OFFICIAL LOCAL NEWSLETTER OF YOUR LOCAL REAL ESTATE INVESTOR ASSOCIATION
IT’S ALL ABOUT WHO YOU KNOW
A unique networking opportunity to learn new strategies and insights
PROCEED WITH CAUTION
When making offers, make sure you have all the numbers
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Fall Into a Rhythm of Learning & Growing
As the crisp fall air begins to set in and the kids head back to school, it's the perfect time for all of us to get back into the rhythm of learning and growing Just like the students who are sharpening their pencils and preparing for new challenges, we as real estate investors have the opportunity to sharpen our skills and strategies for the months ahead
This month, we encourage you to make new connections and expand your network. Whether you're a seasoned investor or just starting, the relationships you build within our community can be a game-changer. Attending our upcoming events and meetups is a great way to connect with like-minded individuals, share experiences, and discover fresh perspectives that can propel your investments to new heights
Let's take advantage of this back-to-school season to invest in our knowledge, make impactful connections, and set ourselves up for a prosperous fall!
It’s Not What You Know... But WHO A Unique Networking Opportunity
As a real estate investor, staying ahead of the game requires more than just market knowledge and financial acumen. It’s about building relationships, gaining insights from industry veterans, and constantly learning new strategies to adapt to the ever-changing market landscape. That’s why attending the Milwaukee REIA Main Meeting & Roundtable Networking event on September 10, 2024, is an opportunity you cannot afford to miss
Here’s why this event should be a top priority on your calendar:
1. Unmatched Networking Opportunities
In real estate, your network is your net worth This event brings together a diverse group of real estate professionals, from seasoned investors to beginners, offering you a chance to make valuable connections. Whether you ’ re looking to partner on deals, find mentors, or simply exchange ideas, the networking opportunities at this event are second to none. You never know who you might meet a future business partner, a mentor with years of experience, or even a buyer for your next property
2. Expert-Led Roundtable Discussions
One of the unique features of this event is the roundtable format. You’ll have the chance to sit down with experts in various aspects of real estate investing These discussions are designed to be interactive, allowing you to ask questions, share your experiences, and gain practical insights that you can apply to your own investments. Whether you ’ re interested in wholesaling, flipping, rental properties, or something else, there’s a table for you.
3. A Community of Like-Minded Individuals
The real estate journey can be challenging, especially when you ’ re navigating it alone. But at the Milwaukee REIA Main Meeting & Roundtable Networking event, you’ll find a community of likeminded individuals who share your passion for real estate. This sense of community is not only motivating but also empowering You’ll leave the event feeling inspired, with a renewed sense of purpose and direction
The Milwaukee REIA Main Meeting & Roundtable Networking event is more than just a meeting; it’s an investment in your future The connections you make, the knowledge you gain, and the community you build here will have a lasting impact on your real estate journey. Don’t let this opportunity pass you by.
One Connection Away
BY: JANE GARVEY, PRESIDENT OF THE CHICAGO CREATIVE INVESTORS ASSOCIATION
How many times have you thought to yourself, that guy is so lucky He doesn’t seem to know anything, but things keep falling in place for him. At the same time there may be people in your life who have everything going for them, but don’t seem very successful. Why is this?
Occasionally we attribute success to the amount of focused action people take Goals, a plan to achieve them and action directed at the process This is certainly one way to improve your odds of success It is rare that people succeed with out trying. It is also hard to define success if you don’t decide in advance what that means for you. But focused action doesn’t seem to explain the luck.
More likely it can be explained by the concept “It is not what you know, but who you know ” If you are “connected” you may have the guidance needed to avoid the false starts, the wrong turns, and the dumb mistakes that others make. This hardly seems fair. The playing field isn’t level. Massive action by a connected person can be much more fruitful than massive action by someone going it alone.
The good news is – you too can be connected It is not just for those who inherit great wealth, are married to a tradesman, have a brother who is the building inspector, grew up in a family of landlords, etc. The best connections you can have are people with knowledge or experience, people who have been down the road you are traveling You can develop the connections you need Keep in mind that your need for connection may change during different phases of your investing journey
Real estate investors associations (commonly known as REIAs) provide fertile ground for planting seeds and harvesting connections. Within an association you will find others that are doing what you want to do It is likely that they have identified the tools and resources you will need Some of them have other connections you will need You may have connections they need
Make friends. Speak up about how things are going on your journey. Let people know what you are missing and what connections you need Be open and genuine in your approach We all like to help people when and where we can, but we can’t help if we don’t know you have a problem It is very important to try to help others when you can as well. Connections are at least a 2-way street.
