Going to my first REI meeting this month - advice?

Question

I'm going to my first REI meeting this month. I'm a buy-and-hold investor. So what should my objectives be?

* I'd like someone to recommend a good property manager

* Likewise, I'm looking for recommendations for a real estate agent

* General information on being a landlord in the Wocester, Ma area.

Other than that, what should I try to find? I'm not doing a strategy like wholesaling, from my newbie point of view buy-and-hold benefits less from networking.

Thanks

Paul Timmins · Answer

@Alex Silang

For property managers go to IREM.org search for ARM certified. They passed a battery of tests to be certified.

Paul

Paul Timmins · Answer

@Alex Silang

Welcome. Prior to the meeting call the president of the club and any vendors ask them how the meetings are. Once you establish a conversation they will be looking for you.

Attend as many meetings as you can we have some south of Boston as well.

Check out the Start Here page http://www.biggerpockets.com/starthere

Check out BiggerPockets Ultimate Beginner's Guide - A fantastic free book that walks through many of the key topics of real estate investing.

Check out the free BiggerPockets Podcast - A weekly podcast with interviews and a ton of great advice. And you get the benefit of having 50 past ones to catch up on.

Two Great reads, I bought both J. Scott The Book on Flipping Houses,The Book on Estimating ReHab Costshttp://www.biggerpockets.com/flippingbook

Locate and attend 3 different local REIA club meetings great place to meet people gather resources and info.

Consider checking out HUD homes for small multi's owner occupied gets first crack.

You might consider Niche or Specialized Housing like student housing. Rents can be 2-4 times more. Remember you don't have to own a property to control it.

Good Luck

Paul

Ali Boone · Answer

I'll give way less involved advice. If this is your first meeting, go in with the sole intention of just listening, looking around, saying hi to people and see what is there. There is no reason you have to ask specific questions or learn certain things or anything. Get a feel for the whole thing. Most of those groups will be a lot of 'gurus' and 'salespeople' so be warned of that, but listen to what goes on and see what resonates with you. If you come up with certain questions for people, ask them, listen to anything anyone wants to tell you but use your own judgement as to whether the info is something for you to hang onto or not.

Don't pressure yourself, it's your first group! And if you aren't all that pumped by it when it's over, there are a ton of other groups for you to try. Keep trying new ones until one really sets in. And if one never does, keep collecting good information from each one along the way.

Oh, and have fun with it.

Shaun Reilly · Answer

Ann gave you some great advice Alex.

Though without a doubt if you want to invest around Worcester you need to get out to Worcester events, there are benefits to going to the stuff closer to you (assuming the blurb saying you are in Allston is correct) as well.

There is the original Black Diamond location in Waltham (Which has different monthly topics than Worcester), the Boston Area REIA (Which happens to be this Thursday in Medford) and Justin's Unofficial BP meetup quarterly in Woburn.

Lots of other meetings as you go north and south of Boston as well.

Alex Silang · Answer

I'm going to go to the BlackDiamond Worcester meeting and Boston North Real Estate Investors group.

Ann, thank you for the info. Hope to see you in a week or so.

Ann Bellamy · Answer

Alex, you'll find there is a different flavor to each different group in MA.  Since you are specifically looking for buy/hold/landlord information for the Worcester market, I'd recommend 3 groups:

Worcesterpoa and nwcla are landlord and property management focused.  I have not been to either one, but know the heads of the groups.  Any rental property owner should always belong to their local property owners assn, if only for legislative updates and connections in the landlord community.

The Worcester Black Diamond is more broad based, and has topics of interest to all kinds of real estate investors.  Sometimes the topic is Worcester-focused and sometimes it is more general, but the attendees are mostly from the area around Worcester.

If I were attending a group for the first time, I'd look for people who are actively investing, and have a network for referrals.  Look for a group that actively encourages networking, and is not all about the head of the group.  It can take a while to find the contacts you need.  While it may be tempting to limit yourself to groups closer to home, to find Worcester connections you need to go to Worcester.

And I disagree that buy and hold benefits less from networking - you may be able to buy your first multi from a wholesaler.  Be open to whatever opportunities present themselves, but don't buy courses, order books from Amazon.

Zaid R. · Answer

Since it's your first meeting - I recommend going there and just listen/get a feel for the group & the members

Things that should be going through your mind

*who are the big players in the meeting? who's running the show

*are there deals being presented by wholesalers/sellers/agents

*what are the attendees like?

*Is the speaker/topic interesting to you and adding value or is it mostly just someone pitching a $799 course

@ the end of the meeting ask yourself if you've learned something new or met someone new

Justin Silverio · Answer

Which REI event are you going to?