Are REIAs a scam?
Dallas, TX · Member since 2015 · 20 posts · 14 votes
Are REIAs a scam?
Most Popular Reply
Investor · Atlanta, GA · Member since 2013 · 3k+ posts · 3k+ votes
10yIt's all what you make of it.
99% of wanna-be investors, who go to seminars, will never buy their first property. They all blame it on the various gurus not teaching enough, lying about things etc. , when it's really more convenient for them to not go outside their comfortzone.
The other 1% will learn and take kernels of knowledge from everyone they meet, gurus and other investors, and will forge forward.
Heck, I got into real estate investing after a late-night commercial by Dave Del Dotto. Yes, I absolutely credit my inspiration to a guru, that was blasted as scammer. I'm forever grateful to him.
95 Replies
- 10yDarrin CareyPro MemberLender · Dayton, OH · Member since 2008 · 1k+ posts · 705 votes
REIA is a generic term. ANYONE can call themselves a REIA. The name does not make it a scam or reputable, good or bad.
Any organization, REIA, MeetUp, or otherwise reflects the character and personality of the people who run it; and by extension, the people who attend regularly. Call it the organization's personality. If you have great people running it, you'll have a great organization. If the people running it are self serving, that will show too.
Based the on the leadership or lack thereof, REIAs may be sales oriented, education oriented, a nest for sharks, or someones personal ego outlet. You can't tell by the name. You'll have to feel out the organization, and that's best done by visiting. If you're looking for education, going to a sales oriented REIA isn't going to be any good for you. Don't expect it to be free. Somebody, somewhere has to cover the overhead. It could be sales, membership fees, or some combination of both.
It's up to you to get your information and contacts where it works for you. BP is informative and entertaining, and there is a lot of information available, but the information in the forums is scattered. And you never know if the information is good or bad. ( I see a lot of Good and Bad, and some downright scary) Buying a good book or course puts information in an organized format. Whether it's good or not is a whole different question. Whether that book is $20 or $2000, it's up to you to put a value on it, and decide accordingly.
You can get information anywhere, but meeting local investors is best done locally and in person. We started a Dayton Ohio MeetUp specifically for local networking. It gives us a great source of contacts, referrals, and we help each other out. And because it's ours, we can set the "personality" of the group. If someone came to our meetup looking for a speaker with a presentation providing "education", they would be very disappointed. It wouldn't be a scam, but it wouldn't be a fit either.
- 10yJay HinrichsBusiness MemberReal Estate Consultant · Summerlin, NV · Member since 2014 · 45k+ posts · 66k+ votes
@Belinda Lopez very good points many reia's are owned by someone who is making a living running the REIA or they have a publication of that reia and sell advertising.
Nothing wrong with that... I have been a guest at the Portland REIA's a few years back and my talk was on the new dodd frank and NMLS rules... well one of the regular's did not agree and was giving the folks horrible advice.. but of course him being a big shot and there every week and its what the people wanted to hear my talk was useless LOL.. was not what they wanted to hear.
the people that run them get a lot of leads coming their way and that is the benefit of donating their time..
Not sure why everyone thinks learning how to make millions In real estate should be free.
- 10yMike NussPro MemberReal Estate Entrepreneur · Portland, OR · Member since 2014 · 451 posts · 328 votes
It all boils down to the leadership because the leadership creates the culture.
Everyone is going to have a different opinion on leadership.
In my opinion, a good REIA leader is not only active, but relevant in their market place. And they share their market experience with their club. I also believe in effort and providing value. I typically spend 4-5 hours preparing for our once a month meetings. We used to do that 3 times a month. Our business suffered because of it, so we changed our format to once a month.
Membership hasn't fallen off at all because of the culture of our membership. We charge 2x what the local REIA charges for 1/8 of the meetings. Why? Because we have a sharing culture, we provide content and our $300 yearly fee keeps the less committed people from poisoning that culture.
Honestly, and not to bash, but with the experience I have from our local REIA....I don't believe in the National REIA model.
REIA model is to bring in Gurus and split the profit of overly expensive gimmicks (my experience, I do not assume this is for all of them).
