Reia Presenters/Seminars

Buying & Selling Real Estate
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Reia Presenters/Seminars

Morris Lucas
Rental Property Investor · Atlanta, GA · Member since 2012 · 256 posts · 64 votes

I am done with the Reia seminars...the only benefit i see, is being able to network with other investors/attorneys, buyers, etc. For the third time, i went to one of these things to gain some knowledge and each have been a complete waste of time. I can honestly say i learn more from this site than these "seminars". The Topic was buying abandoned Properties, and i swear i feel like i don't know any more of how to get started in this area than i did before the seminar started.

Let alone, the host told a billion "stories" about some of the deals he did, which were mostly about the seller's situation, personality, etc. There was no information given on how to locate the properties, what paperwork needed, how to find the liens, etc. Of course, at the end, we were told we could get all of that information from buying the course for a grand, but I thought we would get AT LEAST some tips to at least get started in the general direction. I actually walked out when he started talking about how he turned a 2 bd into a 3...(completely a random topic by the way..)not that that information wasn't useful, but i was so annoyed that i wasted 8 hours of a saturday, and $50 and got watered down stories instead of some detailed information. I guess knowledge ain't cheap! I guess my issue isn't that the host is selling a course,(hey more power to him) but i wish at least sometime the local reia's had speakers who actually come to give folks knowledge without the agenda to sell
courses, etc.
The elephant in the room for me was, the guy claimed to have taught students who made millionaires from his mentoring, so i am sure he has had similar if not more success. Why would someone who is able to negotiate 100k+ on single deals multiple times bother traveling around to sell $900 courses?
The funny thing is after the seminar i decided the true way to learn is to just jump in and i actually started telling folks i am getting into real estate. I learned ten times more from a guy i work with who rents a few properties today than i learned from that seminar. I guess the moral is the folks actively doing deals ain't doing seminars...for the most part..., and once you become active the "true" investors will become known.

Sorry i just had to rant, if i'm off-base, please feel free to destroy my reasoning...lol

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J ScottPro Member
Moderator
Investor · Sarasota, FL · Member since 2008 · 18k+ posts · 17k+ votes
13y

I've been asked to speak at a REIA, only to be un-asked when they found out I had nothing to sell. Apparently, they get 50% of whatever is sold at the event, and I wasn't doing my part to help them make money... :)

Now I just get asked to speak at the sub-group meetings, where I can help them build and maintain membership, but where I can't disrupt their money-making efforts by "hijacking" their main meetings...

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  • Shanequa J.
    Realtor · Houston, TX · Member since 2011 · 916 posts · 296 votes
    13y

    I agree with you. I've been to a couple of meetings and hardly anything useful was taught. Hands down BP is better than our meetings and I've learned more here. National speakers want to sell information and local speakers don't want too much competition.

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  • Ned CareyPro Member
    Moderator
    Investor · Baltimore, MD · Member since 2008 · 17k+ posts · 13k+ votes
    13y

    Morris,

    I can sympathize. There are a lot of hucksters and scam artists in the Real Estate Investing Education business. However there are some really good ones.

    It's kind of like attorneys, 98% give the other 2% a bad name. :-)

    My belief is the quality of the material is generally inversely proportional to the price.

    Don't give up on REIAs. They are a great place to network and some of the speakers will be good. Just don't feel obligated to hang around if the speaker isn't any good. And REIAs are just like the Gurus, attorneys, doctors, politicians, teachers or anyone else. There are good ones and bad ones.

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  • Morris Lucas
    OP
    Rental Property Investor · Atlanta, GA · Member since 2012 · 256 posts · 64 votes
    13y

    Shenequa, your assessment of local speakers makes sense, i never thought of that...why share knowledge with competition?

