Saturday, November 5, 2016

My 1st REIA Meeting


Hey Pennies! This was my first time going to a REIA (*Real Estate Investors Association) "EVER"! I was honestly extremely anxious. Like I had butterflies as I'm waiting for the first meeting to start. It's a very weird feeling and I couldn't help but wonder how everything will play out. Ryan (*one of the lead mentors) starts the meeting off with an introductory presentation, and my first impression is that Ryan is incredible. He and Anish (*another lead mentor) believe in practicing what they preach. They encouraged those in the meeting to focus on the low hanging fruit. Don't worry about researching probates in preforeclosure, because it can be a headache. 3 years is the average amount of time from preforeclosure until foreclosure. Focus on them, a.k.a the low hanging fruit.

We learned that  of loan modifications go back into preforclosure within 18 months. So most people in this situation can't quite get it together. The HAFA federal relocation program is one way out because it can potentially give homeowners facing foreclosure up to $10,000 while negotiating a short sale. We also learned to aim for the wholesaling sweet spot. Target homes priced at 350k and below, with at least 20% equity, that have been in preforeclosure for 3 years or less, 3BR 3BA SFRs, that are at least 1200 sq ft.

I gleaned several other interesting things also from the REIA meeting that I'll probably post about at a later date. For now I just want to say that I was truly inspired because of the wealth of information I received in the REIA meeting and the networking opportunity also. I met some great people and learned some top tips and tricks of the wholesaling trade. The thing I like most about my the people sponsoring the local REIA meetings is the network of cash buyers that they have in place. So if you become a REIA member, and were to find a deal they would find you a cash buyer from their network, split the profit with you 50/50, put up all of the money for the deal, and coach you through the whole process.

I met many people just like me, average joes with big dreams. And guess what? They're doing it. They are closing deals, funding their retirement, going on exotic vacations for months at a time, and finding financial freedom, because of the network and power of their local REIA. If you haven't already, "WHAT ARE YOU WAITING FOR???" Find your local REIA here. Let me know how it goes.

"Arrivederci Centesimos!" (*Italian for see you later pennies)

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