Posted by Ken (in Iowa) on October 03, 2003 at 23:21:27:
There’s a key on your keyboard on the far left just above the “shift” key… tap it once and then input your posts. It will make reading them easier for all of us.
Thank you,
Ken (in Iowa)
HOW TO START A REAL ESTATE INVESTMENT - Posted by ROBIN
Posted by ROBIN on October 03, 2003 at 03:45:12:
HI,
I AM VERY HAPPY WITH THE INTERNET CONNECTION. HOWEVER, THE IN-PERSON CONNECTION AT VARIOUS REAL ESTATE INVESTMENT “CLUBS” IS DISTANT. I HAVE GONE TO THREE DIFFERENT REAL ESTATE INVESTMENT CLUBS IN MY AREA. NONE OF THEM ARE CLUBS, THEY ARE LECTURE AND ADVERSTISING.
I WANT TO START MY OWN.
ANY ADVISE ON HOW TO MAKE IT HAPPEN. OF COURSE, ON A SHOE-STRING.
THANKS.
Re: HOW TO START A REAL ESTATE INVESTMENT - Posted by micheleCO.
Posted by micheleCO. on October 06, 2003 at 20:08:07:
I too wasn’t getting fed at my local real estate investment club, until I tapped into the powerful tool of networking. I made the most of it. I basically used that time to introduce myself to each and every person I came into contact with. I collected cards like a fiend and created databases with catorgories of those names I got as soon as I got home. I followed up with a “nice to meet your card…perhaps we can meet for a cup of coffee to talk about how we can create referral business” to get further appointments and relationships developed with the people I needed to know. I have called on people that I cultivated relationships with over 3 years ago. Even if you meet someone that you can sit next to or have coffee with before the meeting, you will gain at least a friend with similar interests.
I asked everyone who I knew did eals who they were using. I then followed up with the people they were using with something like this, “I met so and so at the RE club I belong to, we invest very similarly and I thought you were someone I needed to meet”. Then I move to an appointment with them or a further phone conversation. I very much run this like a company to further myself. It is very calculated and I treat it like any job I would do.
God knows whenever I go to a seminar or a class, I get my money’s worth. Don’t be afraid to ask questions. Most people have the same questions but they don’t get answered because the never asked.
This business is VERY proactive. It’s about swimming upstream and doing what other’s won’t do, even when it feel uncomfortable. Go up to someone and start a conversation. Odds are they have the same needs and desires you do.
In Febuary I started a real estate investment association with a partner. Although it hasn’t been easy, I am so glad that I did it. We try to have some completly different aspects and topics then our other local real estate club which is headed up by none other than Bill Bronchick.
That is a great club, but there are a lot of people who attend so getting to know everyone is difficult. I attend that meeting every month because there is always something to learn from each and every speaker no matter what they are selling. If nothing else, I study their “speil” to see where they called the prospect(the audience) to action and tried to close the sale. I listen to the voice inflections, study the body language of the speaker and look for what they do that I could do better with my prospects.
So much of who I am today as an investor is directly corrolated to my being involved in that group.
I am not an expert, although I would say I do very well in this business and I couldn’t have done it without the support and help of my local real estate club.
If you truly are not able to change the “feel” of your clubs, start your own.
We started at the local La Peeps restuarant and have moved into a hotel this month with membership of 65 or so and growing everyday.
Basically, we are what we think other’s want and need at a club and we tailor everything we do around that.
Well, I am rambling now, but basically the jist of this is don’t wait for others to give you what you need and want…
Go out and create it for yourself whether it is within your real estate club or anywhere in life for that matter!
I Started a local club - Posted by Rich_Va
Posted by Rich_Va on October 05, 2003 at 12:23:59:
Robin,
I understand what you are saying. I’ve been to a few clubs and have found a very large one (over 500 members) to be more of a sales pitch for those speakers selling their wares. The leaders say that during the break is the time to network, but 3 10 minute breaks is hardly enough for people to learn. I had approached the leaders of this and they implemented an hour early workshop, of which I teach Sub-to investing. This has been great for those just starting out.
I had also started my own investment group that focuses more on the local businesses who can help the investor. I have had attorney’s, realtors, appraisors, Housing Coalition Rep’s, etc come to the meeting to teach everyone, and then we have table talks for about an hour afterwards.
One thing I have noticed is that there are many who show up and just watch and don’t ask many questions. Its those who are very proactive and almost demanding for knowledge that will make it far.
Go ahead and find a few other like minded investors in your area and start something up. Libary’s offer free room and you can just do some networking together.
Let me now how it turns out and good luck.
Rich_Va
Re: HOW TO START A REAL ESTATE INVESTMENT - Posted by Ben
Posted by Ben on October 03, 2003 at 11:48:52:
HI ROBIN. ARE YOU SAYING YOU’D RATHER NOT TRY TO HAVE ANY SIDE CONVERSATIONS OR EXCHANGE BUSINESS CARDS WITH A GROUP OF ‘LECTUREES’ AND LIKE MINDED INDIVIDUALS IN THE SAME PHYSICAL SPACE?
I think three meetings may indicate what you’re looking at, but that should mean you know what you have to do to give it a fair shot. Formulate a strategy, come outside your box, become proactive, talkative, and outgoing. I can just about guarantee that’s going to be easier on your time, wallet, and wellbeing than going it alone after three meetings!
No Club is going to do the networking for you, but people are there, physically together, for the same reasons, so you have pretext to start a conversation!
Try to get on a committee, subgroup, or start one yourself. Get on email lists, collect business cards and call people up.
IF THIS SOUNDS LIKE WORK, IT IS, BUT STARTING SOMETHING ON YOUR OWN IS GOING TO BE HARDER.
Re: HOW TO START A REAL ESTATE INVESTMENT - Posted by ROBIN
Posted by ROBIN on October 03, 2003 at 21:10:52:
EXCUSE ME, MAYBE I WAS NOT CLEAR.
I DID TRY TO START UP CONVERSATIONS WITH SEVERAL INDIVIDUALS.
THE ONLY THING, I DID NOT DO WAS STAND UP IN FRONT OF THE MEETING AND SAY: EVERYONE WHO WANTS TO MEET AND CALL EACH OTHER OUTSIDE THE CLASS PLEASE MEET IN THE LEFT BACK CORNER.
I WENT TO THE MEETINGS TO NETWORK AND FIND SOME TYPE OF SUPPORT GROUP. WHAT I FOUND IS THAT EVERYONE KEPT TO THEMSELVES AND IT WAS REALLY NOT ENCOURAGED TO TALK AND SHARE. IT WAS COME SIT DOWN, LISTEN AND BE SOLD TO A PRODUCT AND/OR SERVICE.
I WANT TO NETWORK AND HAVE A SUPPORT GROUP. I HAVE AT LEAST THREE OWNERS CALL ME EVERY WEEK, ASKING IF THEY SHOULD LEASE OUT THEIR PROPERTIES, SELL THEM OR HAVE A PROPERTY MANAGEMENT COMPANY HANDLE THEIR PROPERTY. I WANT TO WORK WITH SOMEONE ON HOW TO TALK WITH THEM ABOUT LEASE OPTION PURCHASE. YOU KNOW, IT REALLY IS SIMPLE.
LASTLY, ALL THREE INVESTMENT CLUBS ARE OVER 45 MINUTE DRIVES. THERE IS NOT A CLUB CLOSE TO MY HOME.
THANK YOU ALL FOR YOUR FEEDBACK. I GUESS I JUST HAD HIGH HOPES AGAIN.
ROBIN