Purpose of Joining REIA in MD/DC/VA

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Purpose of Joining REIA in MD/DC/VA

Renae Pinkney
DMV, MD · Member since 2015 · 19 posts · 2 votes

Hey Guys, 

So I went to a local REIA yesterday that was hosting a meetup about how to get started as an invester. Felt really excited about going and potentially joining since I read there are benefits to joining a REIA because you can network and meet potential buyers, mentors. and or potential partners. I was let down by the end because of course they wanted to upsell me on a product to get started in 21 days by following some steps, I declined and left shortly after. The instructor also mentioned membership packages gold starting at $149 which included the product gold+ $199 including the product and mentor and so on. My question or concern is this how REIA's nomally work? Would I have to pay $100/more a month to be apart of an organization? Really need some advice here.

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Ray Slack
Investor · White Haven PA · Member since 2014 · 362 posts · 221 votes
10y

Some REIA meetups are used as a source to get newbies in to upsell them on courses and mentoring programs and run mainly as a for-profit business. (Think infomercial), But most of the meetups are more or a non-profit philosophy just trying to cover the costs of the meetings and used for networking with a bit of education and a soft upsell usually on the services of the person speaking / educating the group.. For example someone comes in and explains 1031 exchanges and answers your questions about them.. Then at the end gives you their information about their 1031 facilitating services. So, if you want to use them in the future you have someone you're comfortable working with. You should never feel pressured to buy anything . I've heard really good things about the BWI / Baltimore meetups usually held around BWI airport and not such good things about PG county one.

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  • Russell BrazilBusiness Member
    Moderator
    Real Estate Agent · Washington, D.C. · Member since 2012 · 17k+ posts · 30k+ votes
    10y

    There are plenty of low cost REIAs. Even the best ones will have occasional upselling. Don't worry too much about the upsell, just don't buy into it. Instead even use that as a learning experience. Borrow their marketing techniques. 

    Most of them you can buy a year membership or pay per meeting. Usually about  $10-$20. Remember they overhead involved in renting a facility.

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  • James Bowerman
    Investor · Pasadena, MD · Member since 2015 · 52 posts · 20 votes
    10y

    From what I've seen they are all different. There's no governing body to tell the organizers how they should be running the group. I'd suggest you see what else is out there. I go to the BWI REI Meetup (find it on meetup.com) that is free, but they have a membership option which helps support the group. There are obvious costs associated with running these things. What I like is that they aren't focused on selling you anything. Sometimes you may run into this, and there will always be people there trying to sell you, but mainly they just want to help you succeed.

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  • James Green
    Wholesaler · Waldorf, MD · Member since 2015 · 459 posts · 245 votes
    10y

    @Renae Pinkney, as Russell mentioned there are many meetings that are low cost to attend. Many of the low cost ones, you are just paying for maybe dinner, which covers the food and meal. You can still learn from all of them, without buying any of the mentor programs. Just network with the members. In the DMV area, you can literally attend a different meeting 4-5 nights a week, every week. I'm definitely not saying to do that, but they all offer different things where you can learn & meet people.

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  • Ray Slack
    Investor · White Haven PA · Member since 2014 · 362 posts · 221 votes
    10y

    Some REIA meetups are used as a source to get newbies in to upsell them on courses and mentoring programs and run mainly as a for-profit business. (Think infomercial), But most of the meetups are more or a non-profit philosophy just trying to cover the costs of the meetings and used for networking with a bit of education and a soft upsell usually on the services of the person speaking / educating the group.. For example someone comes in and explains 1031 exchanges and answers your questions about them.. Then at the end gives you their information about their 1031 facilitating services. So, if you want to use them in the future you have someone you're comfortable working with. You should never feel pressured to buy anything . I've heard really good things about the BWI / Baltimore meetups usually held around BWI airport and not such good things about PG county one.

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  • James Green
    Wholesaler · Waldorf, MD · Member since 2015 · 459 posts · 245 votes
    10y

    ..."food and meeting" is what I meant to say.

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  • Eric Johnson
    Baltimore, MD · Member since 2013 · 78 posts · 8 votes
    10y

    I'm a member of the Baltimore REIA. I pay $179/year. I'm in the processing of selling one of my wholesale deals to someone I met. Guess where? Yup, the Baltimore REIA :-).

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  • Renae Pinkney
    OP
    DMV, MD · Member since 2015 · 19 posts · 2 votes
    10y

    Thank you so much guys @Russell Brazil (you're always helpful on my post) . It was almost like I started to get flashbacks from a bootcamp I attended trying to get started in October where programs were $10,000+, so it wasnt a great feeling. I found a list of REIAs on here so I'll gradually take look at all and take something from them all. @James Green

    @James Bowerman I created a meetup account so I definitely plan to attend that location in the coming weeks. 

