If you’re friends with any real estate investors on social media, you’ve most likely seen various real estate investing masterminds being talked about. Some are more private and exclusive than others, and it’s left investors wanting to know more.
Every mastermind is different. They have different criteria to join and each mastermind has its own unique culture. It isn’t simply a “one-size-fits-all” when it comes to which group makes sense for you.
So, let’s do a quick Q & A on real estate masterminds.
Q: How do I join a real estate investing mastermind?
A: There’s normally an application process. It will typically ask about your investing experience, including how many deals you’ve done recently, your market, your specialty or typical exit strategy, your reason for wanting to join, etc.
This may lead into a phone interview so that it can be determined if it’s a right fit. Most masterminds are strict about the caliber of people that join their group. Your mindset and attitude is just as important as your business volume.
Q: How do I find the “right” mastermind for me?
A: The “right” mastermind is going to have a focus on your industry and carry the same core values that you have in your business. The key is to align yourself with like minded individuals that are willing to help, share, and put themselves second. We encourage everyone in our masterminds to have a “go giver” mentality and to put the group before themselves. This creates an abundance mindset amongst the group which leads to an environment where people are sharing and making positive strides towards building the business and life that they desire.
Q: What will I gain from being in a real estate investing mastermind?
A: You’ll expand your network dramatically and it will open up new opportunities for your business. Many mastermind members end up working together on deals and also hand leads off to other members when they aren’t in their market. In addition, you have a group that you can bounce ideas off of and ask questions that will help propel your business forward. Additionally, you’ll learn what is working or not working for investors that are implementing new strategies. Lastly, you can learn from others mistakes and that should help you avoid them or at the very least help you rapidly overcome the hurdles that you’re facing.
Q: Will I be able to “give” enough to the group if I’m on the newer side?
A: In Investor Fuel, some of our new members are worried that their “give” in their presentation won’t be anything the group doesn’t already know. But, what’s great with this industry is that everyone has a different approach and there are so many systems and strategies, you’ll always be providing new nuggets to various members of the group!
Q: Will this help my business?
A: Absolutely! Having a network from around the US that can share their experiences and tips is vital to having a thriving business that is staying current with the market. You have the ability to ask other members questions, typically 24×7. A mastermind is built so you have a supportive network that only wants the best for you.
Like we mentioned above, members do deals together and provide tips that can easily 10x your business. There is an understanding that you should always be a “giver” in the group and with this mindset, everyone wins.
Q: What if I’m in a competitive market and my market is “closed”? What do I do?A: Depending on the mastermind, some limit the amount of members for a certain market. This helps encourage the “giving” attitude because all of your local competition isn’t in the same room, listening to your strategies.
If you’re market is closed, you can either look for another mastermind or find out how to be the next in line for when your market opens again. If you’re wanting to wait, stay up to date with the mastermind and let them know you’re desire to join when possible. In the meantime, focus on building your business and thriving in your market.
Real estate investing masterminds can be a game changer for your business. It’s important to go into them with open ears and a giving attitude. After joining, you’re immediately part of a support system or family that is there to help you succeed.
Considering joining a mastermind? Check out Investor Fuel for more information.