Real Estate Consultant · Kissimmee, FL · Member since 2014 · 15 posts · 10 votes
I never done this before. I want to become a real estate investor. I've been listening a lot to the bigger pockets podcast. And I heard Justin say ask any question on BP so here I am. I'm Going to visit my local REIA what can I expect? is this the right move? Or am I jumping the gun too fast? All I know I'm hungry and i want to do this thank you for your time
Rehabber · Wilmington, NC · Member since 2009 · 23 posts · 10 votes
11y
Hey Edwin, Bill gives great advice on here. Most likely the REIA will bring in different speakers each month who speak about relevant subjects to investing, plus there's usually networking before and after the event. I would talk to as many people there as you can, and then be consistent in your attendance if you decide to continue your career in RE. You didn't mention what part of investing you're most interested in, but wholesaling is probably the best as you're getting your feet wet with REI (least money into it).
Like Bill said, you'll learn a lot by reading your state's RE agent textbook which will teach you about RE terms in general but you don't need to know EVERYTHING in it at first. 75% of agent textbook material is stuff that isn't necessarily applied on a daily basis, but it's good to know down the road. 2nd book to read: FLIP: How to find, fix, and sell houses for a profit by Rick Villani (best book on Flipping houses I've come across) and 3rd, The Millionaire RE Investor by Gary Keller. You need to read the last two books to get a good base on the investing mindset you will need whether you're flipping houses, land lording or wholesaling.
Personally, I wouldn't spend too much money on anybody's coaching programs yet in your career. Read and reread those books until you know what your talking about, then your next step is just networking with people in your REIA. Learn who Invests full time in your REIA and offer to help them with whatever they need help with. I've licked the back of lots of envelops for Direct Mailer's, moved staging furniture, etc whatever the full time investor's needed help with, and it'll pay off eventually. That buys you the opportunity to pick their brain while you're helping them, which is priceless starting out. And be consistent in everything you do, whether it's showing up at REIA meetings, your marketing plan, etc. Good Luck, this is a great place to find info!
Investor, Entrepreneur, Educator · Springfield, MO · Member since 2009 · 21k+ posts · 12k+ votes
11y
Edwin, if you have noticed any of my posts about getting started, the place to begin is not in how to invest in RE but to learn RE first. You can get a textbook for agents taking the exam for about $20, that has the basics you need to know.
I think what you can expect is a bunch of people to network with.
Trick is, who should you work with and who should you believe?
Some groups will be better than others, might be a very good one, I suspect more wouldn't be.
Very few old investors keep up with regulations and the changes, they are the been there, done that, let me show you how bunch, they can be dangerous. That goes for Realtors too.
But, it is a group that can help you and you need to know them, wade before you dive in. :)
Real Estate Consultant · Kissimmee, FL · Member since 2014 · 15 posts · 10 votes
11y
Bill G. Thank you so much for your feedback. I agree with you 100% you should learn RE before you invest. Any books, blogs or article you recommend I read?
Rehabber · Wilmington, NC · Member since 2009 · 23 posts · 10 votes
11y
Hey Edwin, Bill gives great advice on here. Most likely the REIA will bring in different speakers each month who speak about relevant subjects to investing, plus there's usually networking before and after the event. I would talk to as many people there as you can, and then be consistent in your attendance if you decide to continue your career in RE. You didn't mention what part of investing you're most interested in, but wholesaling is probably the best as you're getting your feet wet with REI (least money into it).
Like Bill said, you'll learn a lot by reading your state's RE agent textbook which will teach you about RE terms in general but you don't need to know EVERYTHING in it at first. 75% of agent textbook material is stuff that isn't necessarily applied on a daily basis, but it's good to know down the road. 2nd book to read: FLIP: How to find, fix, and sell houses for a profit by Rick Villani (best book on Flipping houses I've come across) and 3rd, The Millionaire RE Investor by Gary Keller. You need to read the last two books to get a good base on the investing mindset you will need whether you're flipping houses, land lording or wholesaling.
Personally, I wouldn't spend too much money on anybody's coaching programs yet in your career. Read and reread those books until you know what your talking about, then your next step is just networking with people in your REIA. Learn who Invests full time in your REIA and offer to help them with whatever they need help with. I've licked the back of lots of envelops for Direct Mailer's, moved staging furniture, etc whatever the full time investor's needed help with, and it'll pay off eventually. That buys you the opportunity to pick their brain while you're helping them, which is priceless starting out. And be consistent in everything you do, whether it's showing up at REIA meetings, your marketing plan, etc. Good Luck, this is a great place to find info!
Lender · Pasadena, CA · Member since 2013 · 74 posts · 11 votes
11y
Since REI is a team sport, you need to attend as many different meetings as you can so you can start finding the service providers you need to be successful (in addition to learning more before you start spending real money, as other posters have suggested). They're all eager to help educate you in the hope that you'll be successful and give them some business, so they're usually willing to offer some guidance.
I started with just free meetups and quickly weeded out the ones that were all take and no give. You can tell because there's no time provided for networking. I also asked attendees about other clubs, including those not listed on MeetUp.
Don't be afraid to speak with other attendees and ask what they advise. By speaking with a couple of private lenders (for example) consistently over the course of several months (a great point Scott C makes) they're beginning to believe I might be a good risk for future projects. One has looked at a couple of potential projects and pointed out the risks that I didn't see, and which would have caused him to turn down the deal. So now he knows I'm serious, and I know what kind of deals I can finance through him. I'll probably borrow from him for our next flip.
Just keep the old rule in mind: you have 2 ears and 1 mouth... use them proportionally.
