Welcome!

By registering with us, you'll be able to discuss, share and private message with other members of our community.

SignUp Now!

Join REIN or wait?

A

ACsurge

0
Registered
Joined
May 29, 2009
Messages
7
Hi Everyone

I have gone through a number of discussion on this board and have found a lot of information. However as I am just finishing up the Don`s book I am unsure as to how to proceed.

There have been numours quotes where people state that they were in debt and after 1 year with REIN they have multiply properties. I don`t doubt this. I am not tring to find holes in the system or quotes I just don`t fully see how.

Currently I fall asleep thinking about my personal Belize and wake up thinkning about it. I want to start on my parth to aquiring it.

Besides my mortgage my wife and I do not have any debt. However we don`t have a lot of cash as we just cleared the last of our debt a couple months ago.

I am now stuck on which way to head.
• I have equity in my home, about $50,000 - $60,000, do I leverage it?
• Do I look for a JV? Would the best place to find someone be here or at a meeting?
• Do I wait until I am able to save up some cash (as Thomas mentioned "cash is King") so that I can make a downpayment?
• Do I finance 100% of the property?Any feedback / suggestions would be greatly appreciated.
Thanks
Raj
 
Tough life questions.
If it were me I would start to diligently save up for your down payment. There is no rush as long as YOU feel you have time.
In the mean time begin to establish contacts. Join a local real estate group. Start running through real estate for sale and do the numbers on paper.
Figure out where you want to invest and learn the area.
What I did when starting is call the listing agents on every potential property I say and gather all the info they had available. You will quickly learn the best area and how much it will cost.
Do not feel rushed. This could result in buying a poor property out of frustration.
Don`t worry about JVs until you have exhausted all of your own money and hopefully by that time you will have something to offer a partner.

Find books on the art of negotiation.
Concentrate on making your money when you buy not when you sell.

Figure out if you have what it takes to be a landlord.
Learn the Residential Tenancy Act for whatever provence you are in before you buy anything.
 
Hi Raj,

I`ll leave the financing details to more qualified members, but as far as the membership goes:

I was in the exact same boat as you about a month ago - not too much debt, but no extra cash and only the equity in my home to work with. I debated whether I should join REIN and tried to research all that I could about the benefits of joining. Soon enough it was clear to me that if a career in real estate investing was to be my future, then a REIN membership made sound financial sense. Here`s why:

1. The benefits in joining sooner rather than later would, IMHO, outweigh the benefits of waiting to save up some cash. There are a multitude of ways to get financing for real estate investing. For myself, I will be maxing out my HELOC to get the most mileage as I can with it. You should be more than fine with $50K to get started, especially if you look into getting a CMHC insured mortgage with only 10% or 15% down. There are of course other ways to use OPM (Other People`s Money) to finance your purchases, but it will most likely require you to first become well educated - which leads me to my next point...

2. REIN provides an INCREDIBLE amount of information and research data to help you become VERY knowledgeable about RE and its associated studies. And while you can learn quite a bit by browsing through the public forums on the myreinspace.com site, it pales in comparison to the mountains of material that you gain access to once you join. Both the REIN binder and the ACRE System binder you receive as a signing bonus with your membership are geared to fast-track you through the process of learning and buying your first properties. And the `members only` sections of the website give you more material then you can keep up with!

3. The monthly workshop is a GREAT way to get inspired and meet many other people who are out there doing exactly what you are wanting to do. I went to my first REIN workshop just last night and was thrilled to be surrounded by so much positive energy. Everyone seemed very willing to share their story and any beneficial insights. I talked to a number of people who told me it was their involvement with REIN that was the key move in helping them work through the anxiety of their first purchase. Otherwise, they might never have done anything (analysis paralysis)! And of course, each workshop gives you a load of timely, industry-specific information that you just wouldn`t have access to otherwise.

4. You have access through the myreinspace forums, as well as email, to a good number of experts in various fields. This to me was one of the strongest selling points to the membership. I`ve been burned before by making bad financial decisions and, as a result, am now very cautious with how I spend money. With something as large as a property deal at stake, I want to make sure each major (or even minor) transaction or decision is run past the eyes of someone who has the experience to let me know if I`ve missed something. The avoidance of what might have been a multi-thousand dollar mistake easily pays for the membership many times over.

