So I went to my first REIA meeting (Traction) in my area with little idea of what to expect. However, I didn't expect there to be so much... "selling" at it. It started with a greeting, then into people sharing "success stories" of which only 2 were and the rest were people announcing things they're selling, then it was the time for members to announce things they have to sell (officially I suppose), then it was the REIA groups time to sell us the membership and going over all its benefits, then it was the main speaker to tell us all about his system and trying to sell that. (Larry Goins if you're curious) There was a part where they had a guy talk about market analysis of the DC area was the most informative part, but it was also short.
The information that Larry was talking about was pretty interesting, but it seemed a little "get rich quick"y for me to completely buy into. That and I couldn't help but wondering that if he has all this experience and this large infrastructure to do many of these types of deals, and how easy it is to do it, why inform everyone of what you're doing?
Am I just a huge cynic or was I not far off from the mark?
While I feel as though I didn't get much out of it (other than feeling a bit discouraged), I have to admit that I didn't do any networking which may be the main purpose of these? Being my first time with not much to offer other than cash (I know that's a large part to offer), I was a little shy, perhaps too much, and didn't want to be "preyed" upon.
I was hoping to get more out of this, and while this may not be the REIA for me, I do plan on going to others (Capital REIA and CAZA)
Sorry for the potential rambling, but I would appreciate any thoughts you may have.
Just like in stock trading, you're going to find a lot of blowhards in RE. Johnny "I KEEP FINDING DEALS," George "MY CAP RATE IS 20% ON EVERY DEAL," and Frank the Depressed Real Estate Guy " Don't do it, I lost my shirt, stay away."
Eventually you find individuals who share your similar values. It's not going to be easy to find these people, but the more you post on sites like BP, put yourself out there as an RE investor, you will find the right people.
Hey Zach, I am still somewhat new to investing so wanted to share my thoughts.
- Give yourself some slack - There is enough information and noise in this space to make anyone's head spin. Give yourself 6 months to learn without investing at all. Consume everything you can (books, audios, meetups, etc.) on investing, and just realize this is a time to learn, not a time to invest. That education will make you feel more confident in networking conversations and while evaluating opportunities.
- The ONLY purpose for going to networking events is... to network. The pitches are very cheesy at REIA. I would recommend you stop going to those. Instead fire up meetup.com, and join 10-20 investor meetups in our area. I have been to CAZA, ALFA, and many others, and they are all better than REIA - no guru selling is going on there. Be prepared to stay late, often the networking at a evening meetup can go to 11 or 12. Go to as many of them as you can handle and build up your roladex. Just tell people what you are looking to accomplish and be genuine, no need to feel shy around these folks, they all started in the same spot, with no real estate holdings at all.
Before long you'll be learning all kinds of amazing things, making local connections, and starting to get a handle on where in the vast investing ecosystem that you will fit in. I'll see you at one of these future events I'm sure. I'm still heavily learning, and I'm getting the feeling that with real estate I'll be "still learning" until my dying day! :) I'm learning to enjoy the ride and the uncertainty.
- Instead fire up meetup.com, and join 10-20 investor meetups in our area.
Agreed! Meetup will provide you with lots of networking opportunities. I feel like our local reia has gone downhill but I don't know because I never go anymore... I go to meet ups though!
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