Real Estate Agent · Elyria, OH · Member since 2015 · 13 posts · 7 votes
I was thinking about going to a REIA meeting up here in Cleveland because I will be starting wholesaling soon. I was just curious what other peoples' experiences are going to REIA meetings to sell a wholesale deal. Or is it just better to avoid the REIA meetings and just market the properties as I get them?
Real Estate Investor · Fort Wayne, IN · Member since 2013 · 168 posts · 78 votes
11y
As an investor that hears people talk about wholesale deals, I haven't found new wholesalers to have very good deals or to be that vocal about promoting them. They all seem to be more about building their list than getting great properties. So my advice would be to focus first on getting the great properties and then tell everyone you can about them. Investors at REIA meetings are a great source of buyers.
Engineer · Portland, OR · Member since 2014 · 1k+ posts · 1k+ votes
11y
My local REIA consisted mostly of hucksters and fundless noobs. There are likely a few people worth taking to, but just like honest solviet economists, it is difficult to know who they are amongst the charlatans and glad handers.
Rental Property Investor · Marianna Florida · Member since 2011 · 357 posts · 169 votes
11y
Its a necessary evil. You may have to attend ten meetings before you get your first deal, but eventually people will start to recognize and trust you. Its not like shooting fish in a barrel, but you may end up with a deal.
You will learn though. By talking to people, and more importantly, listening to people, you'll pick up on who's looking for what and where.
Go to your first few meeting with the intent to gather information - not build a list or sell a house.
Investor · Dallas TX, United States · Member since 2014 · 1k+ posts · 1k+ votes
11y
I run the REIA in Pittsburgh and I cant say that I know much about the Cleveland REIA, but I have heard good things.
Not all REIA's are created equal. Some are very active and will be full of investors looking for deals, others are barely alive. I dont know where yours will fall in the spectrum, but I can tell you this. At the very worst, you can go there, network, trade business cards, and build your buyers list.
It almost couldnt hurt, what have you got to lose, a few hours of your day? VS the chance to find new buyers.
As an investor that hears people talk about wholesale deals, I haven't found new wholesalers to have very good deals or to be that vocal about promoting them. They all seem to be more about building their list than getting great properties. So my advice would be to focus first on getting the great properties and then tell everyone you can about them. Investors at REIA meetings are a great source of buyers.
When you say new investors don't have many good deals what do you mean by that? The standard in wholesaling is the 70% rule and I plan to get a property at about 60% if I can. After I analyze deals in my area of course since it is rather depressed up here. It might turn out that I will have to get a property at 50% for it to be worthwhile for someone. And I actually run a landscaping company and have some networking with other contractors in roofing hvac etc. so I think if I present a good report to my investor he will buy it.
I have a question for you. If I presented an even more detailed report that the wholesaling calculator to you as a wholesaler with all the numbers figured out and contractors already found would you take it? I am basically handing the deal to you. I just don't have the cash to do it myself.
Engineer · Portland, OR · Member since 2014 · 1k+ posts · 1k+ votes
11y
A sophisticated investor isn't going to put much store in your analysis and your contractor. they will be interested in the price and the actual value by their criteria.
your method may be more applicable to someone new.