Achieving Financial Freedom with Real Estate Investor Groups
“Don’t be afraid to give up the good to go for the great.” - John D. Rockefeller, Industrialist and philanthropist
Achieving Financial Freedom with Real Estate Investor Groups w/ Troy Miller
In a recent episode of the REI Hacker podcast, the host interviews Troy Miller, leader of the Investment Community of the Rockies (ICOR). Troy’s upbringing—watching his father, a general contractor, and his mother, a property manager—gave him early exposure to real estate. This discussion explores Troy’s journey, the pivotal role of Real Estate Investor Associations (REIAs), and how ICOR builds community and educates investors.
Troy’s Path to Real Estate Investing
Growing up in a family immersed in real estate shaped Troy’s career path. While his parents' roles provided foundational knowledge, Troy gravitated toward the investing side of the business. Today, as the leader of ICOR, he dedicates himself to helping others navigate real estate investing.
The Purpose of REIAs in Real Estate Success
Troy describes REIAs as evolving from informal gatherings in the 1970s and 1980s to professional associations that elevate the real estate industry. As he notes:
"The National Real Estate Investors Association's motto is to promote, protect and serve the industry."
Unlike hobbyist groups, REIAs are designed for professionals.
"A club is for a hobbyist, whereas an association is for professionals."
The Value of Joining a REIA
Being part of a REIA offers unparalleled benefits:
Networking Opportunities: Build relationships with seasoned investors and industry experts.
Access to Deals: Learn about off-market opportunities.
Education: Stay updated on trends and best practices through events and guest speakers.
Troy underscores the importance of purpose-driven participation:
"Unless you truly know what you're trying to accomplish, you're just going to arbitrarily keep absorbing more and more information and do absolutely nothing with it."
ICOR’s National Affiliations and Benefits
ICOR’s partnership with the National Real Estate Investors Association (NREIA) amplifies its offerings, including:
Member Discounts: Partnerships, like one with Home Depot, offer significant savings.
Advocacy: NREIA protects investors’ interests at the national level.
Resources: Tools, templates, and exclusive training programs.
Navigating Real Estate Challenges
Affordable Housing and ADUs
As Troy acknowledges, affordable housing is a pressing issue:
"We've got to figure out what that balance looks like... everybody has a seat at the table."
Accessory Dwelling Units (ADUs) could alleviate housing shortages but face regulatory barriers.
Adapting to Market Trends
Troy encourages adaptability:
"If you are a smart investor, you're going to invest in what the market is yielding."
He adds that success requires creative thinking:
"How do you pivot? How do you think creatively about where opportunity presents itself?"
Hybrid Events in a Post-Pandemic World
The pandemic reshaped ICOR’s operations, with meetings shifting online. While virtual events increased accessibility, “Zoom fatigue” prompted a hybrid model.
"We got Zoom fatigue. So we can't rely wholly upon Zoom."
ICOR now hosts quarterly in-person gatherings to maximize value.
"With these quarterly events, we'll be able to gather everybody together and accomplish in one day what we did in three or four months."
ICOR’s Flagship Event: REcon
REcon, ICOR’s premier event, exemplifies its commitment to community and education.
What Sets REcon Apart
Interactive Roundtables: Learn directly from experts.
Color-Coded Badges: Identify attendees with shared investment strategies.
Structured Networking: Foster genuine connections.
These elements make REcon a vital resource for investors seeking to expand their knowledge and networks.
Troy’s Insights on Success
Troy emphasizes the role of integrity in building trust within the real estate community:
"If it sounds too good to be true, chances are it is."
"If we're good enough friends to have a contract, we're good enough friends not to have a contract."
He also reminds investors to focus on data-driven decisions:
"We tend to be very emotional... we don't always look at the data points."
And above all, patience is key:
"Slow and steady wins the race."
Key Takeaways
Join a REIA: Gain access to education, networking, and resources tailored for professional investors.
Adapt to Market Needs: Stay flexible and creative in responding to changing demands.
Build Community: Strong networks and shared learning are cornerstones of success.
Leverage Hybrid Models: Combine the benefits of virtual and in-person events to meet diverse member needs.
Prioritize Integrity: Trust and professionalism are essential in fostering collaboration.
Troy Miller’s leadership of ICOR showcases how REIAs can empower investors to navigate challenges, identify opportunities, and achieve financial freedom.
If you’re ready to advance your real estate journey, consider joining ICOR or attending their next REcon event.
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