Back when I was debating whether or not I should buy investment property in the Motor City, I checked out a few Detroit real estate investment clubs for some inspiration and insight. I found plenty of both. Almost all of the new and would-be investors I met were excited to be starting on their own real estate investment career path and their enthusiasm helped to fuel mine.
Of course, it wasn’t long before I wanted more than just a cheering squad to help move my career along. Suffice it to say, not all clubs could give me everything I needed. And, it was becoming clear that if I wanted to actually invest in Detroit real estate and build a successful business doing it, I’d need to make more discerning choices about where to spend my time. With some effort, I found what I was looking for.
If you’re at a place in your investing career where you’d like some support, whether it’s in how to start a real estate investing business or how to improve the health of an existing one, you’ll want to make sure you use your time wisely, too. I can help you do that.
Your Top Detroit Real Estate Investment Clubs Options
Being a real estate investor is hard work and going at it alone can make it seem even harder. Having a network of peers to guide, advise, and educate you, however, can ease the pressure of making a good living without the fear of drowning in unrecoverable mistakes. And, that’s what membership in many of Detroit’s real estate investment clubs is designed to provide. If you can learn how to quickly recognize a good deal, where you can secure the best funds for your rehabs, and which neighborhoods are hottest for finding Detroit investment property all in one place, that is a great use of your time. If you can find a mentor to work one-on-one with you, too, it’ll feel like you’ve hit the big time.
Unfortunately, since joining some real estate investment clubs can also be a waste of your time, I’ve compiled three options that might be better than others. Here they are:
Real Estate Investor Association of Detroit (REIA of Detroit)
As a member of the national network of Real Estate Investor Associations, the REIA of Detroit has the power of name recognition behind it. And, in many ways, this club lives up to that name. In addition to their once-a-month general members’ meeting, they regularly offer 12-week training programs for new investors called Real Estate Investing 101. During these weekly meetings, you’re taught different investment strategies, how to fund your rehabs, and where to find contractors and other experts. They also post real estate-related news and videos on their website’s homepage to keep you updated on events and products that could have an impact on your investing business. Your first year’s dues are only $125, too.
Unfortunately, this club also fails to provide the degree of support you’ll want once you’ve got the basics down. It’s not that it’s impossible to build a solid network of fellow investors from once-a-month meetings. But, it won’t happen fast—if it happens at all. And, with classes geared towards investors with little-to-no experience, it’s not likely other members will be seasoned enough to mentor, or even advise, you either.
Michigan Real Estate Investors
The Michigan Real Estate Investors Club welcomes all industry-related pros to join, network, and learn from one another. All you have to be is passionate about real estate. That inclusive atmosphere coupled with regularly-scheduled seminars, workshops, and monthly meetings that make this club popular. So, whether you need to connect with a real estate attorney or learn how to buy abandoned houses anywhere around Detroit and its suburbs, you’re encouraged to join. You’re allowed to try before you buy. And, should you need more than one meeting to make up your mind, you can drop in a few more times at only $20 a pop.
The regular monthly meetings, however, won’t provide enough opportunities to connect with skilled investors—and that throws the expense of joining this Detroit real estate investment club into question. For access to all of the potential benefits this club offers, you’ll pay almost $400 a year. If you work with a partner, you’ll have to shell out more. That might be worth it if you were guaranteed a network of investors who were at the ready to help. But, you’re not even assured more than one meeting per month. So, jumpstarting your investing career may actually drag on—unless you pay to join other clubs, too.
National Real Estate Investors Network (NREN)
The NREN has nearly 5,000 members according to its Meetup page, which lends credibility to its value as a club. And, with multiple networking and training events offered each month, it’s hard to argue with its appeal—especially when you have the option to meet online or in person. A variety of topics for investors of all experience levels are covered throughout the month, too. So, whether you need to learn how to cold call leads, wholesale a house, or buy multiple investment properties, the chances are high you’ll find something on the calendar that attracts your attention. Even if you don’t, you won’t be without the opportunity to learn since the club also offers one-on-one mentoring. Access to all of these benefits only costs $27.00 a month.
But, there are limits to what the price of membership in the NREN provides and, without a little digging, they aren’t always obvious. For example, if you want to attend more than three meetings each month, you have to pay extra. Specialty workshops and training sessions will cost you more, too. But, your biggest expense will come from hiring one of the club’s mentors. Though, how much that will be isn’t advertised—even on the club’s pricing page. So, to actually get the support you need to start investing like a pro, you could end up paying a lot more than you bargained for.
Given my past experience with real estate investment clubs here in Detroit, I don’t want to knock them too hard. After all, being around a lot of other new investors, like me, helped to feed my hunger for becoming a successful real estate investor in those early days. And, that counts for something. But, even the best clubs can’t give you what an established network of investors who are interested in helping you grow your business can. They won’t always give you access to a mentor, either. There is a team, however, that can and will.
Become a Member of a Team, Not a Club
Though I’m glad I spent a little time getting to know what Detroit’s real estate investment clubs had to offer, in the end, they couldn’t give me what I needed to really succeed. I wanted a solid investing education I could count on, but I also needed an established network of professional investors to give me ongoing support. Having access to one-on-one mentoring was critical for guiding me from novice investor to seasoned pro, too.
Now, I may have eventually found these at a club, but it would not have happened nearly as fast as it did once I became an independently owned and operated HomeVestors® franchisee. By becoming a franchisee, I gained the support of my fellow regional franchisees from the moment my initial week-long training ended. So, renovation advice or recommendations for an expert were only a phone call away. Plus, I got my own seasoned Development Agent to guide me through the tough deals and mentor me on how to get better ones. It’s more than a club could ever offer and you get it all by just becoming an independently owned and operated HomeVestors® franchisee.
Join the team that will support your success from day one. Call HomeVestors® to discuss your franchise options today!
Each franchise office is independently owned and operated.