5. Speaking of the cost of membership... the $200/month may seem like a lot initially, but now that I see what it gives me, I can tell you it`s a bargain. I don`t doubt REIN is just covering their operating costs, considering all that you get for this flat fee. From what I can see at this early stage, the material I have access to is the equivalent of a University level course - at a fraction of the price. And if you`re still wrestling with how you`ll be paying the $200/month a year from now, just look at it this way: REIN will give you the know-how, confidence and support to start buying properties. If you only buy one positive cashflowing property in your first year with REIN, chances are that property alone will give you the money to pay for your membership for as long as you`d like. But of course, you are only limited by your ambition and capacity to learn. Many REIN members have purchased a good number of properties in just their first year or two, so it is entirely possible that the membership dues will be of little concern after you get going.

6. Don and Russell are awesome.
Seriously - their optimism and enthusiasm about helping people get what they want out of life is infectious, and it`s easy to feel confident about taking this journey with such strong leaders showing us the way.

Hope that helps a bit. Good luck with your decision and all the best in your investing career!

Ben
 
QUOTE (invst4profit @ Jun 3 2009, 04:01 PM) Tough life questions.
If it were me I would start to diligently save up for your down payment. There is no rush as long as YOU feel you have time.
In the mean time begin to establish contacts. Join a local real estate group. Start running through real estate for sale and do the numbers on paper.
Figure out where you want to invest and learn the area.
What I did when starting is call the listing agents on every potential property I say and gather all the info they had available. You will quickly learn the best area and how much it will cost.
Do not feel rushed. This could result in buying a poor property out of frustration.
Don`t worry about JVs until you have exhausted all of your own money and hopefully by that time you will have something to offer a partner.

Find books on the art of negotiation.
Concentrate on making your money when you buy not when you sell.

Figure out if you have what it takes to be a landlord.
Learn the Residential Tenancy Act for whatever provence you are in before you buy anything.

Greg

Thank you for your reply.

One of the ideas that I have taken away from reading about investments is that money is renewable, time isn`t. I believe that Don mentions this also. With that said I am in no way going to rush into a deal with out my due diligence however I would love to move ahead.

I would have to agree with you though. I believe the best way for me to proceed is through saving for the downpayment however I may utilize a HELOC.

In the meantime I will take your suggestions. I will continue to grow my library as I have already scouted the areas I would like to begin with. I am sure that they will change by the time I have a large enough down payment. As my father is an agent I am able to get information pretty much upon request. I have even played with numbers with listings that I have gotten a hold of.

I have read several books on investing, stocks, real estate, etc, and do believe that real estate is for me. My wife and I have talked about it and truly believe that we have what it takes. She currently works for a construction / management company and my dad use to have a couple properties that we rented out (when I was old enough I had the pleasure of dealing with some of them). Mind you he believes in the term "tax deductible". When I mentioned my plan on investing he tried to convince me that the tax deduction is the way to go.

You mention joining a real estate group, should I join REIN. Is the cost justifiable?

Raj
 
As a 1 yr member I would suggest yes join it at least for the 1st 17 months-you will learn a lot. If you`re in Toronto/Calgary/Vancouver/Edmonton get the full membership so you can attend the meetings-which is where the optimism and networking keeps you going. otherwise just being part of the members only forum you have so many people you can bounce your ideas off of and they`re people who are experienced in this and are passionate about this.

I just bought my 3rd rental property in 12 months and that`s the pace Im personally ok with. There are people at 100+ within a short time! its where you want to go-REIN provides you the guidance and networking to do it. but do your due diligence for each thing/decision. Just being a REIN member doesnt mean someone is the best guy to go to always-you`re responsible for the mortgage and results at the end so get references independently and be open and honest and you`ll find people very helpful here. Naysayers are not plenty thankfully as they can really demotivate-so thats a good thing too
 
join if you are prepared to take ACTION .. based on some cash and some interest and some knowledge .. it will teach you where to invest and how .. and where not to .. and how to raise JV money once you`ve done a deal or better: 3 or 4 ..

do not join if you are looking for "edutainment" only ..
 
Thank you for your feedback,Thomas and RArora. I am trying to move out of my comfort zone towards my Personal Belize. I believe joining REIN can help me do that.

RArora, what was your situation financially before beginning your journey? Did you have any assets. Did you purchase your first rental property before or after joinning?

Raj
 
Hi Raj,

Not sure if you caught my original reply to your post. You might have been typing your reply to Greg just as I was posting my response.

I`ll second Thomas` comment about taking ACTION! REIN will be most beneficial to you if you are ready to commit to moving forward with your real estate investing goals. But if you are `just browsing` and not sure when you might be ready to actually make the move to writing offers and so forth, a REIN membership might be a tad premature. If you just want to educate yourself about real estate investing to determine whether it`s for you, then I would make sure you`ve read Don`s books and go through all the public forums on this site. There is much help available here, even for non members.

