Back when I was trying to figure out how to build a property portfolio quickly, I looked into joining one or more of the real estate investment clubs here in Long Island. I didn’t know a lot of other investors with more experience than me. But, I did know that I should find a way to network with as many as possible if I wanted to run my business smoothly and avoid tripping up on any rookie mistakes. After a bit of trial-and-error, I found what I needed. That was some years ago. So, by the time my dad called me with his plans to join a few clubs himself in an effort to get ready for investing in real estate after retirement, I was the old hat who’d been there, done that. And, as the first real estate investor he was technically networking with, I decided to give him some pointers on which clubs he could leave on, or mark off, his list to help him avoid his first rookie mistake.
Should You Join Real Estate Investment Clubs in Long Island?
More than just the opportunity to network with other investors, most real estate investing clubs offer chances for you to learn new skills, get access to discounts that local vendors may provide, and even find a mentor. Sometimes, off-market deals are exchanged. In an ideal scenario, membership in a club or association can act as a kind of one-stop shop to find different ways to fast-track your career. That was certainly my line of thinking when I looked into joining a Long Island investment club years ago. It’s why my dad was seriously considering the idea, too. But, not every opportunity to network, learn, and find a mentor is created equal. To save you from the possibility of joining the wrong team, let’s take a look at some of the benefits of joining the clubs around town in addition to some of the drawbacks.
Long Island Real Estate Investing Success Group
Long Island Real Estate Investing Success Group members meet semi-regularly to learn from one another’s experiences, share investment opportunities, and combine resources for purchasing property. Currently, there are more than 500 members and, at some meetings, as many as 30 are in attendance. Since the group has been active since 2016 and is open to investors of all levels, it’s reasonable to expect that some of its members are skilled enough to help you with investment property marketing techniques or advise on where you can get a mentor. There doesn’t appear to be a fee to join, either, so you won’t lose very much by just giving it a try.
But, because the meetings happen infrequently, you won’t have a chance to create your network quickly. In fact, there were some months last year in which they didn’t meet at all, which doesn’t seem like a very active group to me. How can you possibly build trust among those in your network if you rarely interact with them? The answer is, you can’t. And, you certainly shouldn’t share in the financial risk of partnering with people you have so few opportunities to get to know—no matter how many of them there are.
Long Island Real Estate Investors Association (LIREI)
LIREI provides both networking and educational opportunities every month, sometimes as often as twice a week. So, whether you need feedback on which residential hard money lenders to use or want to learn more about different investment exit strategies, the opportunities are there. Founded in 2008, LIREI has grown to a sizeable group of over 2,000 members. And, membership is open to a variety of industry professionals like real estate agents, attorneys, and CPA’s. That means you’ll not only be able to mingle with other real estate investors, you could also find a few colleagues you’ll want to work with in the future.
Membership isn’t free, of course, and if networking is what you’re after, you may not get what you pay for. Depending on the plan you choose, joining will cost you between $225 and $450, which doesn’t include entrance to every workshop and seminar. So, your meet-and-greet pickings may actually be slim unless you’re willing to cough up more dough. Plus, at least half of the meetings now happen online. Of course, that’s great when you’re running around investing and have no spare time to add in another stop. But, if you’re really that busy, then you probably have little use for the meetings to begin with—which means you won’t likely see other, more experienced investors there either just when you do need them.
Nassau County Real Estate Investors
Nassau County Real Estate Investors gather in Garden City to discuss the best ways to buy investment property and grow your business with other pros, like real estate agents and contractors, contributing to the conversation. The goal of each meeting is to exchange knowledge on a wide range of topics from how to analyze rental markets to how to navigate the short sale process. Though they don’t provide one-on-one mentors, they sometimes make coaching recommendations. But, with more than 900 members, it’s possible you’ll find another investor experienced enough who’d be willing and able to show you the ropes—especially since as many as 50 or more may show up at any given meeting. They don’t advertise a cost to join, either. So, a penny saved could equal a mentor earned.
By the time another meeting comes around, however, you could have already built another network and found an investing coach to boot. Nassau County Real Estate Investors only meet quarterly, which could explain the high attendance numbers. If the content at each meeting is good, you won’t want to miss out since the next meeting won’t happen again for months. But, quarterly networking opportunities don’t give you many chances to build your network or learn the ropes well. You certainly won’t be able to do these things fast. And, that could slow your business down.
Obviously, each of these clubs offers some degree of benefit to joining and that may be reason enough for you to check them out for yourself. But, the drawbacks make an equally strong case for finding alternative ways to network, acquire skills, and get a real estate investing mentor. Luckily, there is another option that not only might be a better fit, but that may actually benefit your business more. Should you want it, you don’t have to search much further than this blog.
An Established Network That’s a Better Fit for Your Business
Ultimately, whether you join a real estate investing club here in Long Island or not is up to you. After exploring all of my options years ago, however, I decided that I wanted an established network of investors that I could count on being there any time I needed. Call me impatient, but I didn’t want to spend my time attending meetings in the hopes of connecting with those more experienced than me who’d also want to help me. I wanted to use my time investing in real estate—and, calling out for help as the need arose.
Becoming an independently owned and operated HomeVestors® franchisee was the answer to my call. By joining the HomeVestors team, I was immediately connected with a network of regional franchisees who made themselves available whether I needed a referral for an electrician or guidance on the latest rehab trends. As a bonus, I also got one-on-one mentoring with a seasoned Development Agent who helped me take steps that specifically benefited my professional Long Island real estate investment business—something I never found in any club. When I told my dad, he said he liked the sound of that. The next thing I heard was that he was looking into opening his own Long Island-based HomeVestors® franchise. If you want the kind of support that we have as Long Island investors, I think you should, too.
Get established as a professional real estate investor by joining a team with support built right in. Call HomeVestors about franchise opportunities today!
Each franchise office is independently owned and operated.