There is no REIA anywhere near me, any tips to start one?

Question

Good Morning all,

I'm located in Berkshire County, Mass and I'm getting started in Real Estate investing with my wife.  I'm looking for a local REIA to go to to network and sit in on meetings, and there doesn't seem to be one even within an hour drive of us! Any pointers from folks who have started a chapter in their area, or is there anyone from the Berkshire County Massachusetts area that would be interested in starting a REIA?

Thanks!

Charles Manuel · Answer

Lets go. I'll buy the first round!

Justin Silverio · Answer

Thanks @Ann Bellamy .

@Charles Manuel I started a networking event last year in September.  I had no prior knowledge of how to set one but felt there was a need in the area.  My intent was to offer something that no other networking event offered to gain people's interest and get them coming back.  My method for getting people on my mailing list was to tell people about the event at other networking events and here on BP.  I haven't used Meetup.com yet because I've been getting enough attendees at my meetings.

I will say that I've been attending networking events for 2+ years and have been investing for 3+ years so I'm sure that was helpful in getting a list of interested people.  If I were you, I would decide what, when and where you want to hold the events and then create a meetup since you don't have many networking events out there.  Do a search for real estate investors in the area and call them to let them know what you're planning to do and how it can benefit them.  Ask them if they know of others who may be interested.

Good luck!

Bonnie McCullough · Answer

Hi, We live in Central Mass, but have owed a 2 family in West Dover VT for 15 years. I would like to be involved in such a group if you ever got it going. I am new to BP, I see this thread is a few years old now. Maybe you have a group? Let me know, we can share experiences and opportunities.

Paul Timmins · Answer

@Charles Manuel

Search for BP members in the nearby big cities connect with them about a meet.

Paul

Anthony Micklus · Answer

Sorry I am posting so late I just discovered BP so I apologize if this information is mute now. I live in Vermont and I had the same problem you did.  I had attended Real Estate Investor Classes and my initial members were people I had networked and exchanged cards with at those classes. I had an attorney draw up the 501c6 paperwork (a non-profit trade organization but you could do a for profit as well.) and operating agreement. The filing fee was around $75. I had a really nice attorney in my network who gave me a really nice discount on the paperwork and filing but you could probably do something like that on Legal Zoom as well. After that was done contacted National REIA and joined their membership as an organization. They were really friendly and helpful. There were a bunch of forms required by them and we also needed to send them a copy of our Bylaws and Code of Ethics (PM me and I would be glad to send you copies of mine.) I created them both based on the National REIA's bylaws and code of ethics plus a few changes discussed with my initial members. I submitted all the paperwork paid the fee (about $250 with the application fee.)  and we were good to go.

Charles Manuel · Answer

Great. Very true insofar as looking more toward the Pioneer Valley.

So I think I'll probably get the ball rolling with a Pittsfield area one first to gauge interest, and if it doesn't pan out I can always move on East.

Shaun Reilly · Answer

My 2 cents is that if you don't think that it would work doing something focusing pretty much on the Berkshires right near you then I would try to draw from Springfield more than Eastern NY or South West VT.  I don't know the demographics for those areas well but seems like Pittsfield is the biggest population center so if that can't sustain one trying to make it live by drawing from even more sparsely populated rural places to keep it alive isn't a great bet.

If you are willing to travel a little more for it and want to draw better the closer you get to Springfield the better you are likely to do.  My suggestion of a place like Lee was only since it wasn't bad for you and people from Pittsfield but was doable for the Springfield area people being a 45 min straight shot on the Pike.  If you can move it closer to them than that it will be a better draw there.  Though at some point if you really want to have a Berkshire feel it will get pretty far for those investors.

Ann Bellamy · Answer

Local chambers change venus to highlight their member organizations who have a venue they want to spotlight.   I don't think the local chamber will give you the exposure you need.  Real estate investing is a sub sub culture.

For you, changing venues is a killer, people get confused and it will lower attendance.  Consistency is better.

Choose the area based on where you want to attract people from, and where you want to invest.  Bear in mind that the higher the population, the more deals.

Good luck

George P. · Answer

how is your event going? i was thinking of starting one too.

There is no REIA anywhere near me, any tips to start one?

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