Let me know if you have any questions, as I am a new REIN member and went through the exact same decision process as you are going through.

Best regards,

Ben
 
As I am not a member you should take my comments regarding REIN with a grain of salt.

Although in agreement with the majority of advice already given, especially waiting to join when you are actually ready to move ahead, I personally decided there was not sufficient benefit for me to join. I was not in a location to attend meetings and it was not my desire to own a large number of properties. The benefits to me were minimal, as a result, and the book and forum have fulfilled my needs.
 
QUOTE (BenSanderson @ Jun 4 2009, 07:18 AM) Hi Raj,

Not sure if you caught my original reply to your post. You might have been typing your reply to Greg just as I was posting my response.

I`ll second Thomas` comment about taking ACTION! REIN will be most beneficial to you if you are ready to commit to moving forward with your real estate investing goals. But if you are `just browsing` and not sure when you might be ready to actually make the move to writing offers and so forth, a REIN membership might be a tad premature. If you just want to educate yourself about real estate investing to determine whether it`s for you, then I would make sure you`ve read Don`s books and go through all the public forums on this site. There is much help available here, even for non members.

Let me know if you have any questions, as I am a new REIN member and went through the exact same decision process as you are going through.

Best regards,

Ben

Ben

I did get your response. I was typing as you posted. I am thankful for your response. I have read a few of your past posting, in particular the one titled "Fees to attend Toronto REIN Meeting".

Its great to know that since you joined you see value in the membership. I suppose the question to you is will you continue to see it in 10 months from now?

However... the key word is ACTION. I agree. Action needs to be taken. I am ready to move forward. As mentioned I wasn`t sure that my existing financial position would allow me to act. Regardless of my finances I will be joining to begin to surround myself with like minded people. To get continued insight from experienced investors. It makes sense to get as much education until I am ready to make that move.

Thanks
Raj
 
QUOTE (ACsurge @ Jun 4 2009, 09:46 AM) Its great to know that since you joined you see value in the membership. I suppose the question to you is will you continue to see it in 10 months from now?

However... the key word is ACTION. I agree. Action needs to be taken. I am ready to move forward. As mentioned I wasn`t sure that my existing financial position would allow me to act. Regardless of my finances I will be joining to begin to surround myself with like minded people. To get continued insight from experienced investors. It makes sense to get as much education until I am ready to make that move.

Thanks
Raj

Hi Raj,

Of course, to be honest, half of my enthusiasm is simply optimism for what I hope will be a successful start into RE Investing. I can`t truthfully know how I will feel about the membership 10 months from now. However, from all that I have observed and the people I have talked to, my sense is that as long as you focus on your Personal Belize and are willing to educate yourself, REIN will keep encouraging you to move forward. Imagine diving into a fast-moving river and being swept along with the current – this is what it feels like to be surrounded by so many people taking action and helping you to do the same.

True, I have met people who have been REIN members for more than a year and are still on the fence about buying their first property, but I`ve met far more that have bought 3, 5, even 10 properties in their first year alone. Most have similar stories to you and me, not a lot of extra cash to invest with, but enough equity to get started. And it`s these people that are taking action who seem so eager to help newcomers like us.

In the end, you should take the time to make your decision carefully, as it is a sizable commitment. But, if you`re ready to use RE Investing to change your life for the better, you won`t regret it.

Ben
 
I`m kinda in the same boat, unsure about joining REIN. I`m from Manitoba and would like to invest in Manitoba, but what kind of benifits will I see from joining REIN if I can`t go to monthly meetings, and is there going to be enough information that is applicable to Manitoba?

I do have the ACRE home study program, and plan to read Don`s book soon. I am finding that there is good information that I can use in those, will joining REIN add to that?
 
QUOTE (koop @ Jun 4 2009, 01:25 PM) I`m kinda in the same boat, unsure about joining REIN. I`m from Manitoba and would like to invest in Manitoba, but what kind of benifits will I see from joining REIN if I can`t go to monthly meetings, and is there going to be enough information that is applicable to Manitoba?

I do have the ACRE home study program, and plan to read Don`s book soon. I am finding that there is good information that I can use in those, will joining REIN add to that?

Hi koop,

You have the option of signing up for the `by-mail` membership, which is only $100 per month. This means that rather than gaining entrance to the monthly workshops, you will instead be shipped the corresponding audio CDs and all hand out materials from each workshop. Still lots of information to be had going this route.