I attended (I ran a sub meeting so I was invited) their board meeting after Fortune Builders came to town. What I saw was a bank account with over 6 figures and a new check from fortune builders for over 40k. The 40k came from selling out their database. Their largest overhead is buying the board members dinner once a month.
My partner and I quit within a few months and started our own. Not everyone wants to be a member of our group and honestly, that's 100% okay with me.
I for one would much rather pay $300 to be in a group that had relevant leaders than $150 to a group that allowed national gurus to prey on their members. I think it's safe to say our ~120 members agree.
- 10yJay HinrichsBusiness MemberReal Estate Consultant · Summerlin, NV · Member since 2014 · 45k+ posts · 66k+ votes
@Mike Nuss agreed. I really like rare bird you guys do a great job.
and if I was a young guy and building a business I would do exactly what your doing. Well done.
I did a lot of business with the San Jose RIA and the old owner she sold to a turn key provider.. the turn key provider wants the SJ RIA for profit and to sell her product of that I have no doubt. and the bigger turn key providers in the mid west spent a bunch of bucks getting into her RIA and being allowed to present they spent it in the form of adverts in her magazine... Most folks wont' know what I am talking about but there is a lot of back end stuff most folks don't understand when it comes to many REIAS not all but many
- 10yMike NussPro MemberReal Estate Entrepreneur · Portland, OR · Member since 2014 · 451 posts · 328 votes
Thanks @Jay Hinrichs
One other thing to consider, at least for me, is how good of a job do the leaders do at educating their membership. I can honestly say we don't get deals fed to us, because we do a great job at teaching our members how to do deals without us. I also wouldn't feel bad if we did, because we give a ton of value. You have to give value in order to get value...
- 10yJay HinrichsBusiness MemberReal Estate Consultant · Summerlin, NV · Member since 2014 · 45k+ posts · 66k+ votes
@Mike Nuss well that was not the case in the SF Bay Area.
But I really Like FIBI in the LA area I have been guest speaker there many times. and they are somewhat more formal than ( keep it weird Portland) but they do a great job.. and the promoters are really super people. and sharp in their craft. I do believe though that many of the members do deals with some of the folks ... but they are doing more syndicated deals than just straight buy and hold or flips.
The last time I was invited to speak at the NW reia it was about dodd frank and how its not legal in Orygun to private lend ( you can do two loans a year ).. I am sure you know who I am talking about.. but this guy just kept talking over me telling folks that I did not know what I was talking about and just write for commercial purposes on your note and your good.
Guess who got a cease and desist from the state and was in my office a year later looking for a RMLO to do his deals.. LOL
- Investor, Entrepreneur, Educator · Springfield, MO · Member since 2009 · 21k+ posts · 12k+ votes10y
Okay folks, sorry I got behind in my volunteered duties here.
Gee, one lashing from the lady who I thought loved me wanting to have dinner and drinks....LOL.
Okay, my bets were in jest, but even so, no one will qualify, I'll explain why in a second or two, maybe 2,120, depending on how my fingers feel. :)
Writing a book on "How to entice your evicted tenant to leave for a weekend while you clean out the house and change the locks" is not teaching real estate. Might be a good book if it doesn't suggest unethical or illegal practices, but that isn't teaching real estate.
Mark, your material might be very good, I've never seen it and I don't recall you advocating anything too wild or crazy, I think what you're saying is you teach real estate techniques or aspects of real estate. I'm doubting you teach "real estate", meaning from A to Z, I'd even go along if someone didn't teach about links and chains or that a lot line can be from the center of a river not the banks of the river.
Next issue, I know we had BP members who taught real estate at state approved schools, that would have qualified, but what tossed them out of the ring was they also taught beyond their qualifications, such as in finance and got it wrong! One also was still trying to teach old practices which now have title issues and are seen to circumvent law, so they are not current and therefore, wrong again!
As to gurus, being popular, attractive, witty, friendly, or just lovable doesn't mean they are ethical, lawful, correct or are qualified.
Qualified: Now, that is an interest aspect for a teacher or instructor. Anyone might be able to teach a dog to fetch. Anyone might teach their child not to throw things. But when you get into the realm of professional instruction, not a trade as a machinist for example, but into areas that are considered professional practices, there is a different standard for qualified teachers or instructors.
