Hello all. Outside of a finance background, investment books, and many podcasts, I am new to real estate. I wanted to lead off by giving a newbie review of the Dallas REIA group for anyone else that may consider attending.
Brief Overview: I found the meeting fun and informative. Expect a sales pitch on their membership program and training material. Given there are around 100 people in attendance, you are not overly pressured into spending money. They will honestly cover the topic of the day, in this case house flipping, and will give real world examples.
· I was introduced to basic concepts I had not considered, such as investing with an IRA. If this is a good idea is debatable but novel concepts were given.
· The leaders, Shannon and Phill Grove, are blunt about what they are selling. Phill flat out said the only reason he teaches is to network and find future deals. Personally, I appreciate knowing all cards are on the table.
· Shannon and Phill are charismatic. They will share funny stories with pieces you can learn from.
· Little networking opportunity. The session lasted from 6pm until around 9:30pm and was filled with speakers and sponsors the entire time.
· They are there to sign up members. I can see value in a large local network but the entire process was disrupted by it.
· With over 100 people in attendance, you wonder how many people are serious vs curious
Conclusion: I had fun. I’m not sure I learned much but I finally attended a meeting and saw how hungry the population is to invest. With over 100 people in attendance, I know raising capital and finding partners maybe isn’t as difficult as I originally thought.
Thanks for taking the time to do this review. Its helpful!
Good review. I went to a meeting a few months back and reading your post now reminds me of how I felt very similar at the time. I've read other posts talking about most of the attendees are "window shoppers" who won't seriously pursue any deals. Similarly, I've seen posts saying that meetups are a more viable option to find serious partners.
This is coming from someone who's spent most of their time on the side-line reading and watching, so take it with a grain of salt :)
@Robert Ortega that you for your honest and more importantly unbias review. Have you checked out Propelio meetups? They meet monthly in Grapevine. Great networking. It is full of legit player in the real estate investing world.
Also check out Lifestyles Unlimited. They also meet monthly. Their focus is 100% buy and hold rentals. Propelio is everything real estate.
@Kyle Mccaw I looked at both and I really should go to a few meetings to network. Shortly after this post I purchased, renovated, and rented my first property. Honestly, the whole thing was harder than I thought but I just got it done. Now that I can breathe again, I think I'll attend a few.
I agree with @Kyle Mccaw 's comment. I've been flying from Detroit to Texas since 2012 to attend Lifestyles training events.
Especially if you already own a rent property, their basic membership is a no-brainer. A few bucks gives you access to the vendor list. Just from using their vendor discounts I've saved way more than the cost of the membership itself. The classes, online training, meet-ups, etc make it a great value.
@Greg Scott I won't, that sounds amazing. I just had newly installed closet shelves collapse on my tenants thanks to a poor contractor decision.
I have been to both, Dallas REIA and Lifestyles Unlimited, meetings.
The Dallas REIA meetings are free for the first one, then $100 for 6 months after. The meetings give information on a subject that is different each month with two meetings each month each at different locations. The meeting starts at 6 pm for new folks where they teach about what real estate investing is about. They hand out buzzers with papers for people to fill out if they want to be part of the REIA, and when their buzzer goes off, they go out of the room to sign up. The membership comes with a free Big Event, which is a 3-day weekend workshop where you learn tons of things you can use right away. (It is fantastic. They don't spend any time talking about why you should do real estate investing, which is good, since we are all there, because that's what we want to do. They teach how to get leads, general pricing for leads from a few places, many ways to close a deal, what to do with a deal, when to get out of a deal, how to find funding for a deal, SOWs, etc. Phil is a great teacher, and you can ask all of the questions you want. During the event, they offer their more expensive membership/coaching.) At 8 pm, vendors introduce themselves and what they do. Then, the group divides between the Single Family folks and the Commercial folks, who go into a different room. I go to the Single Family meeting part. Shenoah goes over the market update, then on to the subject of the month. Always a good take away. Afterwards, you can ask questions and network with others. There is always people talking outside the room networking. There are always some free hot appetizer type snacks available.
Lifestyles is somewhere around $300 for a year. Includes unlimited Q&A about investing, but no deal advice. Lifestyles has meetings once a month. The meeting starts at 6 pm for new folks where they teach about what real estate investing is about, and what the group offers, including their more expensive membership/coaching. Then, they ask people who are interested to go to the back to sign up and/or ask questions. The membership comes with a 2-day workshop that they have every month. (You can attend as many times as you'd like during the year. They spend the first few hours talking about why real estate investing is a good idea, and the presenters story. They go over how to find deals, deals they have done, some time spent on commercial properties the last day. At the end, they offer their more expensive memberships/coaching.) Then, vendors introduce themselves and what they do. Then, there are two - three SF case studies where people go up and talk about the deals they have done with pictures and numbers, and one commercial case study the same way. Afterwards, you can ask questions and network. There is always people outside the room networking. They are always free snacks available.
They, both, sincerely want everyone there to completely understand what they are teaching and want you to succeed. Frankly, I get more out of Dallas REIA than I did at Lifestyles. For networking, it's a good idea to do both since we all know, your network is your net worth!
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@Robert Ortega Phill and Shenoah are awesome, I've been going to there events for a number of years (they also hold a REIA in Houston, San Antonio and Austin). Of the local gurus, they seem to genuinely want to help and bring people together to get more deals done. I've done a number of deals with investors I met at the REIA.
Propelio is also an awesome event, they have more of a party atmosphere. Propelio is great because they have a good topic each month (similar to the REIA) but they also have a big area outside the theater if your main objective is to network. Both the REIA and Propelio have very active investors, if you have a deal locked up it won't be hard to find equity partners, lenders or contractors to get the deal done.
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