#RealEstateClub/AssociationSpotlight: Utah Real Estate Investors Association, Geoff Dearing

Microphone 3 22

Podcast Transcription

Dave Dubeau [00:00:09] Hey, everyone, this is Dave Dubeau here with another special episode of the property Profits Real Estate podcast. This is a real estate investment association spotlight episode, and today it’s my pleasure to be interviewing Geoff Dearing from the Utah RIA from Salt Lake City, Utah. So Geoff, how are you doing today?

Geoff Dearing [00:00:31] Doing really well, how about yourself?

Dave Dubeau [00:00:32] I am fantastic. All the better to be chatting with you, my friend. So let’s jump right into it. Why don’t you tell us a little bit about the Utah area? How long you guys have been in going for, where you’re based, how often you meet? Just kind of the general gist of your association.

Geoff Dearing [00:00:51] OK, yeah. So my wife and I started the RIA in twenty thirteen. So about eight years ago and we’ve been meeting ever since on a bimonthly basis. We have second Tuesday luncheon and a fourth Tuesday evening meeting. They’re both held at a local community college campus that is well known for hosting events. So, you know, a lot of people know how to get there, and it’s pretty convenient here in Salt Lake County, which is close to the city part of the greater area. We’re based out of West Jordan. But we also host two additional meetings that are co-hosted by some of our members. The first one is called the Utah Real Estate Investor Meetup, and that’s the first Thursday of every month where people can just come in and network. And that’s all it is, is just a meeting at a local club. And people just come in network. That’s literally what it is. And then the second Thursday, and I might flip flop on this. So it’s on our schedule, but it’s either the first or the first two. Tuesdays are one of these two places, but the second is the Utah wholesaler meetup. So people that are interested in the specifics of wholesaling real estate can get together, and there’s usually a topic of conversation on that subject. And then there’s a lot of networking there as well. So those are our primary meetups. We also do special events throughout the year like we have hosted an annual expo where we bring in national speaker and we have a lot of business context to that for a full day event. So we’re pretty, pretty busy with

Dave Dubeau [00:02:35] the liquor going concern and congratulations for getting that up and going and rolling and chugging along at this point. We’re doing the interview. You’re going for. Going on nine years now, so

Geoff Dearing [00:02:47] that’s yeah,

Dave Dubeau [00:02:48] that’s definitely a labor of love, my friend, I know how much work is involved with getting an association, getting a club back up and running now. Approximately how many members do you guys have? You know, it sounds like you got a couple of different facets. You’ve got the, you know, the free meet ups and then you’ve got the actual membership. What does your membership base look like these days?

Geoff Dearing [00:03:12] So we’re sitting at around 800 members currently with a database of about 4000 people. OK. There are some attrition and then some new people every year. So yeah, we get people that all move away and come back or people that old get busy with other things and decide to come back. But a lot of, yeah, there’s a lot of return because of the benefits that we provide. So.

Dave Dubeau [00:03:38] So, Geoff, back in 2013, when you and your wife started the association, why did you decide to take that on? What was the motivator for you guys to start your own real estate investment club?

Geoff Dearing [00:03:52] Well, funny enough, my wife had worked for years with local chambers of commerce and family member was actually a leader and founder of one of our local chambers here in West Jordan, and they had asked me to develop a course to teach their members how to invest in real estate. And then some shakeups happened in that. Chamber and leadership changed, and they wanted me to actually pay to be able to present it, even though it originally asked me to do it. So I’m like, Oh, that’s probably not going to be a good fit for what I’m doing. And around that time, my wife had left the chamber and was working another job and wasn’t really feeling. Bill, not very well and didn’t like her boss and like the overall situation of the company, so I looked into options and found that there was no local national chapter here in Utah, and I thought, you know, why not take what kind of curriculum? I developed a little bit, which would give us almost a years’ worth of teaching topics and work with the national media to bring in some additional benefits like Home Depot and some other national service providers and provide another opportunity because there were a couple other clubs operating at the time. But again, none of the national media sponsored clubs were here, you know, in those chapters. So can I combine the two opportunities and start form the Utah area? At that point,

Dave Dubeau [00:05:22] yeah, very, very smart. So, Geoff, what I mean, obviously, you’re a big proponent. You started the whole thing for crying out loud. But what would you say to somebody or what do you think are some of the most important reasons real estate investors should belong to a club, whether it’s yours or a local club in their local area? And what are the big benefits to showing up month after month to these real estate investment trainings and meetings and get together?

Geoff Dearing [00:05:52] Well, I think the by far the biggest benefit is the cost for per the benefit. I mean, a membership to our organization starts around $120 annually. It’s a bargain little under 10 bucks, you know, like 10 bucks a month, where you’ll have really expensive coaching programs or education programs, as they call it, that can run into the tens of thousands, if not hundreds, of thousands of dollars. And yeah, while I’m not saying that those don’t provide value because a lot of them certainly do, it’s just that’s kind of hard for someone especially getting started to come up with.

Dave Dubeau [00:06:29] Yeah, I know most definitely

Geoff Dearing [00:06:30] maxing out a credit card or,

Dave Dubeau [00:06:32] you know, I think the other benefit is that they get to rub shoulders with active real estate investors like yourself who are actually doing what they want to do. And it’s a way to really get the reality and the possibilities brought home, like there’s a big difference between theory and practicality. I think when you’re part of a real estate investment association like yours, you get to rub shoulders with really active investors and see that, hey, if this person could do it, I can probably do it too.

