A year ago, I wanted to become a real estate investor. Maybe you’re reading this and thinking the same thing?
The first advice I was given, was “go to REIA’s and meetups to connect with other investors.” I think it’s great advice. I pass it along to aspiring investors all the time.
However, I now feel it’s incomplete. No one tells you what to do at these groups, or what to do after them. And like so many things in life, the results are in the follow-up and consistency.
This is a continuation of the theme I started in 67 Things I Learned From My First Year In Real Estate. Now that I’m one year in, and seeing some success, I want to help others get started.
So you know you need to go to groups for real estate investors. I’ll give you the why, then I’ll tell you what I’ve discovered to help you make the most of your time there.
10 Reasons WHY you need to connect with other investors
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Meeting other investors makes things less scary.
Buying expensive assets with debt is scary. Seeing the hole your tenant punched in your wall is scary. Lawsuits are scary. Interacting with the IRS is scary. These are things that most people will never have to do, or may only do a few times.
But real estate investors deal with them all the time, and it’s not that scary once you see how your friends handle these things.
When you hang out with other investors, many of your fears begin to disappear.
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You learn what’s working
You’ll find out what’s currently working in your market.
Every market is different. What works in New York, might not work in Birmingham.
Look at the people in your REIA that are doing a lot of deals. Whatever they’re doing is working.
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You learn what’s not working
When I started going to meetups, I was talked out of a couple investing ideas by people who had been around a long time.
They weren’t negative, they just told me what their experience was.
If you know what’s not working, you can avoid wasting time and money.
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You find people you can trust for referrals
Other investors have the same needs you do.
They need reputable contractors, attorneys, agents, title, accountants, insurance, bankers, etc.
Many people who provide these services are sponsors of REI groups.
If you can’t directly meet them at the REIA, other investors may be able to point you in the right direction.
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You find mentors
When you’re new, almost everyone at these meetings knows more than you. They can all be mentors!
As you grow, you’ll naturally gravitate towards people who’re a little farther along the path than you.
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It’s fun
These groups are a great way to socialize.
I’ve heard from some of the group leaders that many people come just for the social aspect. They’re only mildly interested in real estate.
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Investors are really nice
When you picture investors, some people may picture grumpy old rich guys.
This couldn’t be farther from the truth.
In my experience, the best investors around are also some of the nicest people around.
I don’t think this is by coincidence. When people enjoy talking to you, they want to do business with you.
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People get to know, like, and trust you
This is huge if you’re selling your products or services. It’s also great if you’re looking for partners.
They say that people do business with people, not companies. Nowhere is this more true, than in real estate.
If you have something to sell, going to the REIA’s and consistently connecting with people is a great way to do it.
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Find like minded people
By definition investment requires denying yourself present consumption, in exchange for future benefits.
Most people aren’t down with that. But at REIA’s it’s not uncommon to find millionaires who drive 15 year old pickup trucks.
If you’re investment minded, it’s a great place to be.
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Great speakers
REIA’s usually have accomplished speakers. They may be nationally recognized, or they may be excelling locally.
Either way, there is always a lot to learn from these speakers.
Ten things you should do at REIA’s and Meetups
I’m an introvert, and networking doesn’t come naturally to me. I do try though, and because of that I’ve definitely improved over the course of the last year.
Here’s how to make the most of your visit to a real estate investing group.
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Listen
Listening is hard. You’re excited about meeting other investors and all the deals you’re going to do.
You want to talk about it. Listen first. You’ll learn a lot about the people you’re around. You’ll learn a lot about your city, and real estate in general.
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Observe
Watch what other people are doing. Real estate is a social sport.
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Ask questions
People love to talk about themselves. This is a fact.
It’s ok to tell people about yourself, but you should always go back to asking questions.
Be curious. People are really interesting when you’re interested in them.
You’ll be amazed at the things you can learn from people with a couple general questions.
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Talk to multiple people
It’s really easy to get comfortable talking to one person. After you’ve been a couple times, It’s easy to only talk to people you already know. Try to meet someone new everytime!
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One knowledgeable connection each time
The very first time I went to one of these groups I met someone who was an experienced flipper. I asked him for his best real estate advice. He told me to keep networking and meeting other investors.
That was my cue to ask him to lunch! I learned so much from that first meeting. He definitely steered me in the right direction. We met up again last week, almost a year later.
One of my goals for this year is to connect with a lot more experienced investors.
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Collect business cards
Don’t worry if you don’t have business cards. It’s better to collect them from those you connect with. This gives you a great reason to send a follow up email.
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Follow up with people you connected with
Get Lunch – Probably the strongest way to connect with people. Everyone remembers sharing a good meal.
Get Coffee – This is a less time intensive option than lunch. Also, it works any time of day. At least, I’ll meet you any time of day for coffee.
Set up a phone call – It’s completely free, and it can last as long or as short as you like. I think it’s a great way to learn more about people. I try to schedule at least one call like this per week. If possible, I use Calendly to schedule them ahead of time. (Click HERE if you want to schedule a call)
See a project – Do they have any renovation projects in the works? Most investors would love to show off their work. I try to go visit as many other investors projects as I can.
Reach out on Social media – Like and comment when they post something. Especially if it’s real estate related.
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Keep going consistently
This is truly the key. If you just go once, no one will remember you, and you won’t learn much. By consistently going, and connecting with others you can begin to build a network that will support your real estate investing efforts. My goal is to hit 3 of these group meetings per month.
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Visit every group you can find
There are a number of groups you can visit in Birmingham. I would recommend that you visit them all. Some charge a fee, some are free. Some are large, others are more intimate. You’ll meet different people in each of them. It’s best to participate in all of them.
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Connect
The truth is that it’s about connecting. It doesn’t have to be at a REIA or meetup, but these are a great places for investors to connect. The more people you know, the better. The more people who know you, the better.
Deals will come your way, capital will come your way, and friends will come your way, when you connect with other investors.
What are the groups for real estate investors in Birmingham?
Birmingham is lucky to have 4 fantastic real estate investing groups. I go to as many as I can. They’re each a little different.
If I missed your group please reach out to me. I’d love to come visit!
REIA’s
ALAREIA – A fast growing group. In addition to the monthly meetings, they have a vibrant Facebook group, and a podcast. I do a monthly ‘market update’ podcast episode with them.
AIA – The longest running group in Birmingham. Strong membership, with links to many national resources.
Meetups
Birmingham Real Estate Investors – A great group for connecting with other investors over a beverage. Usually meets at various venue’s around the city.
Real Estate Investment Mastery – Usually bring in accomplished local investors and vendors to speak. Run by a fantastic group of Keller Williams agents.
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