Does anyone believe they can just call a state real estate commission and get consent to teach in an accredited real estate school. Maybe tell them you have done 800 deals and made 10 million, see if they are impressed and say you're qualified!
That's exactly what BP members do, try to follow the claims of money made and identify dollars with success and therefore "qualifications". I'm pretty sure I've made more than most on BP in real estate, and more was doing other things as well. Out of all mt posts on BP, you won't find a single one boasting about how much I've made, frankly, that isn't my qualification and it's no ones damx business! If you have to talk about your money, you don't have money! I mean really, I don't even talk about my money with family members, some of them would be the last ones I'd say anything to, but the have an idea, that's all they need to know.
Your gurus talk about money because, 1. it impresses those who don't have it and 2. they have no other qualification to use as a bench mark to convince you they have valuable information to give you. People are easily impressed and naive, especially the younger folks.
What I see after years of being in real estate investor forums, is a lot of misguided people, IMO. Most are young, but not all. They have the wrong equation of life and business, Money=Success=Knowledge=Qualified. In fact, they are thinking *** backwards, you begin with education and become qualified, then you gain knowledge, then comes success and the money follows!
The sorry fact of the matter is, the chance of real estate operators or investors coming into the business to day making what I have is slim and none. You aren't me and I'm not you! Your aren't that guru either who you want to clone yourself after either.
The world really is out there for you, but to be a winner you'll need to suffer if you aren't starting out with a pot full of money. The sooner you accept that the sooner you'll be on your way to success in life, financially, socially and morally. If you aren't willing to suffer, you will fail. Dreamers, not doers. You'll have better luck playing Lotto than getting into real estate thinking you're just smart enough to wing it on you own or following some idiotic step by step formula.
I really am amazed at how some marketer can convince an adult that real estate is like following grandma's recipe for beef stew. Even more amazing is the follower thinks he's a world class chief.
Now, if I hadn't gotten the tongue lashing above, I might be in a better mood to ***** foot around the bush while whispering hints and telling it like it is. Over the years of dealing with folks on the internet, I have found most can't take hints, they need a strong dose of reality, a reality they know nothing about.
Like the song goes, "that pat on the back may just be holding you back!" Develop a good BS Meter!
As to my quick judgments, that's from experience, as to my harsh tone some pick up, it's a lot like the drill instructor in boot camp, his job is to save your ***, not be your best beer drinking buddy, he wouldn't kick your tail if it didn't need it and he didn't care about you!
I think if most read my posts as if I were talking slowly and quietly, you wouldn't be so offended, if you can't read them with good intentions, don't read them. But most often. I'm right. A lot of it has to do with typing the least amount of words, so I leave the roses and incense out.
Watch out who you tag up with to learn real estate, most don't have a clue but they will reach in your pockets. :)
- Investor · Downers Grove, IL · Member since 2015 · 353 posts · 213 votes10y
Someone posted that they don't go to a REI Meeting if there are dues? Are you serious? You expect someone to spend time organizing, planning, marketing, hosting, etc Let alone any fee the hosting location may want to charge.
I do not like the standard model of Travelling Guru invited in to sell me something after I paid to get in. But I do find that paying for membership in an organization that forbids selling is well worth it. There is one locally here in the Chicago area, that i pay about $10/month (annual fee), and from that group I have networking and found contractors, private lenders, appraisers, traditional lenders.
It is funny, people don't mind paying points for closing fees on a loan, but if a club charges $100 or so for membership where you can get into deals, learn, etc it is way to much.
I also want to commend those that defend "mentors" charging for their time. I would be concerned if someone regularly gave freely of their time, considering TIME is the most valuable resource we have. Everyone has the same number of hours in a day, it is how we use those hours that determine our level of success.
I attempted the path of "buying lunch or coffee". I was shut down, got no real information, etc from that path. All those worthy of a coffee, didn't want to waste their time, told me they have been asked that a million times, etc. Then if you offer to work for free for them, they told me, yep, they did that. Then as soon as I learn enough I go out and compete against them using their knowledge and they got nothing for the education. That in the time it takes to tell me and teach me what to do, they could do it themselves, especially if there isn't a long term arrangement.
