Real Estate Investor · Fort Lauderdale, FL · Member since 2013 · 16 posts · 2 votes
Hi Everyone,
I am excited to have found this site! I am new to the real estate investing world and the amount of knowledge shared freely on the forums is extremely helpful (and encouraging since I was about to shell out $1,500 for classes!).
About me, I am a martial artist/yoga instructor-turned real estate investor. I am also a student working towards a bachelor degree in international relations.
My goal is to obtain financial freedom by taking necessary and immediate action towards my financial independence each and every day. Along that road, my mission is to enhance, enrich and empower human lives.
If anyone out there is willing to take on a student (pretty good student, by the way), I am willing to learn!
I love students! What kinds of things do you want to learn?
And I'm from Ft. Laudy (and Atlanta). Love it there! Le Tub is the best burger, and Opa is the best place to have a few too many drinks and dance on tables while throwing napkins.
Hi Sandra, You'll never go wrong by joining your local REIA(s). Local eyes and their 1st hand experience in your neighborhoods is priceless.
A few first semester classes are:
- search here for a few scripts of what to say to a seller. And what types of deals one can offer depending on the seller's situation.
- Use craigslist and create a list of FISBO (forsale by owner) ads and their addresses.
-Instead of calling, go drive and knock on doors. You'll struggle and not figure out how to make any deals for a few weeks. It's the face to face challenge that new investors have to get through.
A fellow here on BP coined the term; play Doctor. Solve their problem by asking and listening.
Now that I know what I know I think the easiest starting point for a beginner is bird-dogging. Find sellers by talking to them who would sell for alot less than market price. Go to your REIAs and find a list of wholesalers with whom you sign a Non-compete Non-circumvent (NCND) so they don't go around you and you pickup $1k or so per house. You can find wholesalers on craigslist too by calling cheap house ads. Soon you might learn enough to get those houses under contract and now you are the wholesaler... on it goes.
Great to see another student of the martial arts join our ranks! What do you train if you don't mind me asking? I've been training BJJ for about 4 years now.
Learning this business will require a lot of the same discipline you must've developed to learn martial arts. You only fail when you quit, so stick with it and you'll be doing deals in no time! Look's like you've found a good teacher in Ali Boone :)
Welcome to BP, glad to see you already saved $1,500...you can actually do a lot with $1,500 in this business. What areas of real estate investing are you interested in, the real estate industry provides a ton of options?
Thanks for all the positive responses and great energy!
Hi Ali Boone-- I want to learn it all! I am what you would call a "life-time student". But, for now, I want to master wholesaling, specifically the senior citizen niche. My game plan for today is to do a mailer. I'm using Craig's List, FB ad words and the yellow letter methods to start.
I'm actually a "tri-coastal" (born in NY, lived in CA, and in Miami). I recently moved to Sunrise and I'm getting to know the area. Hope to get to Atlanta soon too (I hear the market is good there). BTW, I love OPA (good food, good times)!
Hi Curt Smith-- I'm attending a local REIA meeting on Tuesday - any words of wisdom? I have started driving around 3x per week. Next week, I'm actually going to knock on doors (working up the nerve... lol). It's funny that you mention the "play doctor" thing because that is what I really want to do (find solutions for people and create win-wins). Thanks a lot for the bird-dogging tip - I will definitely be doing that!
Hi Mehran Kamari-- I study Jeet Kune Do which combines Filipino Kali/Escrima, Pentjak Silat, Muay Thai, Chinese Kickboxing, some Jiu Jitsu, and Savate (although Savate is being phased out) and I've been training on and off for about 9 years. Thanks for the encouragement, I am definitely motivated and determined!
Hi James Vermillion-- Thanks for the welcome! I'm interested in wholesaling right now. I want to work up to holding properties for cash flow within the next 12 to 48 months in addition to flipping. Along the way, I want to learn lease options, probates, foreclosures, short sales, notes, commercial, RVs and mobile homes, liens, financing and factoring. So, if you were me, what would you do with the $1,500 (knowing what you now know)?
Hi Ned Carey-- Yes, I am noticing that BP is like getting thousands of mentors in one place! Thanks for the advice.
Hi Brandon Turner-- I am focused on wholesale buying right now and eventually want to get to holding properties for cash flow and investing outside the real estate market as well. Thanks for the welcome!
Sandra
Congrats on your coming first meeting. Read below to maximize your success.
Paul
Your First REIA Meeting
One of your most valuable activities that you need to do ASAP is attending your first REIA club meeting. The networking, deal making, team building and source of local education will be found at the meeting. You will want to get the most out of you time at the meeting to make it a profitable experience. So let's get started.
Finding the Meetings
Lets check out "Real Estate Investment Clubs" Massachusetts on Google. The first result www.ReiaClub.com produces ten REIA clubs across Massachusetts.
