I’m going to my first REIA tomorrow can anyone give me some good advice as to how I can present myself and my real estate business? I’m hoping to find Private Money Lenders at the meeting. Some good pointers would be helpful. Thanks.
It is amazing how quickly you will be welcomed into the group. My experience went like this:
1st meeting: total wallflower to the point of extreme awkwardness.
2nd meeting: seeing some of the same faces gives you the confidence to introduce yourself. Be upfront about being a newbie, they can smell a BS’r a mile away.
3rd meeting: more integration. Prepare some specific questions for those you have discovered are playing in the space you want to play in.
4th meeting: prepare some business cards with your contact info, and what you’re interested. You’re ready to market yourself and find partners and mentors.
Good luck! Make sure to go back for a second meeting even if the first one is a disaster.
Just saw you’re from Clinton. If you’re talking about UCREIA in Greenville, I’ll see you there!
James is right. In my experience, most people at a REIA want to help, but they only like to help those who honestly want it. So being upfront is a good tip. And having something to offer to others isn't a bad idea either (whether it's a deal, connections, etc).
Keep in mind, not everyone is going to be successful at your local REIA. This obviously can't completely happen the first meeting, but you want to try to figure out who the so-called "heavy hitters" are at the meeting and gravitate towards them. If you can't find them right off the bat, many times the title companies or lenders can tell you who does the most business there. And the people doing stuff usually have private money lined up.
And to James' very last point, persistence is key here. Attending more meetings, workshops, etc you'll get more acclimated. If they have them in your area, sometimes the smaller subgroups of REIA may be a better fit starting out since it's usually a more informal and relaxed climate, so it's easier to get to know people.
Originally posted by @Jesse R. :
I'm going to my first REIA tomorrow can anyone give me some good advice as to how I can present myself and my real estate business? I'm hoping to find Private Money Lenders at the meeting. Some good pointers would be helpful. Thanks.
Keep in mind that there will other people who are new as well. A good ice breaker is asking people what they do during the day and how long they have been doing real estate. A lot of people will be there looking for Private Money just like you are, so don't let that put you off. You have to think in terms of what you can offer them. People with money are constantly being approached so it's a good idea to be subtle and friendly unless you have an actual deal that you are shopping around to find a partner for. Other than that, you will find the same cross section of people you meet anywhere else. Some friendly, some reserved some crazy :-) Just go with the flow.
@Jesse R. do you have experience? Have you done any deals? Don't go looking for money. Go looking to be part of a "community", no different than here. You need to earn the right to ask someone for their money. I've been to four or five of my local meetings and at the last one I asked one of the bigger private lenders what he typically looks for in a deal. His answer? "First thing, quality of the person looking for money, second thing, quality of the deal." Let people get to know you first. You'll eventually earn the right to start talking about borrowing money.
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