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!
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:
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.
@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
@Joshua Dorkin Thank you sir!
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