Interestingly enough, people who are handed connections as a birthright may have a hard time developing the skills needed to make new connections They may seem privileged, and life may initially seem easy, but some of these people really struggle as their needs change
You are in charge of your own journey. It will be different. You will define your success or failure. The knowledge and resources you need will be different as well Even with this in mind, learning from others’ successes and mistakes can accelerate your progress Take advantage of the resources, education, and networking that your real estate investors association provides. You are only one connection away, and chances are high that connection is right in front of you.
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National Benefit of the Month
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Proceed with Caution
BY: TONY YOUNGS
As I go to various states pursuing distressed property acquisitions, I am finding an uptick in the number of sellers willing to sell their off-market properties These include probate situations, tired landlords, elderly moving to assisted living, vacants, bankruptcies, and pre-foreclosures. The problem is sellers still have the impression their homes are worth more than they are. They remember their neighbors getting multiple offers and selling above the norm, but that has changed somewhat. I live in a high-demand area, and houses can sit on the market for 30 days before they go under contract. It can be even longer around other parts of the nation that I visit. Although most of the country is still seeing lower-than-normal inventory, The higher interest rates and the uncertainty of government affairs have an effect.
The reason I say proceed but with caution, is because if you are going to rehab a property, the rehab costs are outrageous. The cost of materials has come down a little from the pandemic but they are still high and I think they are here to stay Businesses know that people are willing to pay and consumers are spending like crazy. On the other hand, contractors are charging much higher labor costs. Sheetrockers, framers, painters, plumbers, electricians, and HVAC is much higher today I was rehabbing houses all through the pandemic years and I am rehabbing a house right now and the costs are much higher than a year ago. We have used the same plumber, electrician, and heating and air guys for years and their prices are much different.
When we sit down with them and go over the figures, comparing them to our last few jobs and ask them why the difference, they show us the difference in material costs and show that their labor is higher because of the cost of living, Higher groceries, gas, food, clothing, and shelter. Just to make sure, we get estimates from other companies and the prices are very comparable
My point is, as you find property owners willing to sell, make a sensible offer and stick to it. I make offers every week and when a seller tells me it is too low, I say, if you are willing to fix some of the items I can go higher. After researching the costs and time involved, it doesn’t take long for them to see your way of thinking and then you can negotiate. Some sellers refuse to budge but it’s better to walk away than to lose money Today, If you do buy a house and begin your rehab, if it seems to be costing more than you thought, nobody can force you to finish it. If a project looks like you may lose money or break even, stop work and sell it incomplete There is always someone that will buy it in the condition it’s in and finish it themselves. Especially if they like the location. Homebuyers realize they are here for long term and don’t mind spending money for their long term home Even in the multiple offers days, I would fix up a house beautifully and sell for top price, and the homeowner would sink more money into it. Because they were so happy they got a home in the area they wanted.
As we rehab a house, we make a list of what we want to accomplish this week and I stay on top of it to get it done I shop around for good prices, I use low cost labor to do the many things that need doing like, demolition, carrying trash to the dumpster constantly, keeping the grass cut, painting, replacing broken glass, applying fire retardant caulking to the holes where the new wiring was installed, digging drainage ditches etc There are plenty of little things like that We also have a guy who has a full time job but wants to earn extra money after he gets off work. He is an excellent carpenter and installs new windows and doors, puts trim around the new windows, installs attic stairways etc Thus saving us plenty of money I personally still do some of the work that I can. It keeps the other workers busy when they see me working too. There are still many money saving things you must learn and use when doing a project One thing I learned from my father when getting estimates, Don’t give the impression that you are rich and successful. Project costs can be higher.
The bottom line is this, proceed with caution and make your offers, but be aware of today’s renovation costs Learn all you can on estimating repairs
Tony Youngs is a trainer, national speaker, active real estate investor and the author of The “Hidden Market” system of acquiring off market properties He can be reached at his website at www.tonyyoungs.com
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Why “Think and Grow Rich” Still Resonates: An Honest Review
"Think and Grow Rich" by Napoleon Hill is a title that almost every aspiring entrepreneur has stumbled upon As one of the oldest and most influential self-help books, its legacy is as sound as granite However, like any book, it has its strengths and weaknesses Here's my take on why this classic remains so relevant and where it falls slightly short.
Milwaukee Renaissance: Real Estate Boom and Strategic Investment Opportunities
As a storied city currently undergoing a dynamic resurgence, the Greater Milwaukee Area is a compelling landscape for astute real estate investors Amidst a backdrop of vibrant development, the Arc Capital Fund provides investors a strategic alignment with the city's burgeoning potential Let’s take a few minutes today to talk details, including why we think Milwaukee is perfectly poised to serve as the ideal backdrop to benefit investors of several tiers.