Geoff Dearing [00:07:06] Oh, absolutely. Yeah, that’s that was another point I was definitely going to tackle is that it allows you to not only because we have primarily local speakers from other successful investors so people can come in and pick those teachers brains on. Get to know them. And that also attracts other investors wanting to learn about so yeah, these nightly and monthly meetings really attract a lot of different types of investors. A lot of different. People within the industry to help you grow your team and help you formulate a plan to get into it.

Dave Dubeau [00:07:43] It’s a real it’s a real shortcut, isn’t it? It really is.

Geoff Dearing [00:07:45] Yeah, yeah, it’s a really huge shortcut and there’s so many topics in real estate you could spend your entire life analyzing and never pick one.

Dave Dubeau [00:07:54] So I just spoke to a guy, Geoff, which spent 10 years learning real estate before he ever pulled the trigger and actually did. His first deal blew my mind. But it’s you to do. There’s almost too many different choices out there, right?

Geoff Dearing [00:08:07] Yeah, there’s tons of paths you can follow. It’s like a spider or whatever just trickles out, you know, just

Dave Dubeau [00:08:13] so you pick one and take a crack at it and then right there. Yeah, that makes sense. So Geoff, you’ve been doing this for a while now. You’re obviously a successful real estate entrepreneur. But what is what would you say is your favorite member success story? So people that have who are part of your club, what’s the success story that just, you know, juices you up the most?

Geoff Dearing [00:08:35] Well, probably my favorite is. I’m not going to name a specific person, but something that’s happened numerous times. We’ve seen new members come in bright eyed, you know, ready to tackle the world, and maybe they get a little discouraged after they find out it. It’s really going to take some work. Yeah, there’s no doubt that your

Dave Dubeau [00:08:56] key word in there, right?

Geoff Dearing [00:08:57] Yeah. But after they see other people succeed and like you said, they take that and they’re like, I can do that. I mean, I’ve seen numerous people rather than jumping into their first home, they say, Hey, I can do bigger and I’m going to do an apartment syndication. And, you know, we’ve had several members go from doing smaller homes and into doing apartments or storage or development. I mean, I can count on at least several dozen people that have now become multimillionaires, partly due to ours. Really? So that’s awesome. While I don’t have a specific person, I want to single out because I usually would want to ask someone ahead of time if I can share their story. You know, we’ve had numerous stories and those people are still involved and grateful.

Dave Dubeau [00:09:48] So now it’s wonderful. That’s wonderful. Now, at the time that we’re doing this interview, the whole COVID thing is still kind of bubbling around. How did that affect your organization?

Geoff Dearing [00:10:00] Well, we had a period of time where we could do virtually only our meeting center and close down completely for almost a year. And so all of our meetings went virtually. So we really had that learning curve of transitioning completely to doing things on video. Yeah. Provider similar to Zoom. In fact, I think we use Zoom primarily, but yeah, so it worked out pretty well and we still actually even though we’re back to meeting in person, there’s still a number of people that are still cautious and don’t want to. Risk contracting COVID, so we still have a pretty big contingent of people that attend online, so we actually

Dave Dubeau [00:10:45] hybrid version.

Geoff Dearing [00:10:47] Yes, we have our in-person, you know where it can come networked, but there’s also the people that come and join us on Zoom and then we also record all of our meetings. So we put those on the backend for members to go back and review at their convenience. So you kind of have the three trifecta there, the live meeting back again with the online and recording that people can come back and watch.

Dave Dubeau [00:11:14] So, yeah, that’s really smart and that’s a good idea. So in a way, it was a sucky situation, but there’s always a bit of a silver lining in there, if you know what to look.

Geoff Dearing [00:11:22] Yeah, yeah. I mean, we were able to pivot and adjust, and that’s one of the benefits of being with the nafaa is you get a hive mind readers across the globe and they come together and share ideas and allow us to really pick the best and find solutions that work.

Dave Dubeau [00:11:39] So, yeah, that’s wonderful. Now the Utah area, are you just 100 percent focused on local folks if you have folks from out of state that also attend virtually your events, that kind of thing virtual members?

Geoff Dearing [00:11:52] Yeah, we do. I mean, we do have people that are members from outside of state vendors and individuals, people primarily interested in the Utah market because our networking and our education is primarily focused here. I mean, we do have presentations that we’ll talk about how they do things out of state as well. But yeah, because of those online components being able to report the meetings and have people log in from anywhere via Zoom, you know, we’ll see people all over the country.

Dave Dubeau [00:12:25] Wonderful, wonderful, so, Geoff, thank you very much for sharing a little bit of your insights about your RIA. Congratulations on starting this sucker from scratch in 2013 and keeping it chugging and growing and pivoting during pandemics and being stronger than ever.

Geoff Dearing [00:12:41] That’s what attribute that mostly to my wife. She’s the expert.

Dave Dubeau [00:12:46] So, so if people want to find out more about your RIA, where should they go? What should they do?

Geoff Dearing [00:12:51] Our website contains all the information. It’s just Utah area u t, h r e a dot org. The entire you, the org where you target.com forwards are two, so either one will get you there and all the membership information, all the membership or meeting information. All of our contact information is on there.

Dave Dubeau [00:13:11] So wonderful so you can check that out. And again, Geoff, thank you very much for sharing your wisdom. Pleasure. All right, everybody, take care. We’ll see you on the next episode. Thanks for tuning into this special Spotlight episode. Now here a real estate investor and you’re looking to find private money partners and raise capital for your deals. Then check out Money Partner Formula dot com and get a free copy of my book. You can find out how to raise six figures or more in six weeks or less. Again, that’s money partner formula dot com.

Listen to The Podcast