The 5 W's of Real Estate Investing Clubs
It seems with every passing day there are more real estate investing clubs starting up. Overall this is great, it is important to get the word out that you can have great success investing in real estate.
But with all these options out there where do you turn?
Over time we have attended meetings or been members of many different real estate investing clubs and have been able to gather some good and bad pointers
Here are the 5 W’s you should know:
- Why The Hype? – Some of these clubs may have flashy meetings or presentations but you might want to ask yourself what is going on behind the smoke and mirrors? Often a big production will be there to generate some emotion and get you all pumped up to act on something. Sometimes it can be thousands of dollars in training.
Now let me clarify I am not saying that whatever training is being offered is bad, but just be sure that you know what you are getting into and don’t just act strictly on the hype in the room.
I recently met an extremely nice lady who bought into the hype. Her husband and her invested $10 000 in courses with one of the popular real estate investing clubs only to have her course rescheduled, and then cancelled.
As much as she tried she was unable to secure a refund for the money she put out. Now this doesn’t mean that there aren't some great courses or offerings out there because there are, but make sure you are buying the value in the information being presented not the hype
Who’s Running This Thing? – With all the groups popping up around every corner it might be wise to have an understanding of who is leading the pack you belong to.
You might want to ask yourself if this person has actual investment experience themselves or do they just talk the talk?
Advice and information are great but if they come from real life knowledge and experience they are more likely the real deal. Unfortunately the majority of people are only out for their bottom line and that can lead to some inaccurate information being tossed around.
You want to be learning from people that are making things happen. Ideally they would be investors themselves that way you can leverage the life lessons they have encountered. It is amazing what you can learn in your first few investments learn from the people that have been through it and can share their mistakes so you can avoid them.
- What’s The Big Picture? – Yes there are a great deal of benefits to working within real estate investing clubs but I am not sure that any single one of them is doing it out of the kindness of their heart.
There is something in it for them. And to be clear that is great!
Everyone has to make a living or a profit there is absolutely no problem with that. But it is nice to have an understanding of what is in it for them so you can make proper informed decisions when listening to theie advice or presentations.
For example when you go to Wal Mart to buy a TV you know what the deal is. They offer you the TV at a price that helps you save some money but at the same time allows them to make money as well. Perfect! That is a win win scenario. Make sure that you are getting involved in the same.
The relationship shouldn’t be you giving without getting anything in return.
- Where’s the Beef? – Yeah you are right, it’s an interesting question when talking about real estate investing clubs but I think it gets the point across.
Is there substance to what is preached? Motivational talks are fun and leave you with a great feeling but you want to look for solid information. That is what is going to make you successful.
Are there proven techniques and strategies that are being learned or is your club just feeding you fluff? If you are going to invest your time reading and attending meetings don’t you want them to be worthwhile? It might be beneficial to take a step back and make sure that there is some real information being given, and if implemented, can get you on the track to success or speed up your trip a bit.
- When Will I Use This? – This is a big one but may depend more on you than the club. It involves taking the next step.
Are you going to use the information and methods that you gather or are you going to analyze it forever while jumping around from group to group for the next hot topic?
Really think about this if you are not going to start implementing this information why are you spending your time on it? The right Real Estate investing clubs are for everyone but if you are not going to use what is given to you it may not be the best use of your time.
As some other markets continue to slow and ours keeps moving up there are going to be more and more ‘clubs’ starting up. Some of them may be the real deal but I can promise you some of them won’t be.
Be sure to look at them closely and decide which is the right one for you.
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