So I paid someone. I realized the value in it. There hasn't been a single day since, that i have regretted for one moment doing that. Getting the connections, let alone the ability to pick their brain, has been amazing. It saves me so much time in building those items myself. I probably would have given up seeing how involved it really is to get GOOD connections.
You pay for concert tickets to sit so far away from someone just singing a song you can hear for free on the radio... Why? Their time to be live. Well, why do we expect to get free from someone we look towards as an expert in the Real Estate arena?
- Rental Property Investor · Madison, WI · Member since 2013 · 629 posts · 339 votes10y
You're assuming that everyone's goals are the same as yours and they just don't want to pay. That's not it at all. You're making a lot of assumptions that are flat-out wrong.
It's whether there would be a benefit from an association for a particular person. Not all investors will benefit. Some will benefit a lot. I'm saying I enjoy hanging out and chatting, but I don't want to pay to do that. FOR MY GOALS I just want informal meetings. I would actually mentor people for free, informally. Beyond that I would charge for my time. I'll give out names and contact information for my great contractors and lenders. But I'm not going to pay to do that.
So. As described above, there are many kinds of REIAs. A REIA where there's dues isn't at all for me. Maybe for you, maybe for many others. Not me. I'm not looking for experts. I'm totally happy with what I glean from these BP boards.
Somewhat related, I actually was on the board of directors for a group that wanted to charge a membership fee. I flatly refused to consider any membership fee until we came up with a plan that included specifics of what we'd offer for that membership fee. I believe you can't expect people to pay a membership just to hang out and brainstorm. In my opinion, that should be totally free. Maybe others disagree. Now, offer a particular workshop, that's different.
(By the way, I never pay points for any loans. And most concerts we go to are free.)
- Mechanicsburg, PA · Member since 2013 · 3k+ posts · 2k+ votes10y
Whether there are dues is really not the deciding factor in whether the REIA is worth while or not. At the REIA that I'm on the Broad, we charge $60 dues. Something like $22 goes to National and $7 goes to state. State pays for a lobbyist to lobby for favorable laws supporting real estate owners and their properties. Renting the room for the meetings is about $250 a meeting. There is a Christmas party for members and a guest with half price tickets, the other half paid by the REIA. Every meeting there are giveaways like smoke detectors, CO detectors or gift cards for Home Depot. When there is a change in the law the attorney on retainer provides an update. The attorney also offers free consultations at the meetings for members. The attorney does charge for office visits, but specializes in real estate law.
Is it worth $60 a year for all that and more, without a doubt or hesitation, absolutely YES.
- Rock Hill, SC · Member since 2015 · 1k+ posts · 597 votes10y
Originally posted by @Lisa Marie:
Dear BP,
I'm attending my first REIA event today and it seems like a scam. I'm a bit skeptical when they are throwing stories of $$$ left and right. Any thoughts?
Lisa
Yes and no on these meeting. Sure a lot of the larger meeting have alternative motives. Selling courses and selling mentorships. I also find this with some of the smaller meeting same thing( as you see the same companies ). I have been attending and speaking at rei meeting off and on for years. I did a lot of international speaking to help teach basic investing for international clients. Simple way to learn about real estate buying and holding in the USA. Now I was not selling a course but the guy putting on the events. Was selling USA Turn Key properties. So most of these meeting are educational with some type of educational or sales spiel. I my self find every time I get stressed or just burnt out from this business. I like to attend all the local ( am meeting )It also helps with networking as I've met some incredible people at the local meeting.
If any thing most of the meeting are great place to network. I live just below Charlotte NC last large meeting I went to was close to 400 people. Yes the speaker was selling his apartment course. The thing that I would say is in the beginning of the meeting when you have a chance to tell every one what you are looking for, or selling. Less then 12 people jumped up to speak. So being active and telling people what you are trying to do or your needs, and wants in the business. When I started 16 years ago I read every book I could. Even spent money on lots of courses. So I guess what I am rambling on and on about is yes. The meeting can always be good if you are there to net work , and to further your education. Oh leave you wallet or purse at home if the course they are selling is that good. It will be there if and when you do decide to purchase it. I still like my books million trips, cup of coffee , and one real estate book. That has served me well over the years.
Hope this helps
Alex
- Flipper/Rehabber · Greeley, CO · Member since 2013 · 2k+ posts · 1k+ votes10y
Originally posted by @Bill Gulley:
Okay folks, sorry I got behind in my volunteered duties here.