    Ned;

    I'm not giving up on the Reias. I still think you can get good rapport with investors, buyers, etc if you hang around enough. I even found a RE attorney while i was there. The speakers though, are over for me. It actually becomes insulting after a while.."oh i gotta tell you this funny story..." "oh, let's go over tax liens for a minute.." basically anything to fill up time and talk about ANYTHING except for what the seminar was supposed to be about. Anyway, hey, now i know better. I honestly think this site should be a required site for beginning investors. The funny thing was the people at the seminar were eating up the guy's every word..I thought they were gonna start hugging the guy after he told them "yeah you can get a house from tax liens and it will wipe out the mortgage!! It's awesome!!" I actually had to stop the nonsense and quickly interrupted and said "uh, yeah, but you DO know 99% of the time the MORTGAGE owner will PAY that lien, right???" I should have kept quiet and see if he would have mentioned this, but i couldn't take it any longer, lol.

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  • Account Closed
    Landlord · Seattle, WA · Member since 2010 · 3k+ posts · 1k+ votes
    13y

    Networking is the only reason I would go to a REIA group. There are nuggets of information occasionally that are worthwhile, but generally to make use of them you need to know more than what they are teaching you on the subject.

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  • Raymond B.
    FL · Member since 2009 · 2k+ posts · 357 votes
    13y

    I go to the monthly REIA meeting, mainly to network.
    I've made numerous contacts, and I've done a few deals, that I wouldn't have found, if I didn't go to the REIA meetings.

    Raymond

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  • J ScottPro Member
    Moderator
    Investor · Sarasota, FL · Member since 2008 · 18k+ posts · 17k+ votes
    13y

    I've been asked to speak at a REIA, only to be un-asked when they found out I had nothing to sell. Apparently, they get 50% of whatever is sold at the event, and I wasn't doing my part to help them make money... :)

    Now I just get asked to speak at the sub-group meetings, where I can help them build and maintain membership, but where I can't disrupt their money-making efforts by "hijacking" their main meetings...

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  • Morris Lucas
    OP
    Rental Property Investor · Atlanta, GA · Member since 2012 · 256 posts · 64 votes
    13y

    SERIOUSLY???? This is straight CRAP! Exactly what i am talking about! This is supposed to be an organization for investors..? So a legitimate investor who only wants to offer knowledge with no hidden agenda to sell courses gets TURNED AWAY?? Omg, this is horrible. Shame on them, you would probably be the only voice honesty folks will ever hear at these events. Smh...well i guess just go for the networking like everyone says...

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  • Joshua D.Pro Member
    BiggerPockets Founder · HI · Member since 2008 · 16k+ posts · 5k+ votes
    13y

    This is what troubles me about many of these organizations. I believe an association for real estate investors should be not only a place for networking, but also for learning and advocacy.

    If their goal is to simply invite those speakers who sell the best (and for the most money), there is no way they can credibly say they are looking out for the best interest of their members, and as such, simply can't be a credible advocacy group.

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  • Chris ClothierBusiness Member
    Rental Property Investor · memphis, TN · Member since 2009 · 2k+ posts · 3k+ votes
    13y
    Originally posted by J Scott:
    I've been asked to speak at a REIA, only to be un-asked when they found out I had nothing to sell. Apparently, they get 50% of whatever is sold at the event, and I wasn't doing my part to help them make money... :)

    We used to run a local reia and only had 2 speakers in from out of town in 4 years and simply self funded it. Basically broke even. But we did give it up because it was getting in the way of our main business. Another REIA ended up filling the void and it is a Thursday night meeting for $20 and a Saturday follow up "sales pitch" for $49 to attend. Seeing as how we have had "a little success" in our market, we would love to do free sessions just on local topics only to be told that doesn't fit the financial model. It's unfortunate for the local investors because as a speaker, you get as much out of giving as the people who are receiving. It can be very helpful to local investors to hear from local entrepreneurs having success.

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  • Joel OwensBusiness Member
    Moderator
    Real Estate Broker · Canton, GA · Member since 2010 · 15k+ posts · 11k+ votes
    13y

    I can understand both perspectives.

    The guys selling courses are taking your money so they can build private cash of their own to take down more deals.

