Thanks, I'll check both out. Is biggerpockets how you found out about your local real estate investment group?
halcyon's journal
You're welcome.
I think biggerpockets was just getting started when I was. I found my group through a blog when I started researching passive income on the internet. But there is a directory of real estate investment associations which you can find here http://www.nationalreia.com/
I think biggerpockets was just getting started when I was. I found my group through a blog when I started researching passive income on the internet. But there is a directory of real estate investment associations which you can find here http://www.nationalreia.com/
@halcyon
Thanks for all the info. I looked up my local REIA (http://capitalareareia.com/) and the website makes it look like salesman BS. It makes sense (why put in effort into hosting and organizing a local REIA if there's no money in it for the organizer?), but makes it less appealing as a way to invest, as I would imagine the more experienced folks there would just use the association to unload unprofitable properties onto the new blood who don't know any better yet.
Is your local REIA different from what's depicted on the Capital Area REIA site? Or do you think I'm just too cynical?
Thanks for all the info.
Thanks for all the info. I looked up my local REIA (http://capitalareareia.com/) and the website makes it look like salesman BS. It makes sense (why put in effort into hosting and organizing a local REIA if there's no money in it for the organizer?), but makes it less appealing as a way to invest, as I would imagine the more experienced folks there would just use the association to unload unprofitable properties onto the new blood who don't know any better yet.
Is your local REIA different from what's depicted on the Capital Area REIA site? Or do you think I'm just too cynical?
Thanks for all the info.
@jmed
You're very welcome.
That website does look pretty fishy... A lot of groups do charge for membership and have multiple levels like that. But I'm pretty suspicious of any group which offers a "platinum" membership which costs as much as that does (>$9000). My experience says that if you are a good student with a real desire to be financially independent then you don't need to pay someone a ton of money to hold your hand. You can probably do it on your own. The lowest membership options ($49/quarter) might be a good deal.
I'll tell you about my membership and you can decide for yourself if it was worth the money.
The group is called Lifestyles Unlimited (http://lifestylesunlimited.com). The website has a ton of great articles by the way. They are based out of Texas with a branch in North Texas not to far from me. Together, Lifestyles Unlimited members own 1000's of apartment units and its members have won the National Apartment Association "Independent Rental Owner of the Year" awards multiple times including the last two years.
They have 3 level of membership (i'm seeing a trend here) with the cheapest one being $500 for the first year for your whole family. For that price you get the following:
Unlimited question and answer with experienced investors/mentors
A monthly 2-day seminar where they cover the whole process of operating rental real estate. The first day is single family, the second is apartment complexes
Guest speaker events where vendors present information on various topics of investing including insurance, rehab, tenant screening, and financing
Monthly case studies where members present actual deals they have completed (i'm going to present in May!)
Access to their vendor list which includes positive and negative reviews by members
I know $500 is a lot of money for a membership but I personally feel that it's worth it. The 2-day class alone was probably worth the money but the unlimited question and answer with a mentor has been invaluable. I don't think I would be as successful as I am today if I hadn't joined.
When we are ready to go into multifamily, we plan to upgrade our membership.
I hope that helps and wasn't too long-winded.
You're very welcome.
That website does look pretty fishy... A lot of groups do charge for membership and have multiple levels like that. But I'm pretty suspicious of any group which offers a "platinum" membership which costs as much as that does (>$9000). My experience says that if you are a good student with a real desire to be financially independent then you don't need to pay someone a ton of money to hold your hand. You can probably do it on your own. The lowest membership options ($49/quarter) might be a good deal.
I'll tell you about my membership and you can decide for yourself if it was worth the money.
The group is called Lifestyles Unlimited (http://lifestylesunlimited.com). The website has a ton of great articles by the way. They are based out of Texas with a branch in North Texas not to far from me. Together, Lifestyles Unlimited members own 1000's of apartment units and its members have won the National Apartment Association "Independent Rental Owner of the Year" awards multiple times including the last two years.
They have 3 level of membership (i'm seeing a trend here) with the cheapest one being $500 for the first year for your whole family. For that price you get the following:
Unlimited question and answer with experienced investors/mentors
A monthly 2-day seminar where they cover the whole process of operating rental real estate. The first day is single family, the second is apartment complexes
Guest speaker events where vendors present information on various topics of investing including insurance, rehab, tenant screening, and financing
Monthly case studies where members present actual deals they have completed (i'm going to present in May!)
Access to their vendor list which includes positive and negative reviews by members
I know $500 is a lot of money for a membership but I personally feel that it's worth it. The 2-day class alone was probably worth the money but the unlimited question and answer with a mentor has been invaluable. I don't think I would be as successful as I am today if I hadn't joined.
When we are ready to go into multifamily, we plan to upgrade our membership.
I hope that helps and wasn't too long-winded.
4/13/2011
-== March 2011 Summary ==-
This month was a tough one, in terms of saving. We went over in our budget in multiple categories. We had some additional start-up costs for my wife's real estate license. And we booked a spontaneous vacation with some friends.
After all of that, we ended up with a savings rate of 24.7%
Not great but not as bad as before.
Accomplishments:
-Fitness. In March we re-re-restarted our workout routine and have continued it into April quite successfully!
-Real estate. My wife already has a few clients and will hopefully make back all of her start-up costs and then some within the next couple of months.
-Insurance. We lowered our premiums by about 40% by raising our deductibles.
-Lawn Mowing. Started using the reel mower in March and I like it more than any gas mower I've ever used.
Opportunities:
-Cooking. We spent more on groceries this month than we did in months previous. I'm still not exactly sure where all of that money went.
Kind of a short post this time. We just refinanced our 2nd rental property so I will be posting the final numbers here in the next couple of days.
-== March 2011 Summary ==-
This month was a tough one, in terms of saving. We went over in our budget in multiple categories. We had some additional start-up costs for my wife's real estate license. And we booked a spontaneous vacation with some friends.
After all of that, we ended up with a savings rate of 24.7%
Not great but not as bad as before.
Accomplishments:
-Fitness. In March we re-re-restarted our workout routine and have continued it into April quite successfully!
-Real estate. My wife already has a few clients and will hopefully make back all of her start-up costs and then some within the next couple of months.
-Insurance. We lowered our premiums by about 40% by raising our deductibles.
-Lawn Mowing. Started using the reel mower in March and I like it more than any gas mower I've ever used.
Opportunities:
-Cooking. We spent more on groceries this month than we did in months previous. I'm still not exactly sure where all of that money went.
Kind of a short post this time. We just refinanced our 2nd rental property so I will be posting the final numbers here in the next couple of days.