Real Estate is Sexy – Why you should attend your local REIA

Real Estate is super sexy. I have surveyed lots of business opportunities over my career and real estate seems to be the most profitable with the widest avenues of opportunity. Therefore, I am working diligently now studying the markets in DC, Baltimore, and parts of Prince Georges County. What I have learned is there are many groups and investors that are willing to share their knowledge with you.  If you are interested in real estate investing, joining your local Real Estate Investment Association (REIA) is a great start.

I started attending meetings at the Washington REIA (WREIA) that actually meets in Bethesda, MD and is lead by John Peterson.   The meetings have a $20 entry fee and includes a Real Estate topic presentation, networking opportunities, and pizza or small sandwiches.  Unlike some other REIAs throughout DC, Maryland, and Virginia, the WREIA has lots of seasoned investors as members.  Also, the WREIA does not have tons of informational product presentations geared to profit off of new investors.

Four important takeaways I have learned by attending WREIA meetings are the following:

1. Change of Mindset The most important takeaway from attending WREIA is an change in mindset. I would be inspired by investors on HGTV but it is tranformational to be in the room with real local investors that are buying and selling real estate.  They all look like normal everyday people and are willing to share with you how they have been successful.  The more you interact with people that are flipping houses or buying and renting apartment buildings, it seems like a possibility for you too
2. Basic understanding of potential partner roles.  Most of us are familiar with the role of the Real Estate Agent that helps us buy our first or second permanent residence.  But there are additional roles you can chose to master and make money doing it part-time or full-time.  You may be successful as a bird dogger, wholesaler, hard money lender, flipper, buy and hold investor, property manager, interior designer or staging expert, or customer relationship manager.
3. We can find investment deals, people and money we need at the meeting. The REIA facilitator, John,  began with a presentation of “off market” deals that members had brought in.  These “off market” deals are not listed on the Multiple listing Service (MLS) or Zillow. Basically he read off the property details, estimated renovation needed, and estimated resale value.  Interested parties can contact the person who submitted to deal to see discuss providing financing, their renovation services, or recommendations of attorneys or accountants.  During the networking breaks, you can get to know the other members and members may discuss other possible deals and partnerships with you.
4. Real Estate has not changed much over the years and requires work and maybe some coaching. But,it does not require you to spend $40,000 on coaching from Rich Dad sponsored programs like Legacy Education or FortuneBuilders. John said, “Every few years somebody offers a faster, quicker, and easier way to buy real estate. The story is always the same…I grew up poor, before I discovered real estate.  It took me at least a year before I began to see some results. Now, my business is growing like wildfire.  All I do is push buttons, sit in my pajamas, and make money.”  He told this story to remind us that Real estate buying will take some work and effort and to not get seduced by all the new investment gurus that come to town.

It’s been exciting to work with this dynamic group of novice and advanced real estate investors. The website for the Washington Real Estate Investment Association is www.profitableproperty.com. Do you belong to a REIA or have an investment coach?  Educate us in the comments.