    @Ray Slack that I would be more comfortable with had someone talked about a topic and then mentioned their services and prices at the end. But its all a learning experience and I know what to look for now. The PG County REIA was the one I attended. Im going to check out the Baltimore one next.

    @James Bowerman

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  • Renae Pinkney
    OP
    DMV, MD · Member since 2015 · 19 posts · 2 votes
    10y

    Thats awesome!!  You'll be seeing me there soon.

    @Eric Johnson

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  • Christopher Green
    VA · Member since 2015 · 2 posts · 0 votes
    10y

    good info all. As a newbie, thanks for sharing. 

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  • Account Closed
    Professional Auctioneer · Baltimore, MD · Member since 2015 · 1k+ posts · 1k+ votes
    10y

    I know how you feel, it seems as if every meeting someone is there selling a new course, a seminar or mentoring. 

    • I own a REIA, it is 30 years old, we do not promote outside products for sale and the cost of the meeting is free
    • I am not promoting this REIA, I just want you to know that you have alternatives when it comes to these REIA meetings.
    • You should be warned that there are sharks circling around these meetings looking for the inexperienced to sell something or somehow extract money from. So be careful and aware at all times.
    • The speakers are very convincing and motivating.  Before you take one of those course, take the time to investigate the Smartie conducting the programs. Ask for a list by address of the properties they say they made money on. Check them out on the internet. If they are from out of town........be warned.
    • The reason there are so many speakers promoting programs is because the owners of the REIA get about 50% of what ever is sold.
    • When you attend the next REIA, leave your credit cards at home

    Wishing you luck and success in this business.

    Charles

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  • Renae Pinkney
    OP
    DMV, MD · Member since 2015 · 19 posts · 2 votes
    10y

    @Account Closed  thanks for your input! 

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  • Teresa F.
    Residential Real Estate Broker · Clinton, MD · Member since 2008 · 297 posts · 178 votes
    10y

    Hi Renae -- I love the Deal or Know Deal meeting in Greenbelt. It is somewhat different than your typical REIA because it is all networking and attendees describing deals. There will be wholesalers trying to sell deals, rehabbers trying to sell deals or asking for deals, lenders offering money, etc. The attendees range from brand newbies who are curious about real estate to grizzled multi millionaires who attend to see colleagues and/or go shopping. I have referred a couple of Bigger Pockets folks to it and both said that they enjoyed the meeting and plan to go back.

    Traction REIA is more like your typical REIA, typically selling a speakers products but like most REIAs can offer some helpful information and networking opportunities.

    My 2 cents --  leave your credit card at home and replace it with extra business cards.  Be sure to talk to whomever you are sitting next to and make the most of your networking, especially following up with people who are doing what you want to do.  Best, Teresa

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  • Account Closed
    Professional Auctioneer · Baltimore, MD · Member since 2015 · 1k+ posts · 1k+ votes
    10y

    You are welcome.  When attending these meetings collect business cards. Be careful of those offering properties, many are looking for a fast profit, and some are so called wholesalers.

    When dealing with wholesaler make sure you look at their contract, you want to be sure they are authorized to sell, also you need to ask them how much are they in for, how much do you have to pay for the assignment.

    You will get your best deal directly from owners and someone flipping the deal.

    Make sure before you buy you have a home inspections.......and negotiate, negotiate.......what ever the price is offer 25 percent less.  This will help you find their true motivation and the base line price of the property.  Get good comps.

    2Reply
  • Renae Pinkney
    OP
    DMV, MD · Member since 2015 · 19 posts · 2 votes
    10y

    Thanks @Teresa F. that was great advice! And I'll definitely plan to attend one of the upcoming Greenbelt meetings, I like hands on and it kind of reminds me of the the Robert Kiyosaki board game. 

    0Reply
  • Chris Martin
    Investor · Willow Spring, NC · Member since 2009 · 5k+ posts · 3k+ votes
    10y

    See also this related BP topic regarding MD and vicinity REIAs

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  • Mark Cruse
    Investor · Fort Washington, MD · Member since 2014 · 1k+ posts · 1k+ votes
    10y

    Like others mentioned in here, the one’s that are not focused on selling you something seem to be the most beneficial. I’ve been to many and my best experiences are with the ones that are $10 or something very basic to cover expenses. I’ve had my share of ups and downs in the business but I’m proud to say I didn’t pay anyone thousands of dollars to teach me. I read, networked and learned from great people I’ve met along the way.

