One of the primary reasons many new investors fail is a lack of education. They may have read some books and glanced at a few websites, but when it is time to take work on a deal they go off track. It is not the education that is their downfall, but lack of real world education. One of the best places to get that, aside from doing things yourself, is by talking to people directly involved in the business. One of the best places for that is through your local real estate investment clubs and other local investing groups.
Why Real Estate Investors Should Join Real Estate Investment Clubs
You don’t have to be an expert to be a member of these groups. In fact, it is almost preferred that you go in with an open mind about the business. Most of these meetings are held monthly and will cover a myriad of different real estate topics from structuring your LLC to structuring your deals. The keynote speaker or topic may not have immediate appeal to you, but you never know when you will need to know something in the business. Aside from the main topic of the evening, the ultimate reason you should want to join is to talk to and network yourself with real investors in your area.
There are investors of all ages and experience levels at these meetings. One could argue that the most productive time is not the 30 minutes of education you get from the keynote speaker, but the 30-45 minutes before the meetings start. It is in this time that you really learn about what is happening in your local market. You can meet fellow investors who may be going through the same struggle as you or more seasoned investors who could show you the ropes. Reading about a deal online and talking to someone who can break down every step can be vastly different.
In addition to investors, there are also attorneys, realtors and mortgage brokers typically present. Each meeting is an opportunity to learn about something else in the business from someone in the front lines. The education is worth the cost of the membership alone, but you also may get something equally as important and that is the ability to network and gain deals. You never know when you are talking with someone who may be looking for someone to take deals they cannot do or a new realtor looking for new investors. These meetings are generally local so you know that the people you are talking to are real and can help you grow your business.
There is so much for a new investor to learn that it can be very overwhelming at times. Having a group of people that you can learn from and meet people you can contact in a pinch is invaluable. You can also get motivation from someone else in the room that may have been in your exact situation not too long ago. The odds are that someone else in the group is either trying to do what you are doing or has done it not too long ago. Together you can help each other out or you can use the experience as a point of reference.
Local investment groups are a valuable tool for investors, new or old. For just two hours a month you can learn more about your business than almost anything else you can do