Gee, one lashing from the lady who I thought loved me wanting to have dinner and drinks....LOL.
Okay, my bets were in jest, but even so, no one will qualify, I'll explain why in a second or two, maybe 2,120, depending on how my fingers feel. :)
Writing a book on "How to entice your evicted tenant to leave for a weekend while you clean out the house and change the locks" is not teaching real estate. Might be a good book if it doesn't suggest unethical or illegal practices, but that isn't teaching real estate.
Mark, your material might be very good, I've never seen it and I don't recall you advocating anything too wild or crazy, I think what you're saying is you teach real estate techniques or aspects of real estate. I'm doubting you teach "real estate", meaning from A to Z, I'd even go along if someone didn't teach about links and chains or that a lot line can be from the center of a river not the banks of the river.
Next issue, I know we had BP members who taught real estate at state approved schools, that would have qualified, but what tossed them out of the ring was they also taught beyond their qualifications, such as in finance and got it wrong! One also was still trying to teach old practices which now have title issues and are seen to circumvent law, so they are not current and therefore, wrong again!
As to gurus, being popular, attractive, witty, friendly, or just lovable doesn't mean they are ethical, lawful, correct or are qualified.
Qualified: Now, that is an interest aspect for a teacher or instructor. Anyone might be able to teach a dog to fetch. Anyone might teach their child not to throw things. But when you get into the realm of professional instruction, not a trade as a machinist for example, but into areas that are considered professional practices, there is a different standard for qualified teachers or instructors.
Does anyone believe they can just call a state real estate commission and get consent to teach in an accredited real estate school. Maybe tell them you have done 800 deals and made 10 million, see if they are impressed and say you're qualified!
That's exactly what BP members do, try to follow the claims of money made and identify dollars with success and therefore "qualifications". I'm pretty sure I've made more than most on BP in real estate, and more was doing other things as well. Out of all mt posts on BP, you won't find a single one boasting about how much I've made, frankly, that isn't my qualification and it's no ones damx business! If you have to talk about your money, you don't have money! I mean really, I don't even talk about my money with family members, some of them would be the last ones I'd say anything to, but the have an idea, that's all they need to know.
Your gurus talk about money because, 1. it impresses those who don't have it and 2. they have no other qualification to use as a bench mark to convince you they have valuable information to give you. People are easily impressed and naive, especially the younger folks.
What I see after years of being in real estate investor forums, is a lot of misguided people, IMO. Most are young, but not all. They have the wrong equation of life and business, Money=Success=Knowledge=Qualified. In fact, they are thinking *** backwards, you begin with education and become qualified, then you gain knowledge, then comes success and the money follows!
The sorry fact of the matter is, the chance of real estate operators or investors coming into the business to day making what I have is slim and none. You aren't me and I'm not you! Your aren't that guru either who you want to clone yourself after either.
The world really is out there for you, but to be a winner you'll need to suffer if you aren't starting out with a pot full of money. The sooner you accept that the sooner you'll be on your way to success in life, financially, socially and morally. If you aren't willing to suffer, you will fail. Dreamers, not doers. You'll have better luck playing Lotto than getting into real estate thinking you're just smart enough to wing it on you own or following some idiotic step by step formula.
I really am amazed at how some marketer can convince an adult that real estate is like following grandma's recipe for beef stew. Even more amazing is the follower thinks he's a world class chief.
Now, if I hadn't gotten the tongue lashing above, I might be in a better mood to ***** foot around the bush while whispering hints and telling it like it is. Over the years of dealing with folks on the internet, I have found most can't take hints, they need a strong dose of reality, a reality they know nothing about.
Like the song goes, "that pat on the back may just be holding you back!" Develop a good BS Meter!
As to my quick judgments, that's from experience, as to my harsh tone some pick up, it's a lot like the drill instructor in boot camp, his job is to save your ***, not be your best beer drinking buddy, he wouldn't kick your tail if it didn't need it and he didn't care about you!
I think if most read my posts as if I were talking slowly and quietly, you wouldn't be so offended, if you can't read them with good intentions, don't read them. But most often. I'm right. A lot of it has to do with typing the least amount of words, so I leave the roses and incense out.
