Real Estate Investing Learning: What’s a REIA?
Have you joined your local REIA yet?
What is a REIA you ask? It’s your local Real Estate Investment Association, also called a real estate investment club. It’s probably the best bargain you’ll ever find for learning real estate investing.
I’m lucky, in my area there are two REAIs, and both are very active. I’m most involved in the newest club, which was started only a few months ago and already has over 250 members. The purpose of the club is to provide networking and learning opportunities for its members. It’s a great place for Real Estate Jobbers to get started.
You will meet lots of Investors who will be anxious to get the types of leads you are providing. They’ll be more than willing to help you get started, if you are willing to put forth the necessary effort.
Networking is one of the REIAs greatest strengths. You get to mingle with the pros in an educational, yet casual setting. These are like-minded people that are making their living investing in real estate. No one will tell you that you can’t do it. It’s very motivational.
Fun and Informative Meetings
A typical meeting of our club goes like this:
Networking and mingling, where you can talk with other members, collect and pass out cards.
Welcome to new members and visitors (the first meeting is free).
Announcements and upcoming events.
Deal of the month, this is where three or four members go over a deal they have closed during the month, and the club votes on which deal was the best.
Sponsor’s comments, each meeting a sponsor provides food and drinks to club members in exchange for being able to pass out literature and talk about their business during the meeting. Some of the sponsors include insurance companies, hard-money lenders, mortgage companies, home inspectors etc.
Feature speakers, includes both local experts and national speakers. A couple of months ago Barney Zick, one of the founders of creative real estate investing stopped by and shared a lot of his knowledge with us, and he even brought dessert from the Cheesecake Factory!.
Adjournment and continued networking.
Our meetings typically run from about 6:30 to 9:30, it’s a great investment of 3 hours.
Great Educational Events
Let’s take a look at a few of the events that have taken place and are planned for our local REIA.
“Round Table with the Experts” – this is where the entire evening was spent at one of about 24 round tables. There were eight people per table. Each table featured an expert on a specific topic. Some of the topics included; wholesaling, retailing, foreclosures, section 8 and home inspection just to name a few. You could ask the expert as many questions as you wanted for the entire evening.
“Getting Started in Real Estate Investing” – this is an eight week class for new Investors, which includes Jobbers! All of the basics are covered including contracting, finding properties, inspections and selling properties. The class meets once a week and culminates in the Junkers Junket, which we will discuss next. This class is offered a few times a year and is less than $200; many gurus would charge thousands of dollars for something similar.
“Junkers Junket” – this is a weekend “boot camp”. Friday evening consists of covering contracts in great detail. Saturday is an all day class covering the ins and outs of buying and selling properties. Sunday is an all day bus trip where we visit several Junker or ugly houses and find out the good the bad and the ugly on the properties. The cost for this event is $199 for members, again an unquestionable bargain.
“Barney Zick Seminar” – Barney’s 8-hour seminar, which he normally charges $350, was offered to members for $59.
“Short Sales Seminar” – a weekend class which covers short sales in great detail. This class is offered to members for only $99.
“Real Estate Expo” – another full weekend event. Each day was packed with national speakers offering excellent advice, motivation and discounts on their materials. Some of the speakers included Louis Brown, John Hyre, Robyn Thompson, Jeff “Mr. Landlord” Taylor, Donna Bauer, Dwan Bent, Sharon Restrepo and Ron Legrand. The cost for this event was $29 for all three days.
“Foreclosure Safari” – a class on the state’s foreclosure process, which includes a visit to the local courthouse to find all of the documents and learn what they mean.
“How to use the Public Records” – a speaker from the county covers how to use the online search tools.
These are just a few of the events and opportunities offered by REAIs. It’s a great place to meet people in the business and learn from people actually doing this everyday. What’s the cost to join you ask? About $90 a year! It’s absolutely the best money you will spend. Also your membership and all educational expenses are tax deductible.
Google for a REIA in your area, join and learn!
Don’t see a club in your area? Then help start your own. Once you build your list of Investors find some others that are interested and help them get a club going. Don’t forget our club was started only a few months ago!
Barry Grimes is a Certified Life Optimization Coach, Author of the Real Estate Jobber Course, Life Optimization After 50 and Success Affirmations for Life Optimization.
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