Join the Club
Every major city and a lot of not so major ones, too, have a real estate investors club. What each offers and for what price varies. Real estate investors’ clubs provide a variety of services and purposes and its time well spent to see if the local club or chapter is right for you. Whether a first time buyer or a seasoned investor, real estate investment clubs are not a necessity but provide an excellent opportunity to find out more about the opportunities and challenges for income property ownership.
Real estate investment clubs are a great opportunity for several reasons. First, they are an education resource center. Many host regular meetings with experienced speakers to tell their stories of success and failure. That is a great opportunity to hear what it takes to make a successful investment, both technically and mentally and to learn from others’ mistakes. As could be expected, these types of meetings are usually exclusive to members; however, that is not always the case. Most will have a typical “new members” night if the general meetings aren’t already open to the public.
Another benefit of the meetings is networking. A new investor can talk with potential buyers like themselves or get to learn from someone who has already made some strides and successes. Or perhaps a partnership could grow. Other networking opportunities are for associated products and services for owning a rental property. This can be financial services, such as accounting, legal, due diligence or financial planning. This can be maintenance services, such as plumbing, heating and air conditioning, electrical, cleaning, or handyman. Finally, this is a good place to find potential property management as well.
Real estate investment clubs for the most part exist like many clubs with a dependence on dues for operations. Other clubs may also tithe from services provided either directly by the club or via endorsed providers. This is important to understand for the prospective member so they understand what the “free” stuff might entail in the long run. A simple landlord association may be something reasonable like $20/month, for which someone might expect simple speakers, no sales presentations and loose networking. More sophisticated clubs might have enrollment fees of $500 to $5000, depending on a level of sophistication, national association, and general membership volume. National associations, such as REIClub, have excellent resources on their web sites as well to provide easy access to resources for free.
Real estate investment clubs are not a necessity; however, the services and opportunities that are available from them are well worth finding out more about them. Any new investor looking for more information is sure to find answers to their questions and a whole lot more.