Originally posted by @J Scott:
Originally posted by @Bryan L.:
@J Scott - Hey, what are your thoughts on the original topic of REIAs? It seems to me that many of them are money-making organizations. And that's fine, but that's not what I think of when I hear the word "association".
Completely agreed. Some REIAs are better than others, but for the most part, they seem more concerned with generating profit than teaching real estate education. The fact that a typical monthly meeting will spend 30 minutes on education, then 90 minutes on guru pitches tells me that they care more about the bottom line than they do about the success of their members.
That said, the breakout sub-groups (separate meetings focusing on a particular topic that take place once a week or once a month) are often very valuable. The difference is that the sub-groups are generally run by volunteer members of the REIA, not the management of the REIA (there's not much money in sub-groups, so why bother :).
Btw, for anyone in the Baltimore/Washington area, there is a fantastic (and free) Meetup group (BWI Meetup) that is better tan any REIA I've ever been to. Essentially no pitching, and tons of pure education. I spoke last month on flipping, Ned Carey spoke this month on Tax Liens, and the previous months were packed with great info as well. Check it out!
Thanks I will check them out! And great website!
Disclosure: I attend meetings at DC REIA and am in a class there and am very satisfied.
@whitney moore i was very suspicious of gurus and trainers for a litany of reasons we can discuss if you show up to a REIA meeting. Last year I blew 9k on an out of town gurus coaching program. I won't badmouth him as I don't think he's a crook, it's just a system I shouldn't have been in as wholesaling is the foundation of investing and it's best to learn from someone who's doing deals in your backyard. He had no interest in wholesaling and his market was totally different from mine. Lesson learned..............
Over the years I've watched DC REIA grow from meeting in the Bowie library to Florian hall, to owning their own building and I don't know if any other REIA in our area owns their own meeting facility. During that time of their growth i spun my wheels and did deals inconsistently. what i then realized was that i didn't need to reinvent the wheel and that i learn best by doing, NOT reading. Going it on my own I've gotten scammed by other investors, crooked wholesalers and idiot agents.
i'm currently in a 90 rehabbing class at DC REIA, taught by an active rehabber in PG County and agent. I'm learning a TON and will see a return on my investment in my education as I'm taking action. I'm personally working a short sale with the rehabbing instructor and have a contract on a fire damaged REO. During this rehabbing class we've had all day sessions and we've gone on alot of property tours where someone in the class was rehabbing the house or it was Stephanie's (the rehabbing instructor) project. There's 2 ways to learn, on your own or with a mentor. i prefer the mentor method as you learn from their mistakes and shorten your learning curve tremendously.
For example, I thought you had to pay all contractors to get started. Since being in this program I've been provided with multiple contractors who are adequately capitalized and can get paid off the 1st draw. That right there is worth the price of admission. No other REIA in this area offers as much as DC REIA and I know, I've looked at them all. It's not a slight to them as Baltimore has some good ones and I've heard good things about Traction REIA as well. But the resources I need have been and are being provided by DC REIA and I'm getting alot of value for the cost of the class. Once the class is over I will be joining and will happily pay $197/mo. And everytime the doors are open I will be in there whether it's for the Dealmaker's Workshop, the wholesaling subgroup or the rehabbing group. I'm there. Everytime I set foot in there I learn something new, and make a new connection that can help my business. Not to mention the fact that my future ambitions are in commercial real estate and I got to see the site where Sherman's building a 5 story 21 unit apt bldg near the harbor in Baltimore. If I can rub shoulders with him and his crowd, it's only a matter of time before I get to that level and I have no problem paying to be associated with such a powerful, in the trenches group of investors. The mastermind group principle is real. To quote a wise man richer than me: "you are the average of the 5 people you spend the most time with". I choose to spend my time with the active investors at DC REIA. I wish you the best with your investing whatever you decide to do.
Wow that was quite a conversation. Very interesting. Sherman just wondered when your next monthly meeting was, and whether current investors are welcome to attend.
This post has been removed.
This post has been removed.
Folks, dates, times and locations of meetings cannot be published in ANY forum here on BiggerPockets EXCEPT the Real Estate Events and Happenings forum.
Wow, this was a hell of a convo. Actually, I'm attending the DC REIA this Saturday. I know multiple members and am finally going to see what's happening there. Also, that BWI meet up sounds great. Eventually, I will get to one that I heard focuses on southern MD. For me, I'm not the type to pay anyone thousands of dollars for anything like that aside from what I did in college. I know so many that have never paid a dime to anyone who are very successful. However, there are many many people that need that type of guidance. Personally I'm the type that listens to most while trying to pull something positive from any situation. I'm working on my first flip so networking has a high priority right now. I will keep you all updated on how it goes.
I checked it out this morning. Very impressive. It's a win win for newbies.
Create Lasting Wealth Through Real Estate
Join the millions of people achieving financial freedom through the power of real estate investing