I visited several of the club sites and found additional clubs listed. I notice a search site for National REIA http://www.nationalreia.com/clubportal/795files/directory.cfm?clubID=795&pubmenuoptID=11912 I follow the link to Massachusetts. There are three clubs listed which are associated with the National REIA. This is important because you will get additional benefits through National REIA.
You can also search Yahoo, MSN or Google groups with the same search criteria. Some of these groups have an online only presence where you can visit and interact in advance.
Prime the Pump
Let say you have selected the group but find that the meeting is two weeks away. You need to prime the pump. Go onto the clubs website my local favorite is Eastern Massachusetts REIA http://www.EasternMassREIA.com When looking at a club I want to see a variety of activities and educational opportunities.
I look to view who is listed on the Contact Us page. I would select at least one staff member and contact them. Ask them about the club, how many members and how many show for the typical meetings. Tell them you will be coming to the next meeting. They will be looking for you ready to introduce you to certain members.
Business Resources/Vendors
Check out the listed Business Resources/Vendors for the club. Call several, tell them you will be coming to the next meeting. Ask them what they think about the group. When you see them at the meeting they also will be introducing you to different people. This will jumpstart your networking.
30 Second Commercial
You need to develop and practice a couple of different 30 second commercials. You will use these when speaking to other who ask “So what are you doing”. It does not have to be too detailed. You can describe further anything they question you about.
Networking
If the meeting begins at 6:30pm SHOW UP EARLY. Get there at least 15 minutes early. This is a great chance to speak with the club officials and introduce yourself. The meeting will begin with an open networking session. In a very relaxed setting you are encouraged to interact with everyone else. Your goal is not to simply collect business cards, rather collect conversations then business cards. When speaking always ask the other person what they are doing, ask a couple of questions to continue them talking. Eventually they will ask you what you do. This is the opportunity for your 30 second commercial.
HINT: Members of the REIA will have formal name tags, new people like you will have paper nametags. You want to speak to everyone with a paper tag. These people can be a great resource for you. Some of these people come to the meeting because they have money to invest. Find them they might as well invest with you.
Announcements
The seats are taken when the networking period is over. You will hear some general announcements and an introduction to the topic and speaker for the evening.
Presentation/Training
A guest speaker will present a topic for their presentation or training opportunity. Often this will be paired with a pitch to buy something. You will get excellent information from the presentation and learn about opportunities.
Coming Club Events
The group leader with describe the events coming up over the next 3 months or so. Listen carefully find the session that will be a benefit to you.
Who has a Deal
One of my favorite parts of the meeting is when the members with a deal can stand up in front of the group and present a deal to everyone. Watch the different ways properties are presented some are more effective than others. Model your future presentations after the exceptional ones. Some people will have pictures and further information to give in the back of the room. Talk to these people about the deals later. Learn how they push the good features of the deal.
End of Meeting Networking
Don’t be in a rush to leave. You have a second chance to network. Make the most of it. ?
@Paul Timmins thank you for the detailed information I just came across on. I have been wanting to go to one of these REI meetings and always asked myself how would it be and what goes on and you have laid it out thanks again.
welcome Sandra Ruiz to BP. Great place to learn as you can see to the comments from the members. Just like others have mentioned and a great description by Paul Timmins laying it out for you on the local REIA groups. Best of luck in your pursuit and keep asking away.
Paul Timmins Hey Paul, networking is the key. Between speakers and after the meeting.
I've had Investors present great deals, field a couple of questions then sit.
Folks attending for the first time, tell me at the end of the meeting: "Jeez, what kind of Association is this? No one even made an offer on that great deal..."
I tell them look at all the attention they're receiving now. Call them up and find out what happened.
Next time I see the first timer: "Hey they sold it."
Not everyone likes to speak in front of a crowd.
I advise First Timers to let everyone know what they're looking for, Offer something and have plenty of Business Cards (DO NOT PUT REAL ESTATE INVESTOR on the card).
Good Luck Investing.
Patrick Jackson-- Thanks for the welcome. Indeed, there are some very helpful people on here.
Paul Timmins-- Thank you for the wealth of information. These are great ideas. My goal is to make 2 contacts, and this info almost assures me of meeting my goal.
Mike LaCava-- Yes, this is a great place to learn... saved me $1,500 already!
Paul Timmins GREAT post!! That should be it's own topic! Way to break it down. REIA meetings tend to be intimidating to those that are new, as it looks like little clicks of people and you don't belong to any of them, but the people there are there for the same purpose as everyone else. To meet, learn, and network!
So far all of my investing has been in turnkey rental properties and overseas beachfront properties in Nicaragua. I'm still actively working with companies in both those arenas, but for my own portfolio I'm starting to pursue self-storage and smaller apartments. Not rushing on either tho, just keeping an eye out and talking with some investor partners casually.