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  • Renae Pinkney
    OP
    DMV, MD · Member since 2015 · 19 posts · 2 votes
    10y

    @Chris Martin what an interesting thread! Thats actually the same one I attended. I'll take my chances by attending other REIA's before I return to the one there that is free and supposedly contains more/"better" content.

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  • Renae Pinkney
    OP
    DMV, MD · Member since 2015 · 19 posts · 2 votes
    10y

    "I read, networked and learned from great people I’ve met along the way."

    @Mark Cruse This is exactly what I plan to do. Im so glad I got some great responses on this post. 

    1Reply
  • Mark Cruse
    Investor · Fort Washington, MD · Member since 2014 · 1k+ posts · 1k+ votes
    10y

    Most that I know who are very successful never paid a guru thousands of dollars. I know dozens of people and have heard of thousands that rarely accomplish much after attending training pitches. In some of the areas I invest, there are hundreds of unskilled people running around trying to do deals who are saturating the market with foolishness. Many of them come from some of those training programs who send people out to make deals that tend to benefit the gurus. A great rule of thumb is if they have to consistently sell themselves to convince you to join you most likely don’t need them. Parading people with checks and telling you how much you need them is a red flag. If they had it going on like that, people would be beating their doors down because word of mouth is the best advertisement. I’ve even attended REIAs for free and with that aspect you know where their genuine motivation is. They want to learn, teach and honestly network.

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  • Chris Frank
    Bowie, MD · Member since 2014 · 9 posts · 5 votes
    10y

    @Renae,

    I go to Capital City REIA and Leads to Deals (at the Chinese Buffet) the most frequently and have been to a military veteran, BWI, Baltimore REIAs. I don't mind paying the small monthly fee to be a member because the networking is crucial. You absolutely don't need to buy any product or mentorship program. Just find a way to be valuable to someone to learn from. For instance you can supply money, supply the deal, supply the maintenance/rehab, provide property management, bookkeeping.....and the list goes on and on. Also, I just so happen to have done a deal in Baltimore with @Eric Johnson above by viewing his wholesale deal on one of the meetup emails and then taking it from there. We finally met at the closing table.

    The hosts and hostesses of REIAs are a wealth of knowledge and experience but there's some in the room who may be even light years ahead of them. Talk with the members and learn everyone you can. These REIAs have skyrocketed my knowledge and business in the last two years.

    1Reply
  • Account Closed
    Professional Auctioneer · Baltimore, MD · Member since 2015 · 1k+ posts · 1k+ votes
    10y

    Welcome, when you are in Baltimore, give me a call, investing now for about40 years, auctioneer also.

    Charles

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  • Daria B.
    Rental Property Investor · Gainesville, FL · Member since 2015 · 1k+ posts · 432 votes
    10y
    Charles Parrish You mentioned your REI does not charge. I find that interesting that for 30 years you (group) provides valuable information - interaction - for investors without charging. The one I belong to will now be charging $10 per month. I've been apart of it since Aug-2015. They get the social meeting place at a restaurant for free since the members buy dinner and drinks at the meeting. Saturday is a workshop to view properties and evaluate properties. Now they say the charges are for the speakers that they will be getting to come in and they are "stepping up" the game. There had been previous speakers at the social network night. I'm interested in seeing what the $10 charge will go to. I'm still not clear on that just yet. I do like the group as I have met some really nice people from various points in their RE career.
    1Reply
  • Mark Cruse
    Investor · Fort Washington, MD · Member since 2014 · 1k+ posts · 1k+ votes
    10y

    @Chris Frank

    Could you give me info on the Military Veteran REIA?

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  • Ned CareyPro Member
    Moderator
    Investor · Baltimore, MD · Member since 2008 · 17k+ posts · 13k+ votes
    10y

    @Renae Pinkney I bet I know which REIA you went to. All REIAs are different, some good, some less so, all have value. Running a REIAs takes a lot of money to cover expenses - a lot more than you would think. Sometimes this leads to a hard sell of products. But it doesn't have to.

    The group I attend the most is the BWI Meetup. Lots of BP members go there. Lots of deals get done there. I think I did 11 deals with other members there last year.

    There are  LOT of groups in the area. I am sure you will find one to your liking.

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  • Account Closed
    Professional Auctioneer · Baltimore, MD · Member since 2015 · 1k+ posts · 1k+ votes
    10y

    WE have a REIA coming next Tuesday, it is the MDREIA (DOT COM), 7 PM in Baltimore, all are welcome. First times is FREE.

    Charles

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