This article originally appeared on Business Insider.
When interviewing successful real estate investors and asking their advice for rookies, a common suggestion is to find a meetup group or join an online community — do something that gets you in the same room as people who have already done what you hope to achieve.
The advice made sense to me conceptually, but I didn’t fully understand it until I experienced it.
In February, I attended Day 1 of the “One Rental at a Time” conference, a two-day event hosted by investor, author, and early retiree Michael Zuber. I drove from my home in Los Angeles to the venue in Las Vegas on a Saturday morning and arrived highly caffeinated just before the opening remarks at 8 a.m.
Having never attended a conference, I had no idea what to expect. I was there as a journalist — to keep my finger on the pulse, talk to investors, and generally observe — rather than jump-start a career in real estate. But, after 10 hours in a room with hundreds of real-estate enthusiasts, it was impossible not to at least flirt with the idea of owning property in some capacity.
Here’s what my day looked like.
By a quarter to 8, the line of attendees had spilled out the door and into the parking lot.
Kathleen Elkins via Business Insider
I found the 8 a.m. start time somewhat surprising — that’s an early Saturday regardless of where you’re commuting from — until I arrived. There was energetic chatter. People were excited. And, of course, they were! They’re hooked on real estate. They listen to podcasts like “BiggerPockets” and consume hours of YouTube content from investors like their host, Zuber, and other speakers on the agenda. They’re spending their own money and an entire weekend of their time to be in this conference room. I’m sure they wouldn’t have minded a 7 a.m. start.
I checked in, topped off my cup of coffee, and settled into one of the folding chairs neatly arranged for the 300 or so attendees.
Kathleen Elkins via Business Insider
The format incorporated guest speakers, Q&A, and networking. A financially independent couple kicked things off, discussing how they went from not being able to afford groceries to building a robust portfolio of rental properties over a span of two decades. They were followed by a YouTuber who spoke about the power of content creation.
We broke for 20 minutes — I chatted with a woman looking to buy her first rental in Tucson — before hearing the self-proclaimed “lazy landlord” discuss his unconventional but effective strategies, from writing leases that end in the winter to looking for properties that aren’t located in good school districts. His reasoning is, “You age out your tenants if you’re targeting good school districts,” he said. When their kids graduate, for example, they may move, “so I specifically look for places where tenants are going to be for a long time.” Plus, good school districts tend to have higher property taxes, he added.
Following the morning speakers was a 90-minute “millionaire panel,” which was essentially a Q&A. Attendees lined up to the left of the stage and, one by one, took the mic to ask about general market trends or specific questions about their individual properties and dilemmas.
At 12:30, a two-hour lunch (tacos and churros) and networking session commenced. The venue was open seating, and the round tables encouraged conversation flow. This is when things started to heat up.
Kathleen Elkins via Business Insider
When you put like-minded people who share similar goals in the same room — or at the same table — it creates stimulating conversation that further propels the preexisting buzz of energy. I imagine my tablemates felt the way I would if I found myself in a room with other tennis nerds who, like me, eat, sleep, and breathe the sport. Though my passion for real estate doesn’t run as deep as many of the attendees, the energy was contagious.
The conversation at my eight-person table jumped from strategies for remodeling a kitchen on a budget to helping one investor weigh the pros and cons of selling off one of her rentals. The group consisted of investors at different stages in their journey, including a widow with the goal of growing from two rentals to five (one for each of her grandchildren) and an investor in his 30s who is building a portfolio of cash-flowing rentals so he can retire early and tackle extreme endurance challenges like hiking the Appalachian Trail.
This is when the advice of surrounding yourself with other people looking to do what you’re trying to do clicked. I saw networks expanding, connections forming, and momentum building. One woman told me that she could never talk about real estate with her friends because they were indifferent and borderline unsupportive. In this room, though, she could ask any question she wanted and be met with support and feedback.
After lunch, we settled in for three more sessions, including the keynote speaker: Graham Stephan, an investor and popular YouTuber with nearly 5 million subscribers. There were audible gasps in the audience when Zuber introduced the surprise guest. I imagined how I’d feel if Roger Federer unexpectedly came on the stage.
Each of the day’s speakers gave good, tangible advice about how to acquire your first property and grow your portfolio — look at listings in your market every single day, don’t obsess over interest rates, and buy and hold for the long term — but my main takeaway didn’t have anything to do with acquisition strategies or market trends.
This is what stuck for me: Who you surround yourself with — your “social sphere,” as one speaker referred to it — matters. It sounds simplistic and a little clichéd, and it’s something that we all know to be true, but knowing and experiencing are two different things.
If you’re a prospective real-estate investor, being in a room with other investors — whether it’s a virtual room by way of an online community or a physical room by way of a meetup or conference — does a couple of powerful things:
One, you learn — from people who are smarter and more successful than you.
Two, you connect — with people who could become your business partner, lender, wholesaler, or client.
Three, you gain momentum — perhaps just enough to finally take that first step.
Stephan’s keynote wrapped around 6 p.m. and Day 1 concluded with a two-hour dinner. That’s around when I ducked out to jot down some notes and reflect on the day. Had I been looking to buy my first rental, I absolutely would have stayed.
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