Attended my first REIA Meeting :)

5 posts by 4 users

Medium 1399665937 avatar brianpstone Brian Stone
Glen Allen, VA
134 Posts
20 Votes
1 Award

Brian Stone

from Glen Allen, Virginia

Feb 08 '13, 05:45 AM

So last night I attended my first REIA meeting. It was a speed networking meetup. I got to meet a bunch of buyers and wholesalers and got lots of business cards.

The whole thing was exhausting, I got out of there at like 10:30pm! But I am going to email all the buyers today one by one and thank them for their card and hope to do business with them soon.

It was strange seeing how many wholesalers there are out there too. Lots of competition. Then they did a DEAL thing at the end where people presented what deals they had. I was completely overwhelmed because I didn't understand all the numbers; they were talking about 70% ARV, it's worth this, that, asking price is this, that; I couldn't keep up.

The next REIA meeting is the same thing. A DEAL maker session. Should I go to this? Is it still a chance to network?

Thanks for listening! I built a buyers list just like you guys said, go to the meetings!

Medium 1448399064 avatar biggerpo Joshua Dorkin
BiggerPockets Founder/CEO from Denver, CO
16024 Posts
4119 Votes
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Joshua Dorkin Verified Donor

BiggerPockets Founder/CEO from Denver, Colorado

Feb 08 '13, 06:21 AM

Brian - It is great that you went and experienced it. If you found value then definitely go back -- just because you're new doesn't mean you should be there for the dealmaking sessions. There are a lot of groups that are all about selling you stuff; this one sounds like there's some real action happening -- that's great!

As for learning all the math, it may seem a lot at first, but you should be able to pick that up. Here are some articles to help:

- Introduction to Real Estate Investment Deal Analysis
- Do You Need to Be Smarter Than A 5th Grader to Flip Houses?
- Determining Maximum Purchase Price (MPP)

Medium fbprofileJoshua Dorkin, BiggerPockets

Medium 1399394541 avatar jvermillionaf James Vermillion
Property Manager from Lexington, KY
2919 Posts
1090 Votes
11 Awards

James Vermillion Donor

Property Manager from Lexington, Kentucky

Feb 08 '13, 06:28 AM

Understanding the numbers is absolutely critical, so go ahead and take Josh's advice and check out those links and others on BP. The sooner you understand how to evaluate deals (market value, ARV, rehab costs, holding costs, etc) the sooner you will be able to identify deals and get started.

I also agree that if you are learning something and making contacts, you should continue to go. You can use the deal making sessions to figure out which areas these investors are investing in, see what kind of returns they are looking for, and see who the best wholesalers and investors in the area are. You do not always have to be presenting or jumping in to be learning, sometimes you can learn from just sitting back and observing the process, the numbers, the interactions, etc.

Medium 1399437142 avatar foreclosedpro Michael Galloway
Real Estate Investor from Brentwood, CA
179 Posts
62 Votes
3 Awards

Michael Galloway

Real Estate Investor from Brentwood, California

Feb 08 '13, 06:31 AM

@Brian Stone, sounds like you had a good first meeting. I am always surprised as well as to how many wholesalers that are Here as well.

wishing you lots of success. Michael Galloway

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