Is the Club For-profit or Not-for-profit?
You’ll also need to think about how you want the club to grow. Decide whether your club will be a for-profit or not-for-profit entity. Since money will be changing hands, think about incorporating to protect your personal finances. It’s OK to start small. As your club provides value to its members, the membership is sure to increase. You can set up a website to market your club, or use local publications to recruit members.
Each structure carries certain legal requirements and rewards. You might also want to create committees to find expert speakers, plan special events or seek out local real estate deals. Officers and members can help you decide how to manage dues, how often to meet, where to meet and how important decisions will be made. Your group can elect officers such as a President and Secretary. Whether you find a club or create one, embarking on the high seas of real estate investment can be a challenge. But it can also be rewarding — and profitable. Stay alert and stay informed, and you should be all right. Your state’s attorney general’s office can provide more information about forms you must file.
But they’re certainly not the only reasons to join. Attend a few meetings before you pay dues. Think about whether what they offer matches your goals. Find out who the members are and what they do. Either structure can be legitimate, but you should know what you’re getting into. Is the club set up for education and networking? Identify the real purpose of any real estate investment club you consider joining. Did they want to invest and learn together, or did they want to sell their products? Ask questions about the group’s founders and their motives for setting up the club. Is the club for-profit or not-for-profit?
But is it what you want to learn? Real estate investment clubs had a boom, too. There are many real estate investment clubs to choose from. This article will not teach you how to make millions now, but it will tell you what you can expect from a real estate investment club, how to find the one that’s right for you and when it might be a better option to start your own. In the early 2000s, 55 U.S.