Real Estate Consultant · Kissimmee, FL · Member since 2014 · 15 posts · 10 votes
11y
@Scott C. I was thinking of starting out wholesaling I do have my real estate license in the state of Florida, I was using it in the timeshare industry. I will be looking into those books you mention. Thanks for the suggestions. @Bruce Olsen I love that "you have 2 ear and 1 mouth" that's awesome. I love it I'm going to use that from now on. I will do what you said go to different meetings and do a lot of networking.
Title Agent Investor Friendly · Maitland, FL · Member since 2014 · 139 posts · 59 votes
11y
@Edwin Solivan I am in the Orlando area and belong to a few groups. The biggest and best one I belong to is the Central Florida Realty Investors. The next meeting is January 7th here in Orlando and I would love to have you come as my guest. I set up a table for my title company there and have been going for a long time now. I can also introduce you to people. Its never to early to go to the groups. You build relationships and get the support like you do from your family. I also host an REI group in my office every other month I would like to invite you to as well. I always have good food, drinks and good speakers. If interested let me know!
Investor · Orlando, FL · Member since 2011 · 70 posts · 36 votes
11y
Edwin, welcome to BP. As Ryan mentioned, CFRI is a great group to check out and the next general meeting is at Edgewater High School. There is no dress code... you will see people dressed from shorts and flip flops to suits, with the majority on the casual side.
The general meeting will probably have around 200 people attending with various vendors set up in the lobby. The real advantage to CFRI though, are all of the Focus groups you can attend throughout the month (much smaller crowd... 15 to 40 people, and they are included in your membership)
Residential Real Estate Agent · Cookeville, TN · Member since 2013 · 1k+ posts · 948 votes
11y
@Edwin Solivan Why are you nervous? Are you worried that your enrollment fee is high, or that you will just be wasting it? If you're nervous about put $500 on the line, you need to get past that in a hurry if you want to be in this biz. Many of us here on BP have lost many multiples of that at one time or another (and of course, we've made many multiple of that as well).
You will find that there are two types of REIAs - 1. For-profit, and 2. Not-for-profit. You can learn a lot and get great networking from either type. But just know which type that it is so that you know where they are coming from.
Real Estate Consultant · Kissimmee, FL · Member since 2014 · 15 posts · 10 votes
11y
@Bryan L. I'm nervous because most people say they are going to do something and never do it. I committed to pursue my dreams. No matter the cost. Losing money comes with the game, like free throws and fouls. I refuse to be stuck in the rat race. I'm Not coming into this industry to get rich quick and work four hours a week while on vacation.
I'm in for the long haul. I know is going to take a lot of work dedication. I'm Okay with that matter fact I embrace it. To be honest with you I have family members that mean dearly to me and said quit dreaming stop taking risk and keep your 9 to 5 job. Put your family first.
Coming to Bigger Pockets and receiving all this support. Its just unbelievable being around positive people helping me out taking time of their busy lives to help an up-and-comer it means everything to me. I know I can do this I know it won't be easy. But I'm ready for the challenge. And Bryan I'm not nervous anymore I'm ready thank you.
Residential Real Estate Agent · Cookeville, TN · Member since 2013 · 1k+ posts · 948 votes
11y
@Edwin Solivan I can still remember very vividly when my Father told me, "Oh son, don't quit that good-paying job". I can also remember very vividly when my wife used to literally get head-aches when I would bring up the subject.
Lender · San Diego, CA · Member since 2011 · 664 posts · 231 votes
11y
@Edwin Solivanyou'll get a lot out of the REIA meetings and you'll meet several good people there that genuinely want to help you succeed. I'm on the board for our non-profit REIA and would just like to caution you about the "up sale" that comes from almost all the for-profit clubs. You'll know the difference because the speaker will want you to race to the back of the room to buy their package of magic dust that will make you an investor and if you're one of the first 10 people you'll get a special price. Run, I repeat, run from those meetings as fast as you can and find the clubs that really want to educate you.
Investor · Santa Barbara, CA · Member since 2014 · 96 posts · 23 votes
11y
Hi Edwin,
I have a couple of friends who are real estate agents so I just asked them their honest opinion about our local REIA and its value to an investor like myself. They had plenty to say. I feel like it's worth attending a meeting or two if you aren't required to put out a lot of money at the front end. You may find out that it isn't going to be a great networking arena for you, or it may be fantastic. Best of luck to you.
Lender · Pasadena, CA · Member since 2013 · 74 posts · 11 votes
11y
My advice is to ignore 100% of what 95% of real estate agents say. They're in the business to punch a clock and sell retail real estate. They have no clue what an investor does or needs. There's nothing wrong with that career model, but it completely invalidates their opinions on REI.
Having said that, I agree that networking is important. But I also attend one that emphasizes education. It's too popular to offer very much effective networking but I find something of value with every speaker--even if it's just "Don't be that guy!"
I never done this before. I want to become a real estate investor. I've been listening a lot to the bigger pockets podcast. And I heard Justin say ask any question on BP so here I am. I'm Going to visit my local REIA what can I expect? is this the right move? Or am I jumping the gun too fast? All I know I'm hungry and i want to do this thank you for your time
@Edwin Solivan if you're still out there, it would be interesting to hear where you are today after that first REIA meeting, including where that meeting led you and how it influenced your real estate investing endeavors, for better or worse
I never done this before. I want to become a real estate investor. I've been listening a lot to the bigger pockets podcast. And I heard Justin say ask any question on BP so here I am. I'm Going to visit my local REIA what can I expect? is this the right move? Or am I jumping the gun too fast? All I know I'm hungry and i want to do this thank you for your time
@Edwin Solivan if you're still out there, it would be interesting to hear where you are today after that first REIA meeting, including where that meeting led you and how it influenced your real estate investing endeavors, for better or worse