Went to a REI meeting for the first time

Monday, I set up a meeting with a local investor who I met through Biggerpockets (thank you!) and he showed me around his rehab project and what he does. He introduced me to his partner who does a lot of wholesaling, which is good because that is my interest right now.

Yesterday, Tuesday, I went to my first REI meeting. I did not have business cards, did not have websites, did not have any deals, but I thought, if I wait to get everything set up before I go, I would probably never go. So I went. There I met a guy who might be interested in mentoring me, hard money lender, realtor, rehab guy, fellow wholesalers, possible investors, and fellow beginners. All in all, I gathered 10 business cards and a flyers, all of them I actually had a good conversations with. Even though I still don't have any deals under my belt, I feel I am on the right track. This week and next I will contact all of them and take them out to lunch and pick their brains or maybe get deals lined up.

Wish me luck, guys.

Edited: 06/26/2010 at 11:47AM

Dennis Keyser

Real Estate Investor · Monclova, Ohio

18 posts
1 award
50 influence

Feb 25 '10, 01:44 AM

You are on the right track! The first deal is the hardest and the rest will come a little easier. Having someone you can ask questions to makes it easier. Good luck!

Edited: 06/26/2010 at 11:49AM

Danny Johnson

Real Estate Investor · San Antonio, Texas

221 posts
5 awards
50 influence

Feb 26 '10, 06:47 AM

You are absolutely right about not waiting until you have everything set up. You are doing the best things you can possibly do in the beginning. Meeting other investors that have already been through what you are going through.

You will be avoiding some of the mistakes others make while they are trying to 'set everything up' and get discouraged.

Remember: You can't run a business sitting on your a$$. Seems you've already learned that.

Congrats!

Edited: 06/26/2010 at 11:50AM

Christopher Davis

Real Estate Investor · St. Louis, Missouri

Donor

153 posts
4 awards
50 influence

Feb 26 '10, 07:03 AM

David

Thanks for the nudge. I've been kicking around about a local REI group and they have an orientation this wed. I think I'll register and go.

Chris

Edited: 06/26/2010 at 11:50AM

Des N

Real Estate Investor · Southern CT, Connecticut

172 posts
5 awards
50 influence

Feb 26 '10, 09:59 AM

One of the biggest pitfalls for people starting out is the tendency to want to "hang out" with other people that are also starting out at the REIA. You seem to be doing the right thing; which is to speak the those that are EXPERIENCED; thats how you move ahead.

Edited: 06/26/2010 at 11:50AM

David Lee

Real Estate Investor · Pennsylvania

30 posts
1 award
50 influence

Feb 27 '10, 03:21 AM

Originally posted by Des N

One of the biggest pitfalls for people starting out is the tendency to want to "hang out" with other people that are also starting out at the REIA. You seem to be doing the right thing; which is to speak the those that are EXPERIENCED; thats how you move ahead.

Hi Des,
I hear what you say. I did fall into that trap myself in the beginning, but ended up talking to actual INVESTORS who are there to network.

I sent all the investors that I met e-mails and told them I will give them a call next week. I asked them detailed questions what kind of deals they are looking for, such as areas in investing, exit strategies, how much rehab they are willing to do.
I will try to get more buyers ready and then start marketing blasts to get motivated sellers. Do you suggest that I use direct marketing as a main strategy?

Edited: 06/26/2010 at 11:50AM

Chris Calabrese

Rehabber · Mt. Pleasant, South Carolina

Pro Basic

204 posts
4 awards
50 influence

Feb 27 '10, 03:33 AM

David, I'll be doing the same thing here in Charleston in the next couple of weeks. I hope I make some good contacts too.

-Chris

Edited: 06/26/2010 at 11:50AM

David Lee

Real Estate Investor · Pennsylvania

30 posts
1 award
50 influence

Feb 27 '10, 03:41 AM

Originally posted by Chris Calabrese

David, I'll be doing the same thing here in Charleston in the next couple of weeks. I hope I make some good contacts too.

-Chris

Good luck Chris,

If I can give you some advices, make sure you have your business cards ready, because that way they can contact you after the meeting. If you don't have them, get their business cards, so you are the one to initiate the contact. But by all means, go to the meeting.

One advice that I got from the guru was, when you go there, write down one or two small things that you picked up while conversing with him/her. It can be a small thing, but it will make you stand out when you contact them. As an example, I met a guy who had the same cell phone, so I mentioned that in the e-mail. I am sure he will remember me when he reads the e-mail.

Edited: 06/26/2010 at 11:50AM