In today's market real estate investing can be a risky business. So how do you insure your success in the midst of a market that has been flooded with homes? How do you stay on and get the leading edge? The answer is through joining a local Real Estate Investor Association (better known as a REIA).
According to Linda Dana, one of the founders of the Charlotte Real Estate Investor Association, REI Associations are "a venue to keep members educated on how to create long term wealth through real estate." Denise Truelove of the Fayetteville Real Estate Investor Association says networking is the main benefit of joining a REI Association. Networking provides investors with the opportunity to learn from others experience and knowledge of the market.
Since not all investors are real estate agents or brokers, networking can allow an investor to capitalize on other's areas of expertise. For example, real estate brokers may bring with them a list of MLS or Foreclosure listings, while a local attorney may provide information about protecting yourself during a sell. An experienced investor can help someone who is just getting into the market by providing useful tips on how to find motivated sellers and creative financing options.
Successful real estate investors work with a number of different people to sale their properties. Attorneys, accountants, contractors, and insurance agents are just a few to note. Another benefit of a real estate investor association is the opportunity to meet people in these fields who can provide local references of satisfied customers they work with. Many of those customers may even be members of the association, providing a new investor with the opportunity to talk face to face with them. There is NO better advertisement than word of mouth!
Most associations meet monthly and provide their members with opportunities to network with others in the business, review local foreclosure listings, and listen to guest speakers on various topics like financing and setting up a corporation. Some associations provide their members with additional times to meet during the month. Some even have their own websites which help provide their members with vital information on a daily basis.
These websites post interesting articles about investing and maintain blogs for their members to converse with one another. Becoming a member of one of these groups is fairly simple. Most require you to fill out a short application. Membership fees range from zero to as much as five hundred dollars a year.
While it is certainly possible to be a successful investor without joining an association, why not take the opportunity to surround yourself with like-minded people. No matter what business a person finds themselves engaged in, there is usually a slow time. Being a member of an association can help provide the support to jump start your business again. Maybe it is through an encouraging comment from a friend or a motivating speech from a guest speaker. Nevertheless being a member of a REI Association can keep an investor going through the rough times.
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