I attended my local REIA meeting the other night and was glad to see several first time visitors there wanting to get into real estate. As I have written before, joining a local REIA group is a great way to get into real estate and now is a good time to get into real estate. Being an officer of MIG and one of the more experienced members, several first time visitors caught up with me during the meeting. They always ask the same thing, “What do I need to do to get into real estate?” Here is what I tell them.
First, I tell them they need to study all they can about real estate. There are many different aspects to real estate and I do not know what you want to do and frankly, neither do you. Check out every book from the library, buy a few books, listen to pod casts, peruse the internet. You need to get familiar with the basic terms and concepts used in real estate like wholesaling, mortgage, writ of possession, trust deed, etc and you need to become familiar with the methods to invest in real estate. There is no right way to invest but not every way is right for everyone.
Secondly, you need to get to know some people in real estate. You need to meet people who do different things in real estate such as landlording, or rehabbing or retailing. While all deal with real estate they are very different and utilize very different skill sets. You need to determine which investing activity best suits your skills. There is no better place to do this than at your local REIA group by talking with other experienced investors.
I know this can be hard. I was a newbie once too. I went to meetings and stood along the wall and I see many first time visitors doing the same thing. I know what they are thinking. They are afraid you will sound dumb. They are afraid you will not make a good impression.
But none of that is true. The more experienced folks remember when they were first timers and how hard it was to take those first steps. We will not think you are dumb. We will be impressed that you have taken that first step! So take that first step. Get off that wall and up out of your seat. Ask what people do, how they got into investing and ask for a business card.
Here is another idea for you first timers, offer to take a few of the people you meet out to lunch. You need to eat lunch. They need to eat lunch too. Use your lunch time to your advantage. There is nothing like an hour over a good meal to pick someone’s brain.
So get to a local REIA meeting if you really want to get into real estate. Get off the wall and introduce yourself, talk to folks and find out what they do. Over time, they will help you become a successful investor and soon you will be handing out cards to the first timers.
