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ADPI_022: What Is A REIA?

Sep 03, 2018


Episode Transcription:

What is a REIA? Have you ever heard of that? And what does it mean when people say I’m going to go to the local REIA and talk about real estate stuff. Okay well sit tight got that for you coming up.

Hey hey freedom fighters. Welcome to the active duty passive income podcast. The only place where military members, veterans and their families learn how to build wealth through real estate investing. I'm your host Mike Foster and I'm here to show you how to stop wasting your benefits. Now we'll get off your ass, step up to the firing line and make ready for today's lesson. Shooter stand by.

Hey hey what's going on guys Mike foster here and I'm going to talk about a topic that is really really important and something that you definitely want to get into if you're thinking about building wealth through real estate investing. Okay we're going to talk about REIA or otherwise known as a real estate investing Association all right.

Definitely important to have a network right of people in your corner or who you can surround yourself with when it comes to building wealth right through real estate in particular but in anything right. It’s always important to have a network and that is exactly what a real estate investing Association is right or a REIA. Okay so where can you find it?

Well I mean go online. Check out Google right. Most REIA's if not all of them right should have a website built so you can find them. Because what is the point of having REIA if you cannot be found right. So go online, go check out your local area and see where people are meeting up. As a matter of fact there's a website called meetup.com you can go and you can check that out and you can try and find them right.

But what do these networks really do? Well they help connect you with other investors in your area and they talk about a bunch of different topics in regards to real estate right. Because the goal is education.

The goal is to build up the local knowledge base and to share information and bounce ideas off of other people. a lot of times if your REIA is you know robust enough I would say, you'll hear guest speakers who are you know doing big-time you know local projects or maybe they're investing outside the local area, but you know they live locally and they'll talk about that.

You’ll hear from a bunch of different service providers that either you know do banking or do private lending, maybe you know some folks that work legally to help you structure your business entities right or your LLC's properly. You know even taxes right.

You’ll hear from some tax advisers. you know there are a bunch of awesome people that you can meet at these REIA's right that will help you get yourself to the next level, all right wherever your next level is and if you are someone who's already killing in the game, maybe this is something that you want to get into if you've never heard of this right where you can find other people who are you know either crushing it or people to inspire right or people to help you out.

Maybe you know if you're looking for that person who is looking to get interested in real estate investing or maybe you're looking for someone who's already there, but you need a little help and you want to have a project that you want to find other investors to go in on the project with, these are the good places to find people okay and again they're all over the country.

You just have to search online and maybe you don't have one that's local to you. Maybe you might have to drive a considerable distance to go to one. If so I highly recommend it. I mean again right you're going out and you're networking with these individuals. So you may drive out to meet somebody. That person you know might be might only even be there for a little bit too you know you never know.

I mean I went to a REIA one time with in Mississippi while I was in Gulfport for some expeditionary training before switching to my current command and I met three amazing gentlemen; one of which I still keep in contact with every once in a while right and this guy was doing seller finance deals like left and right. I think he said he had done 80 within that one year. Which is incredible, like blew my mind.

Absolutely loved him talking about subject two right. Subject two was the discussion, will have a lesson on that later on. It gets a little bit more advanced. But it's really cool you know he had an awesome story and he shared you know how he was doing things and it was great. You know it was great just being in that environment and that REIA was pretty small.

You know I think there was only maybe 15 or 16 or so people in the room. but it was great you know we all learned something cool that you know most of us had never seen before and even those who had it was great having his experience you know and his you know input and on how it's done or how to make the process more efficient.

Especially when he had done 80 within a day. I mean I am sorry 80 within a year that's really really you know that's really...

I mean you have to have a lot of experience and you have learned a lot throughout that time. So it's been good. So I mean it was great and there are awesome REIA to get into all throughout really the country. So if you're traveling right and you know you're going to be in some place for a long time, look one up alright. Maybe you can get a different perspective for how people do things on the other side or whatever on the other coast if you're traveling right and its good stuff.

Its good stuff, it's a lot of fun I'll tell you and also alright something good to keep in mind too is if you're getting started right, this is an awesome place for you to bounce off your ideas alright. if you have some idea or something that you're thinking of in your head and you are not sure if you're understanding it properly or if you just want to get someone's input, people who are experienced, people have been doing it for a little bit; that's great take your questions right.

Take your ideas to these folks and have them help you out. maybe they'll give you a little insight on something that you didn't realize right or something that you know might not have known maybe you talked to someone who has done it has bought like four or five or six properties and they'll just share with you some of their lessons learned and it might answer some questions that you didn't even know you had in your head, which is great you know on getting started and so you know so these things are great to go to and I'm telling you, you definitely want to take advantage of every opportunity you can.

