybe a strategy, okay, but don't copy them, apply it to your personality and how you want to develop your plan.

Bill Gulley · Answer

Listen to Will, don't start out trying to be someone you are not. Successful people who hang out together have other things in common beside business. The best thing to do to start is to approach people on a professional level, not trying to chum up with them. Unless you have money, you can't afford to hang. Do you and your wife/girl friend want to go to the club for dinner? It'll run you a couple hundred with the tip. Wanna play some poker, a friendly game, bring 25K. You'll have to tip your hand and when they find out you're not being the real you, you're dead in the water. Just be you and don't forget to have fun with the guys your age too! They will be your customers soon enough.

But here is a tip: Find one of the most successful people in RE you can in your area. Approach them and tell them you are a student and interested in RE and ask if you can take them to luch. 
Ask for a lunch date at least a week off or when ever they can. They might be busy, but most will help a student.

Go somewhere nice, not a drive-in joint. You'll be seen at the table with them. Try to go where RE types hang out, maybe a nice lounge and steak dinner thing. The RE types there will notice.

A couple days later, go back there by yourself. Try to meet someone there, have a drink and a casual off duty approach. You'll probably meet someone else.

A young stock broker was seen with Warren Buffett at a wall street house walking around a balcony second floor where other brokers saw them. It was an introduction of sorts and Buffett knew what he was doing with the young man and I understand the new guy advanced quickly. At least that's the story.

Meeting people professionally is much better than trying to hang with them, you're probably not ready for the games. 
Good luck!

Peter Haymond · Answer

Oh interesting Will you live in Santa Clarita huh? I have an aunt who lives in Long Beach and the majority of my family lives in the Bay Area. Interesting...and thank you everyone for the great advice.

I guess Dan Kennedy's quote lit a fire under my butt when he said, "Hanging around poor people who place very little value on time-theirs, others', or passing time in general - your own productivity will diminish. That's why it's best to associate yourself with busy, productive, effective, successful people. And to eradicate the real time wasters from your life." What do you think?

Bryan Hancock · Answer

This site is a great place to start.  Local REIAs have a lot of charlatans and newbies.  They will have a fair amount of seasoned folks too.  Make sure to hang out long enough to know who the players are and to give as much as you take if not more.

Hanging around capital formation centers like angel groups and entrepreneurship places is a good idea too.  Austin has many of these places...not sure about your region.

The Chamber of Commerce has some great resources too.  You may want to invest in a membership at a large area near you.

Bill Gulley · Answer

LOL, it all started with lunch with a broker who hired me and bought my lunch! He got me into the insurance business instead of waiting a commission checks in real estate, the rest is histroy. Good luck!

Kevin Lunt · Answer

I forgot to mention the BNI meetings have been interesting, as well!

Kevin Lunt · Answer

It is amazing how you can meet successful, interesting people anywhere. While in Reno last week for our board of directors meeting, I met an interesting broker while in the hotel sauna.  When I returned home, I was in the sauna at the gym and met a guy that works for an investment firm doing asset-based lending.

Lately, I've met some very interesting and successful people at some Rotary Club meetings and events.  The same goes for Toastmasters meetings that I've dropped in on.

Timothy W. · Answer

Hang out with Will.  I've met thousands of people across the country who claim to be real estate investors and he's one of 12 I can vouch for as the real deal.