Investing in the current real estate market can be a difficult task. It is true that there is a massive amount of homes on the market that can be picked up at a bargain, but this means that there is a good bit of competition out there for them. Also, for the investor who flips the house, getting the home sold is more difficult than ever before due to the tightening of credit standards in the mortgage market.
A successful real estate investor needs a number of tools, including a solid Denver real estate agent, a good mortgage broker, good relationships with foreclosure attorneys and good connections with appraisers, home inspectors and title companies. Putting all this together involves developing personal relationships and that takes time. Done individually, it could take years to develop these contacts. A successful real estate investor needs a secret weapon to truly stand out. With that in mind, a successful real estate investor should join their local real estate investor association(REIA).
An active REIA can give a real estate investor the connections overnight that it would otherwise have taken years to develop. REIAs include a cross section of the entire real estate industry, including reputable real estate brokers, mortgage brokers and banks, appraisers, title companies, attorneys, home and pest inspectors, other investors and more.
An investor can use the resources of a good REIA to:
o Get leads on foreclosed homes and be prepared to bid on them
o Get market reports, neighborhood analysis, and comparable sales information
o Get expedited title work and closing services
o Get quality and reliable home inspection and pest inspection services
o Get quality buyers when flipping a property
In short, being a member of an active REIA is like having a turnkey marketing plan on demand. In addition, being a member of an REIA gives a real estate investor the opportunity to learn from other successful investors in the market area. Many will pick up knowledge from veteran investors that they would otherwise have taken years to learn or would have to learn the hard way through costly mistakes.
The majority of associations will meet on a monthly basis and will have a specific agenda including market reports, guest speakers, tips on how to buy, remodel or sell certain types of properties and more. By being a member of an active REIA, a real estate investor can rapidly expand his or her sphere of influence to include every useful aspect of the local and regional real estate market. Many investors have found that by joining a good REIA, they have streamlined their business plan and have dramatically increased their business volume and profitability. All it takes is developing relationships with others in the industry and that is what the REIA provides the framework for.