On Saturday the LV-REIA the guest speaker was Jeff Howard from: www.MyFastEasyLeaseOptions.com speaking about Lease Options. Always a great way for Investors to get into REI, but it has the flaw of so many other REI activities: Marketing and WORK!
I am not a marketer. When I was working as a Bird-dog, trying to find properties, I found them, and some deals too, but failed on the buyers list. I failed on the networking. But I only found deals by driving for dollars. If I had built a buyers list I would have failed just as badly simply because I would’ve not been able to harvest enough leads the buyers. I’d rather someone else find me the deals. Passive, Lazy, Awesome. One o
f the other actual investors (who holds property) and has as many doors as I do professed that he felt the same way. We didn’t get into this to work harder! We got into this to work less.
WORK. You have to send checks, and manage money, and follow-up on the tenant/owners. You need to be more careful about the legal contracts you enter. You let them own the property but you can’t let them put too much money into it. You need to manage the beginning and the end of the deal. And if you have multiple properties… Oy. That’s why I have a property manager who deals with all of this other crap! The only work I want to do is evaluate properties, sign contracts, and walk to the mailbox.
MEMBERSHIP.Here’s a break down of the people attending the LV REIA. Now these are not scientific tracking, but just some observational data about the attendants:
As is often the case, the amount of newbies/lookie-loos make up the majority. You discover as you continue to attend and start interacting with the investors who are there that there’s a secret society of REI membership often called a mastermind group. That’s where real business happens. But get business cards, and build those contacts.
I have only attended two meetings, so it is possible that this is drastically off and is not representative of the population. The October Attendance, is a reflection of the individuals who were in attendance both October and December. Roughly 50%. Not bad I guess.
Here we have it broken down into the different roles that investors play, and what their preferred Niche is. It’s clear from talking to the attendants that the new investors are trying to get into the business and of course are focusing on the low barrier to entry methods.
It’s kinda of strange to me that there is such a little representation yesterday in individuals that have SFH! Especially with the topic at hand. But who knows, maybe december is a bad month for the club attendance.
# OF DOORS:
Because I am the Buy and Hold type, this was very interesting to me:
It’ll be interesting to me to track these same stats month to month. The Interactions and Ebb/Flow of attendants could offer some interesting blog posts. If you were in attendance at the REI Club meeting you are more than welcome to post your information in the comments so that you can get more exposure!