The Power of a Mastermind Group and how to find one!

A Mastermind group is crucial in achieving sustained success in the real estate space. We always hear the term mastermind group being thrown around, but what exactly is a mastermind group? According to Wikipedia the definition of a mastermind group is “a peer-to-peer mentoring group used to help members solve their problems with input and advice from the other group members.” This is essentially the basic definition of a mastermind group. The concept came from one of the first books that I ever read before diving into real estate investing, that book is “Think and Grow Rich” by Napoleon Hill. Now I want to dive a bit deeper and share with you the benefits that I have seen from participating in a mastermind group.

New Perspectives

Have you ever had a problem that you were trying to solve, and ended up stuck? Oftentimes we just need a new angle of looking at a problem to solve it. Once that happens, you might hear a response from an individual such as “oh I never thought to look at it that way.” Once you see a problem from a new perspective, your brain will start to think of a solution in the new frame of mind that did not exist before. With a new frame of mind, the types of possible solutions that are available to you are fresh and new and will thus have your creative juices flowing.

This is one of the main benefits of being in a mastermind group; everyone in the group has different experiences, skill sets, and a different way of thinking. When you bring a problem that you are facing that you are stuck with, you will get a new angle to look at the problem that you may have never even thought of. Once a new perspective is presented to you, you will unlock new potential ways of solving that particular problem.

Accountability

How many times did you set a goal that you were ready to do whatever it takes to meet that goal but as time went by you never met the goal? A Mastermind group holds you accountable to make sure you reach that goal. Depending on how often your group meets, you will have to answer to your progress or lack thereof of reaching that goal. I know some mastermind groups that have a weekly hot seat, where every week someone gets grilled to see what exactly is holding them back. it can kind of get intense but that is the beauty of a mastermind group, you get to dive to the core of what is holding you back.

Before I bought my duplex, my mastermind group would ask me every week, what are you doing this week to make sure that you get closer to reaching your goal of landing that duplex; hearing that constant weekly reminder is just what I needed, whenever I wanted to slack off or got discouraged about achieving that goal, I knew I would be held accountable at the next meeting and so it is that constant motivation to move towards that goal that we need. I met the goal of buying a duplex months earlier than what I had originally planned and I attribute that to my weekly mastermind group.

Anchor

As real estate investors, oftentimes the journey can feel like you are alone. Our friends and family do not usually understand what we are doing or why we are doing it. A Mastermind group can not only give you new perspectives on the problems you are facing, or hold you accountable to the goals you want to achieve but it can also be that anchor for you when you feel like you are alone, or you get overwhelmed; they are that grounded support that you need in your real estate journey. They understand the highs and lows of investing in real estate and you will always have that support system to lean on when you need it the most.

So how do you join a mastermind group? Well, that is a very good question, it is not like a meetup that you can find online and just walk into. One of The first ways you can find a mastermind group is to simply be invited to join one. This can happen if someone knows you and they feel like you would be a good fit in their mastermind. Another way is the reverse, you can ask to be in one, assuming you know of one that exists and the individuals agree to allow you to join depending on if you meet their criteria.

This happened in my mastermind group where there was an individual from a meetup who approached me about starting a mastermind group. Since I was already part of one, I discussed with my group about bringing him on. Since he was hungry, had the same drive that we did, and met the other criteria of the group, we decided to bring him on and it was a perfect fit. If you do not ask, you will never know what possibilities you are leaving on the table

Lastly, if you cannot find a Mastermind group, then you can simply create one. Find other individuals from your network, people that you meet in different meetups, and see if they have a vision, the drive, and the discipline to achieve goals then maybe they can be a good fit for the mastermind group that you create. The key here is to network and expand your sphere of influence to find the liked minded individual that you need on your journey to success in your real estate investing journey.

Good luck hunting.