How to Get the Most Out of Your Local REIA

June 17, 2015

REIA stands for Real Estate Investor Association. REIAs can be found in every state in in pretty much every major city. They have been around for some number of years now and provide great stepping stones for new real estate investors looking to get a foot in the door. REIAs normally have regular meetings during specific days of the week every month of the year. You can normally google search “REIA” or “local REIA” to find the organization closest to you. Normally after a seminar or meeting you have the opportunity to sign up, normally for a fee. Whatever the cost is, pay it. The tools made available to you through these organizations is completely worth it.

Every REIA is different, but all of them have the same end goal, to provide up and coming real estate investors with the tools to be successful. How exactly can you benefit from joining a local REIA?

Networking

Real estate is a relationship business. Having a wide network can help lead to success in any market, good or bad. How can joining a local REIA help you to better network yourself? Normally the speakers at REIA meetings are great sources of information on who to contact in town for specific services. They normally know who is who and how they can benefit your business. Whether you are just getting started or you are just looking to expand your team, ask the speaker for advice.

Look around you! REIA meetings and seminars are all filled with professionals who are in or want to be in your profession. Real estate investors, realtors, wholesalers and lenders can all be found at local REIAs. Get yourself some business cards and put yourself out there! You could get lucky and find a great mentor or a partner you could end up working with for many years.

Local REIAs are also very good at providing business cards of other industry professionals. There is normally a very large table full of business cards from painters, contractors and other industry specialists. Once you become part of an REIA you can get the names of great specialists in your local area through other members and services provided by that REIA.

• Talk to your speaker or meeting leader for great local networking.
• Interact with other professionals during meetings
• Check every meeting/seminar for business cards and use your member services

Education

Education is something you can never have enough of. In the real estate industry education is what keeps you competitive. Your local REIA is a goldmine of information and the perfect place to educate yourself on everything real estate. Free seminars are normally a great place to start the education process. Normally the seminar covers a very specific topic in pretty good detail. Actually being a member of an REIA gets you access to so much more! REIA meetings are normally once or twice a month and cover new or proven strategies in detail. You get all of the tips and tricks from successful industry professionals.

Joining a local REIA also gets you access to real estate laws, local and national. What you don’t know could hurt you. Real estate laws change more often than you might know. Joining a local REIA can help keep you in the loop and ahead of the game when it comes to real estate law.

As a new real estate investor, the amount of knowledge you can gain from a local REIA is priceless. You gain the ability to regularly communicate with industry professionals. The chances of you finding a mentor to show you the ropes increases exponentially just by being associated with a local REIA. Take advantage of other people’s experiences and use them to build up your business the right way.

• Start by going to a free seminar
• Join and gain access to more in depth topics and strategies
• Regularly communicate with experiences professionals

Protection

Your local REIA is a great source of protection. The resources that I have gained through REIAs in my area have helped me to build my business into something that can be successful in any market, recession or not. Through the two points above, networking and education, you can build a safety net around your business to prevent the instability that many business experience in changing markets.

Networking provides you with a means to find different lenders, wholesalers, contractors and other local services that, unless you are an REIA member, may have never had access to. The more people you can reach out to, the more possibilities and opportunities for you to makes deals. The education provided is also a great form of protection. Through a local REIA you can arm yourself with the most up to date knowledge and strategies that get results. Whatever you do, DO NOT let yourself get shiny object syndrome. There are many real estate investors who use the “latest and greatest” strategies, but you need to have a plan and stick to it.

• Your local REIA can provide stability through networking
• Education on what works and what doesn’t is another form of protection

Your local REIA can provide a lot for you. By networking properly you can meet the need to know people in your local industry. Your local REIA can keep you educated on strategies that work as well as strategies that fail. Protection is another key factor in joining a local REIA. For whatever reason you choose to join, doing so provides you with lasting benefits that could make or break your business!