It’s quickly learned that being a real estate investor can be a very lonely business, especially starting out. You haven’t built up a team yet and you’re most likely doing most of the business on your own. Sure, you talk to motivated sellers but it’s short-term communication.
Without having other investors and industry professionals in your circle, you’re missing out on all the new strategies that people are trying and are most likely lacking the drive and passion that comes naturally with a support system of like-minded individuals.
Being part of a mastermind can be a game changer in scaling your business. It provides a network, education, and accountability that are essential in business success for a real estate investor.
A mastermind is the missing component for many investors businesses and many have gotten their “epiphany moment” from talking or listening to someone in their mastermind.
Networking
Getting a bunch of investors in a room together is the perfect storm for finding new ideas and making important connections that will help your business get to the next level.
With real estate investing, everyone’s business model is different due to their exit strategies and market. What works in Idaho is most likely completely different from a market in California.
Listen to other members’ success stories and grab small nuggets to take back to your market and work into your model to see if it works. Marketing strategies are always evolving and if you stop learning and trying new tactics, you’re going to fall behind.
One of the best parts of a mastermind is that the members inside are all wanting to both better their business AND also share their knowledge with fellow members. The group is built around supporting each other and building connections that can help everyone be successful.
The idea of “giving” before you “receive” is an important part of a mastermind. You shouldn’t go into a mastermind expecting to just “take, take, take”. Share your knowledge and go the extra mile for your fellow members and they’ll do the same.
Listen to other investors in the mastermind as they share their expert knowledge on their niche. In this business, it’s helpful to know connections who might be able to help a motivated lead if you’re not able to. This comes back to the “giving before receiving” and will help build solid business relationships that both parties can benefit from.
Education
There will always be more to learn.
The most successful entrepreneurs out there are continuously absorbing information. If you stop, you’ve fallen behind and someone with more ambition is going to take your spot in the industry.
There are fundamentals that every real estate investor eventually becomes an expert at, if they put the work in. Think of those fundamentals as grade school. Sure, you know a lot about the business, but you still need to learn now how to finesse your skills into a business that stands out from others in the market and that is consistently bringing in deals. Learning new strategies will help you fine tune your business so it can thrive.
Most investors have 1, maybe 2 exit strategies that they focus (not a bad thing). Becoming a local expert that’s known for rehabbing or wholesaling will help build your brand and your reputation but it’s also good to know a little about the other aspects of the business.
You never know when you’ll find that missing puzzle piece of your business that changes everything. It could be a small idea that’s brought up in a meeting that you can bring back to your business and once implemented, it’s a game changer.
Accountability
Accountability is one of the driving forces in a real estate investors success. Having goals, writing them down, and being held accountable for achieving those goals by other members gives you the push to not procrastinate or give excuses and to actually take action.
Without having the mastermind to help hold you accountable, it’s easy to modify your goals to make them easier or to simply give up. In a mastermind, they’ll help you analyze where you want to be in your business, how to make it happen and hold you to it that you’ll get it done.
Want to make enough money to hire a virtual assistant, who can in turn help give you more time to focus on money-making tasks? Set a date for when you want to have the virtual assistant hired by and work backwards to see how you can get to that point in your business.
What about getting enough monthly cash flow from your rentals to quit your job? Figure out how many rentals you need in order to replace your standard income, make a plan, and take action.
There might even be members of the mastermind who can help you in achieving your goals. Many times there are ways that 2 members can help each other out for a positive outcome that benefits both members.
Deciding to Join a Mastermind
Deciding to join a mastermind is a big decision that isn’t cheap, but has the possibility of having a HUGE return on investment. This is a business that is easier when you know more people and having a group behind you that supports you 100% and wants you to thrive can be what takes you from a few deals a year to a few deals a month.
Our Investor Fuel Mastermind has limited availability and we’re looking for real estate investors who are ready to grow their business and understand the “give before you receive” mentality.
Is a mastermind your missing piece to scaling your real estate investing business?