Watch out who you tag up with to learn real estate, most don't have a clue but they will reach in your pockets. :)
My HUD class I teach is approved for 2 CE credits by Colorado. It was not difficult at all to get that approved. Had to give them a brief Bio and an outline of the course.
I look at it this way. If you can pay someone to help you make more money than the training costs, why not do it? It will save you time and headaches. I went to college (Bachelors in Finance) and I learned a lot more from the coaching I have payed for from non-accredited real world people after college than I did from any professor who was the typical educator.
I have spent close to $50,000 on education for myself in the last year. Various courses, conferences and mastermind groups. It has been some of the best money I ever spent.
When you see the most successful people in the world, they usually have the most expensive coaches.
- Investor, Entrepreneur, Educator · Springfield, MO · Member since 2009 · 21k+ posts · 12k+ votes10y
I'm not disagreeing with you really at all.
I'm not talking about teaching a segment of real estate, but the entire spectrum of the basics of real estate which is pretty much what you had to study to become a licensee. My point was, find a guru doing that without tainting the instruction with aspects that are or lead to unethical or illegal situations. The don't exist out there in guru world.
Yes, you or I might save someone years of headaches, research, obtaining experience from hard knocks and that is certainly valuable.
I'm not saying a REIA meeting isn't a good place to network. I am saying be prepared to defend yourself financially as well as your reputation with those you might meet. You might learn to shoot pool in a pool hall, you might not learn the professional rules of the game, that might mean you can't really win in a real pool match.
Yes, there isn't much involved here either to teach HUD classes, the material is prepared, you teach it. Here, to obtain certification to teach real estate there several involved hoops. They want to review all course content, they want copies of all articles and written materials you have written (can you imagine handing over 20,000+ posts? yep, they want everything!) show all higher educational transcripts, dates, license information, background check, bonds, insurance, school location, office and class hours.....and more! It is a 6 to 8 month process, could be longer. Let's not forget the reality of politics, there are already RE schools in the area, then justify the need. :)
It's a decentralized system that allows instructors to develop their own materials and teach. HUD is a centralized system, they dictate the information to be taught.
It's my understanding that REIA is decentralized, they allow almost, if not everyone to teach or give instruction at these meetings, I don't care if someone made a million of contract for deeds and did them for 25 years, they aren't experts today nor should they be teaching out dated strategies, which is what you'll usually find with old timers. :)
- Dallas, TX · Member since 2015 · 11 posts · 3 votes10y
@Lisa Marie I just saw this after looking up comments on Dallas REIAs. I totally agree with @John Chapman , very well said..."unscrupulous and uneducated."
My husband and I attended a meeting a couple of weeks ago and felt it was a complete waste of time. Needless to say we were extremely disappointed and have decided that the best way to expand our network is simply to continue doing deals. Perhaps we will try visiting other groups in the area in the future, however I doubt that we will give the Galleria meeting another try.
- Investor · Dallas, TX · Member since 2014 · 112 posts · 83 votes10y
Seems to me a lot of REIAs are just businesses trying to make money presenting National Speakers that are selling programs. There are plenty of REIAs in the Dallas area that are composed of a fair amount Real Estate Investors. I suggest http://dfwinvestors.com. they hope that you use some of their services but I have been running into a fair amount of people who are in the business actively at their meeting. They're meeting is free and includes a mastermind session to discuss issues people are having.
- Member since 2022 · 28 posts · 16 votes2y
The previous post hinted at a cancer in REIAs…
IN…MY…OPINION….
MANY….REIAs….ARE RUN…BY…THE… very SHARKS… that we should be avoiding….and who want to take as much of your money as possible.
ok that statement wasn’t polite… so I will back it up with what you need to consider….
1) when I started investing in Real Estate…I was absolutely …right place… right time…
2) the THREE ..REIAs … in my town ..ALLLLL…preached the same foundation.
A) when considering an investment opportunity …ONLY….. Buy investments that had AT LEAST… two exit strategies… or… TWO ways to profit. This way if “ strategy one” didn’t quite work out, you had a B plan.
