All Forum Posts by: David Neese

Centris wants that business.  Ask for OJ Spooner

technically there is MOPOA which is for apt building owners and Omaha 1 REIA which is what I was talking about which is $70 per year.

Pretty much all REIA groups charge for membership whether they are profit or non profit. I sat on the board of the Memphis Investors Group which is a non profit which charges about 125 per year if I remember right but that is not enough to run the club. The club is dependent on other revenue generating activities. The Omaha group while being for profit is a relative bargain. Andy also doesn't have any speakers come and sell to the group so I doubt he is doing it for the money. The networking is where the money comes from for someone like Andy. The Omaha group is a no frills group but as best I can tell Andy runs the group without help. The Omaha group gets together once per month.

I had discussed starting up a once a month lunch group but started travelling 2 weeks per month and really didn't have the time.  My schedule has calmed down some and I would have interest in putting something together.  Some others previously mentioned an interest as well.  

Also realize that full market price includes realtor fees.  As an investor you owe it to yourself to become a great negotiator as this well make you thousands of dollars.  A buyers agent will try to negotiate the best deal for their client.  As an investor I prefer to buy from un represented sellers as I can get the most discount out of them without a realtor trying to protect them(or kill deals outright).  As a realtor I try to get my seller the max price we can haggle out.  

I have sold more properties wholesale than I have retail.  I like the extra money I make when a realtor brings me full market price but i always budget to give up 10% of the full market price at closing to realtor and buyer closing costs.   If I sell it wholesale I don't have that but I usually give around a 15-20% discount on a turnkey house than I would in a retail sale for the same house.  

Welcome to BP.  I think you will be fine with the stock ones.  I am an Omaha realtor and I do deals here and in TN and I notice that TN realtors don't have nearly the paperwork we have in NE.  But as far as wholesaling you will probably want both your purchase and sales agreement to be a single page and your assignment contract to be maybe 2/3 of a page at most.  I think most think simple is better.  A realtor contract is heavily designed to protect a buyer from any possible way the seller could be trying to cheat them.  As a wholesaler trying to get a great deal you are offering to shoulder that risk for them.  

i  ould use some suggestions on a decent place where we could meet and grow

I would like to put together a monthly lunch meetup somewhere to have a deal makers exchange.  I was thinking maybe the week after the Omaha reia meeting which would usually be the 4th week of the month then since the reia meeting is the 3rd Monday of each month.

I would highly recommend becoming part of the Memphis Investors Group and particularly try to attend their lunch meetings on Fridays at Butcher Shop in Cordova and the Memflips monthly event. 

While I live in NE I attend these lunch meetings if I am in Memphis.

I second @ethan hamilton advice - well said

The meetings are at night and start at 7pm. Andy(who runs the club) does a few public service announcements and then had someone speak on a real estate related topic. This month is different and is a tour of some Legacy Homes model homes. Some topics have been hard money, Sarpy County development and planning, Langford Homes who is a big flipper here in Omaha and Denver, and others. Usually the main topic lasts till about 815pm then we have networking till 9pm. I am sure most come for the networking. Personally I bought my first deal from a wholesaler I met at a REIA meeting 12 years ago. You will find great deals from people you meet at the meetings. It may take a few months but you will be pleasantly surprised.

Our Omaha REIA doesn't focus on education like most clubs do but Andy and his wife run the club on their own and do a fantastic job with what I imagine to be very limited resources of time and money.