Because again asking questions and connecting with people, that is how you know business is done. No business is just truly a one-man operation all right, it's impossible. You need other people in the process and it's good to kind of go out there and network.

So another thing and this is probably one of the most important things for those who are getting started and don't have that much money. Real estate investing associations are really great. Because these are where you can present your deals okay. If you've been looking around in your area and you've found some pretty good deals and you're looking to get started and finding someone who will invest with you, I want you guys to understand the concept of a one sheet okay.

One sheet, it is a one page document. We keep our all the information of your deal all right. So you put a little picture of the house. you can put you know all the different for information, with a square footage, the price right, its tenant occupied right and you can put information on the market itself on the sheet. But it's a little one-page document and synopsis of all the important information of your deal and you can take your one sheet to these real estate investing associations, right these REIA's and you can present it.

Right present it out to folks. Now if it's one-on-one that's cool you know you can sometimes REIA's will have a little forum where they'll announce, hey if anyone has deals they would like to present please you know stand up and present them right and so I'll go up. Like I I'm a part of a local REIA in Norfolk called TRIG, Tidewater real estate investment group and they are one of the best REIA's in the Hampton Roads area, one of the biggest too and they are awesome. I mean just their whole system is amazing and how they handle their meetings.

But in a portion of it you know they allow folks that have deals to come up and present those deals and if anybody is interested in them all right, they'll take down their information and they'll go find them at the end of the meeting or they'll contact them right after the meeting is over and everyone's gone home. You know so that's really really good and then they also to have a forum where they'll announce private lenders in the area. so if anyone is looking for funding right, these private lenders will stand up and they'll talk about the different types of deals that they like to finance and how people can contact them right.

So I mean it works for both sides of the spectrum. I mean even if you are not thinking about you know getting into the leads of real estate investing, but you know you have a bunch of money right that you want to lend out to others who are trying to invest and you just want to grow your income passively, great. You know if you want to be a private lender this is a place for you to go as well and for you to have deals find you and you can just grow your money passively right.

So I love REIA's because again you know it's an awesome connection. It’s an awesome networking event and folks from all different walks of the real estate game can come into it and succeed together right. it's great and learn and grow from each other which is awesome and that's really you know the most important thing and honestly guys I mean yeah that's it and REIA's are super super important.

I'm sorry it's super fun. I guess [12:14 right to go to. because you never know who you're going to meet and you never know who these people are that might impact you in life later on. I've gone to a couple in the local Hampton Roads area I've had a blast and I also wanted to put a sound some exciting news here when regards to this.

Because active duty passive income is starting up their own REIA's as well right. We’ve got one scheduled in the Hampton Roads area on the 19th of September. Go check it out it's going to be at Keegan's Irish pub and bar. All right Irish pub, I guess pub is a bar. Anyway but yeah so Keegan's Irish pub. It’s in town Centre alright and it's going to be at 19:30, a few military types out there.

Some active duty or you know we're tired or you know Reserve or whoever. Whoever is in the area we're going to meet up and we're going to talk about real estate. You know we're going to talk about where we're at. Answer some questions if folks have them. You know we'll talk about the VA loan and the different strategies that you can use to build wealth through it and it's going to be a great time alright.

So definitely want to invite you guys to come out if you're in the area. If you happen to be travelling in the area during that time, for school or your TAD or whatever; please come out and share. It’s going to be great okay and I'll leave information to the event in the show notes, so you guys can check that out as well all right.

But yeah but that's a short lesson today on the REIA or your real estate investing association. Again it's an awesome networking event where folks can talk about a real estate and you know learn a lot, share a lot and grow a lot. All right it's great. So all right all right well that's going to do it. Thank you so much for listening guys and happy Labor Day all right. Make sure you guys go out and finish all those last-minute preps. if you got kids you're getting ready to start school tomorrow. Whoo!

All right anyway thank you so much for listening, really appreciate your time. Hit us up on Facebook and hit us up on our Instagram.

Also make sure you check us out on our webpage www.activedutypassiveincome.com. I made some good changes up there. So make sure you guys check that out and also register for our event.

All right we got the Facebook event up and make sure you go so say you're interested or going or come and hang out, because it's going to be a great time all right. If you're ready to get started in real estate investing you need a little help, check out our start the spark course. Because it is awesome. We’re making them more robust and we have plenty in store for you.

Alright I'm out of time, thanks so much for listening, later. 

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