The only real detriment of not attending the workshops is that you won`t have the chance to meet other REIN members in person. Fear not - this is easily remedied by starting or joining a local `Mastermind` group in your area. A quick search turned up a number of Winnipeg REIN members who are networking and helping each other with their investments. Here is one such thread.

Every other benefit is more or less the same, regardless of where you`re located. Maybe some Manitoba members could weigh in on their experiences in that province?

Ben
 
3 simple words:

LEARN - PRACTICE - TEACH

LEARN - acquire as much information as you possibly can about the subject. This maybe by joining REIN or just reading literature.

But do not forget to ....

PRACTICE - This is the true action steps. This is where you gain confidence and learn the things that are not gained in "LEARN". For you to succeed here you must take action

And if you really want to a top producer, then ....

TEACH - Mentor/guide/teach others your knowledge and experiences. This will truly take you to the next level. A good example is Mr Campbell, Mr Wescott and Mr Beyer.

Master these 3 things and the world is your oyster.

Just being a forum member here is a great start. I joined 16 months ago and just closed on number 3. I foresee myself going further in numbers and types of properties and thus I will continue to be member. If you are just planning a purchase a few, I would consider joining for a year (18 months) and totally immerse yourself in the endeavor. Once you have acquired your target properties and mastered your system, you could consider not rejoining.

One thought that I cannot over emphasize is that it is not a race and that you do not need to achieve the numbers proposed by REIN. If your goal is 3 properties and you feel comfortable in doing it in 3 years then that is OK.
 
i have a "by mail" membership which is outlined above. $100 a month, audio cds of every meeting (which is alwesome to listen to over and over) you also attend the acre event each year for free AND one monthly member meeting per year for free. I also joined a local group of rein members that meet once a month, so i getting my cake and eating it to. It is a 17 month MINIMUM contract, so consider it a $1700 investment for 17 months of great stuff. I have enough audio downloads through the meetings and the members forum to be worth at least 10 times that amount, after only 6 months of membership.

You simply cannot count how valuable this stuff is. going to a meeting, or getting the audio packet in the mail every month reminds me to keep working at it when i`m low on motivation, I can`t tell you how often I`ve been depressed about my lack of a solid portfolio, then my wife shows me the REIN packet that came today in the mail, i start listening, and go back to work. It`s worth every penny.


I say, start with the mail membership, and switch to member meeting if you want later on, Especially if you can find a local investor group anyways, it minimizes the lack of networking.

Like Donald Trump says: The most expensive thing in the world is ignorance. When we`re talking about buying 6-figure properties, $1700 (or even $3400 for full membership) is peanuts compared to what it saves you. If it only takes $1700 to push you to buy your first property, its $1700 well spent.

also,

HELOC is the way to go. with interest rates so low, its the freeist money you and I will ever see.
 
There are three groups of people in life:

a) those that make things happen

b) those that watch things happen

c) those that wonder "what just happened ?"

REIN allows you to move from c) to b) to a) at YOUR PACE !!
 
QUOTE (koop @ Jun 4 2009, 11:25 AM) I`m kinda in the same boat, unsure about joining REIN. I`m from Manitoba and would like to invest in Manitoba, but what kind of benifits will I see from joining REIN if I can`t go to monthly meetings, and is there going to be enough information that is applicable to Manitoba?

I do have the ACRE home study program, and plan to read Don`s book soon. I am finding that there is good information that I can use in those, will joining REIN add to that?

Hi There,
I live in Winnipeg and I`m interested in the same study program you took. I`d like to hear your opinion about it and if it helped you with the local market .

Ella
Ella69@gmail.com
 
QUOTE (MikeMcC874 @ Dec 13 2009, 01:56 PM) Is the REIN membership tax deductible against rental income as a business expense?
yes .. it is education
 
QUOTE (MikeMcC874 @ Dec 13 2009, 01:56 PM) Is the REIN membership tax deductible against rental income as a business expense?


I deduct them. But I am not an accountant, ask your own accountant.

To be somewhat forward, I have seen this question regarding REIN membership now so often on this forum I really wonder whether the people that ask this question have a problem to take action or to make a commitment?

As such, I can say only one thing: If you are committed to becoming a real estate investor, becoming a REIN member is your best education and support. So, first take your ACRES or QUiCK start weekend, make up your mind whether you want to become a real estate investor and if the answer is affirmative, then take action and sign up - your first step on the road of a genuine commitment.
 
You must log in or register to reply here.
Back
Top Bottom