    The funders of the event as Chris said are breaking even usually without making money somewhere. Also to put events on like that takes tons of time and planning.

    Having said that I do not go to these events. I value my time too much.

    People that are transacting deals making a bunch of money do not want to be selling a course. They want to be investing and closing more deals. Everybody likes giving back and helping some but if someone has no money and no experience you can't afford to spend all this time with them.

    Too much time spent on this can take away money from your core business. That's why I like this forum. You can jump in and out while conducting your business at your leisure from anywhere in the world.

    If someone reads info you shared or gained insight from a discussion here they can log on 24/7 here to learn and are not stuck having to be somewhere at a certain date and time etc.

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  • J ScottPro Member
    Moderator
    Investor · Sarasota, FL · Member since 2008 · 18k+ posts · 17k+ votes
    13y
    Originally posted by Joel Owens:

    The guys selling courses are taking your money so they can build private cash of their own to take down more deals.

    I'd be willing to bet that most of these speakers no longer do any deals and are solely making their living on education. Not all, of course, but probably the majority...

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  • Chris ClothierBusiness Member
    Rental Property Investor · memphis, TN · Member since 2009 · 2k+ posts · 3k+ votes
    13y

    You know, it is funny - there are guys like J Scott said who are in the business, just maybe not doing the same things they are teaching. I am acquaintances with some and they have moved on to other stuff or are lending money today or JV'ing with first timers. But very few are still driving neighborhoods or putting up bandit signs or negotiating directly with sellers...a lot of the things their "programs" teach. They are absolutely making more money selling regurgitated information that actually practicing.

    So i do agree with J Scott - that is just a reality of educatoin sales. What is worse is the guy/gal who does a handful of deals and then packages someone else's course in their own wrapper and sells it on the REIA circuit. My 10 year old son has learned more from me about real estate than these guys and can probably teach it better too!

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  • Morris Lucas
    OP
    Rental Property Investor · Atlanta, GA · Member since 2012 · 256 posts · 64 votes
    13y

    All i can say is..that goodness for BP!!!! Fast, instant, up to date information with no hidden agendas. I'd much rather pay dues to be on this site then my local rei....uh oh...let me shutup...lol

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  • Ann Bellamy
    Lender · Tyngsboro, MA · Member since 2009 · 3k+ posts · 2k+ votes
    13y

    I understand the REIA model from both sides. It's very expensive and a huge amount of work to properly run a REIA, and for the most part, survival depends on the sales commission from the selling speakers. Hotel rooms, websites, email systems and admin help are not free.

    However, we got so sick of the selling speaker model, that with my new group, we're trying a new model of free meetings, no memberships, and no selling speakers. Just local speakers, or if not local, at least not selling. So far so good, it's been very well attended, 250 at the first meeting, and 130 at the second. (We expect to maintain somewhere over 100 per meeting)

    J Scott, if you're planning on travelling to Massachusetts, I'd love to have you speak, even if you're not local. With one caveat: you can't sell anything. :-)

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  • Account Closed
    Real Estate Investor · Member since 2012 · 189 posts · 32 votes
    13y

    we've been spoiled by having a group called fibi (for investors by investors) that was created a few years ago and has the same attitude and values aligned w bp's model. theyve grown several chapters over the yrs in so cal at least. there are one or two independently run ones w similr values n intent for the investor, but u have to search. u can find fibi on meetup.com. maybe ull be able to find similar in ur areas if u chk meetup.

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  • Tarun Kapoor
    Minneapolis, MN · Member since 2012 · 35 posts · 3 votes
    13y

    The content on my local MN REIA was terrible. I can learn 10 times more by spending a day on BP forums. The panel finds every opportunity to sell the business. Its such a negative marketing that i pretty much could not stand through the whole presentation.

    As far as networking, most people in REIA want to network with you if you are a big investor i.e. will do multiple deals vs a few. REIA is not the place for people like me who are not full time real estate investors.

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