B) the property MUST have enough equity…AT CLOSING/ the day you become the responsible party, so that if you had to sell…TODAY… you could at the very least, break even/ sell and not lose your shirt.EVIDENCE TO CONSIDER
3) NONE… NONE…. NONE… of the REIAs in my city preach this any more… but they did…4) why would the REIAs Abandon that “ MATURE INVESTMENT” advice?
EVIDENCE TO CONSIDER
5) NOTE WHO ..is on the REIA Board of Directors…. Many of those people are good hard working honest ethical…. But there are also other members of the BoD… who ARE… the big wholesalers, flippers, gurus and turn key rental retail machines.EVIDENCE TO CONSIDER
6) who are the biggest "financial supporters" backers, advertisers OF/FOR…the REIA….often THE SAME PEOPLE !!!!Conclusion…
Is it possible that the BoD has been taken over by the very sharks that years ago we were trained to avoid?“DO YOUR DUE DILIGENCE” IS STILL TRUE… BUT NOW… BE AWARE…
" WHAT ARE THE MOTIVATIONS" … THE …R…E…A…L…. Motivations…that effect the investment " Philosophies" , and investment standards that YOUR REIA …PREACHES…. OR MAYBE SELLS.
Finally… do not assume that “Your” real estate agent is working for your best interest… unless… BOTH of the following are satisfied… 1) the agent Signs a “Buyers Agent” contract where it is stated that YOUR interests comes first
AND…
2) the agent / your buyers agent has no affiliation with any other party nor has any financial interest in this transaction other than as stated in the docs… and has no association with any party in the transaction… other than as stated in the disc… you explain up front that any all buying agreements are not binding until after you have AT LEAST a Preliminary Good Faith Estimate/ HUD1/ enhanced financial disclosure… and that ALL parties/ entities and all fees are clearly disclosed. Any change to the fees or entities listed in the disclosures provides to you an immediate authorization to cancel with for refund of all earnest money …. If the above sound harsh and distrustful … the game is rigged… this is for YOUR protection… many agents will claim that this is against their broker policy… so was “ negotiating the agent fees”… until a class action law suit determined that the big Real Estate Agent Brokers were running a monopoly and acting in collusion to fix fees.
I just got “fired” by my agent for asking for a financial disclosure .. so that I could see the relationship between the agent, the seller and the funding source…. … it turns out that EXACTLY what I WAS CONCERNED ABOUT…. was exactly…what was .. going on…. Ok… the agent elected to fire me… rather than provide the docs.
I have a
GREAT family doctor
A GREAT tax guy
A GREAT financial advisor
a GREAT auto mechanicEtc
And there are dozens of jerks, thieves and idiots who have fired me ..or I them… Build your team slowly, with deliberation and keep track of who is willing to be very open with their actions.All of the other “players”… politely walk away and don’t look back.
- 2yJeff TumbarelloPro MemberReal Estate Broker · Fort Myers, FL · Member since 2008 · 1k+ posts · 323 votes
Depends on the focus of the reia. Some are real. Some are a platform for information product sales.
- Member since 2022 · 28 posts · 16 votes2y
And some are run buy the gurus and wholesale ( marked way up) sellers.
So under that direction…
1) “must have two exit strategies”
2) MUST have equity
3) Should not consider possible market appreciation as equityThese professional mature standards …are gone…. Because the wholesale Board of Directors don’t want those standard impeding on their profits.
- Member since 2025 · 1 post · 0 votes1y
Where can I find out about a meet up in Dallas?
I went to the meeting by the Galleria and I also left after about an hour as it was a big infomercial. However the next day I went ahead and paid the $100 to join the REIA and I signed up for the free 3 day workshop. I am just getting started and any knowledge I can gain will be helpful. I'm not sure yet how Phil makes money out of doing a 3 day workshop for free, I assume they will try to sell us numerous things during the workshop. After reading some of the replys I am now even more skeptical and wondering if I should attend the workshop or not.
- Real Estate Broker · Coppell, TX · Member since 2011 · 5k+ posts · 4k+ votes1yWait until you get hit with the Big Dog fee.
Quote from @Marty Stenzler:
Where can I find out about a meet up in Dallas?
I went to the meeting by the Galleria and I also left after about an hour as it was a big infomercial. However the next day I went ahead and paid the $100 to join the REIA and I
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