Thursday, October 16, 2014

REI of Virginia University This Week

This week at REI, our guest speakers will be members and friends, Spanky Macher and Jamie Bailey, who will be hosting an REI of Virginia University brainstorming meeting.

Last year we did a group flip and were unable to allow more than 6 people to be part of it even though there were many more who wished to  be included.  When all was said and done we all made a nice profit.

At this meeting we will be discussing a potential of doing another modified version of this money making program and offering training to members on how to fix up a flip property.

The purpose of the meeting is to determine desire for both getting involved in another group flip with very little down and to see if there are people within our membership that are interested in learning how to rehab real estate. An extremely valuable skill. It doesn’t matter if you ever physically use it again, you will make money by your knowledge.

Knowing what various aspects of a rehab take to get done and how long it takes to do it is invaluable as it arms you with the needed information to protect yourself from contractors pulling a fast one on you and charging you an arm and a leg for a simple easy job.

Another objective of this meeting is to outline how the whole thing goes down. Who gets paid what, how many investors are needed, what type of flip house in what kind of neighborhood, what benefits the wholesaler to bring a deal to the table, what does the project manager get paid and whoever takes the roll of the treasurer, what is the cost to those who will enroll in REI University and how much does the instructor get paid for their time? Lots of questions to get answers for. It’s going to be a fun project! 

Those of you who have never done a flip before and are only involved in an investor capacity will also have a great opportunity to learn from people who have been there and done that by watching at the sidelines.

If you potentially have an interest in learning to rehab property, don’t miss this meeting. The education will be priceless from people who are currently or have been in the trenches. And allot of this stuff is hard to learn on your own because when you get a job in plumbing, electrical, framing, etc., you end up begin the man on the bottom of the totem pole if you’re a novice so it’s hard to get the one on one training to actually learn the ropes.

Those of our members who already know the ropes in various trades, please be sure to come to the meeting and if you can’t make it please contact one of the 2 above to participate as an investor, instructor or both. We’re looking for people with skill sets in all forms of construction. Framing, electrical, hvac, plumbing, siding, flooring, landscaping, roofing, you name it.

Roger and I are headed out to Belize soon and will be gone for a while so I’m writing this email to you a little early. So don’t email me regarding this project as I will not have access to this email address from Belize. As of now the following week is open which could mean that it will be one of our moderated forums which are always educational. Or it could be a follow up meeting to the upcoming REI U meeting.

Those of you who are interested in getting involved in this very low investment flip, But can’t make it to the meeting… please contact Spanky or Jamie.

I happen to know that there are a number of people that wanted in on that last deal that have never been to a meeting. You’re more than welcome to participate in any capacity.

Discussion will be Tuesday 10/21 at Shakers from 6:30 to 8’ish


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