Mentor/Coaching/Mastermind: What Specifically Do You Want To Gain

Rental Property Investor · Estes Park, CO · Member since 2017 · 282 posts · 1k+ votes

For those of us who have found mentors/coaching/masterminds to make us WAY more money than they cost us, what are you SPECIFICALLY most wanting to gain from these programs?

Here's some examples:

Encouragement

Analyzing Tools

Templates

Loan Education

Legal Education

Accountability

Tax Education

Property Management Education

Refi & HELOC Education

Asset Management Education

How to Find Investors

Bookkeeping Tools

Connection with 3rd Party Professionals: CPA's, Agents, Brokers, Bookkeeper, Property Manager, etc

There's lots more- but those are some examples are what you MOST SPECIFICALLY want out of a program to get you to where you want to go.

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Nicole Heasley Beitenman

Investor · Youngstown, OH · Member since 2017 · 2k+ posts · 2k+ votes

Quote from @Jon K.:

You're missing one of the most important benefits: networking. Most masterminds/workshops/mentorships in my experience come with a network of not only the other students who have similar interests but the mentors/coaches themselves. Your network is your net worth, all day.

If building a network is your goal, a meetup, REIA meeting, or membership in an organization like your local chamber of commerce is going to be more beneficial than a mastermind. I'm not saying you can't make any connections through mentorship, but you'll make exponentially more at local events.

I love mine for accountability. It's like weight watchers. I set a goal for the week, and if I don't meet it, I have to go tell 4 other people I failed. It keeps me moving.

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Jon K.
Rental Property Investor · Perry Hall, MD · Member since 2016 · 586 posts · 598 votes
3y
You're missing one of the most important benefits: networking. Most masterminds/workshops/mentorships in my experience come with a network of not only the other students who have similar interests but the mentors/coaches themselves. Your network is your net worth, all day.
2 Reply
Nicole Heasley Beitenman
Investor · Youngstown, OH · Member since 2017 · 2k+ posts · 2k+ votes
3y
Quote from @Jon K.:

You're missing one of the most important benefits: networking. Most masterminds/workshops/mentorships in my experience come with a network of not only the other students who have similar interests but the mentors/coaches themselves. Your network is your net worth, all day.

If building a network is your goal, a meetup, REIA meeting, or membership in an organization like your local chamber of commerce is going to be more beneficial than a mastermind. I'm not saying you can't make any connections through mentorship, but you'll make exponentially more at local events.
I love mine for accountability. It's like weight watchers. I set a goal for the week, and if I don't meet it, I have to go tell 4 other people I failed. It keeps me moving.
2 Reply
Scott E.
Contractor · Scottsdale, AZ · Member since 2010 · 2k+ posts · 3k+ votes
3y
Quote from @Grant Shipman:

For those of us who have found mentors/coaching/masterminds to make us WAY more money than they cost us, what are you SPECIFICALLY most wanting to gain from these programs?
Here's some examples:
Encouragement
Analyzing Tools
Templates
Loan Education
Legal Education
Accountability
Tax Education
Property Management Education
Refi & HELOC Education
Asset Management Education
How to Find Investors
Bookkeeping Tools
Connection with 3rd Party Professionals: CPA's, Agents, Brokers, Bookkeeper, Property Manager, etc
There's lots more- but those are some examples are what you MOST SPECIFICALLY want out of a program to get you to where you want to go.

I understand the benefit of mentorships and masterminds. It's good to surround yourself with like minded people and so the community aspect of these groups comes with a lot of value. But with that being said, you don't need to pay to be a part of a community (you're a part of a free community right here on BP!)

Every item on your list in your original post can be obtained for free here on the forums, on other podcasts, via YouTube, etc. I'll run down your list for emphasis...

-Encouragement: You're going to pay somebody money to encourage you? That's not a good plan.
-Analyzing Tools: Tons of free tools available right here on BP. I offer free tools on my website. There are free tools everywhere.
-Templates: Not sure what this means. But if you are looking for a template to underwrite a more complex deal, just browse loopnet and download a couple of OM's. There is your template.
-Loan Education: Talk to a couple local MLO's. They will give you all the education you need
-Legal Education: Talk to an attorney. Better to give an attorney a few hundred bucks than a guru a few thousand
-Accountability: Just like encouragement, this is not something you should be paying for
-Tax Education: Talk to your CPA. They will give you all the education you need. Also a TON of good tax info available here on the forums and on YouTube for free.
-Property Management Education: Go straight to the source. Talk to a few property managers.
-Refi & HELOC Education: Again, talk to a couple local MLO's.
-Asset Management Education: This one is pretty broad. But a financial advisor will give you free advice here.
-How to Find Investors: Just start networking. Or even better, get a good deal under contract. The investors are out there.
-Bookkeeping Tools: Again talk to your CPA
-Connection with 3rd Party Professionals: Go to google, or talk to a few local realtors for referrals.

You get the point. The biggest issue with this list and with most coaching programs is that none of these items will lead to you actually doing deals and actually making money. They are providing a framework for you to build your business on, which is important. But they aren't going to provide you with the tools you need to recoup your $5,000+ investment that you made to join the mastermind..

2 Reply
Jon K.
Rental Property Investor · Perry Hall, MD · Member since 2016 · 586 posts · 598 votes
3y
Quote from @Nicole Heasley Beitenman:

Quote from @Jon K.:

You're missing one of the most important benefits: networking. Most masterminds/workshops/mentorships in my experience come with a network of not only the other students who have similar interests but the mentors/coaches themselves. Your network is your net worth, all day.

If building a network is your goal, a meetup, REIA meeting, or membership in an organization like your local chamber of commerce is going to be more beneficial than a mastermind. I'm not saying you can't make any connections through mentorship, but you'll make exponentially more at local events.
I love mine for accountability. It's like weight watchers. I set a goal for the week, and if I don't meet it, I have to go tell 4 other people I failed. It keeps me moving.

I believe it depends on who you're trying to add to your network and for what purpose. If you're laser focused on virtual wholesaling for example then a virtual wholesaling mastermind is likely going to add more people to your network with the same goals as you where you can swap info and learn together. I do go to REIA meetups, meet investors across the country through Facebook and then do video calls, etc etc. Lots of ways to do it and it's all valuable.
1 Reply
Nicole Heasley Beitenman
Investor · Youngstown, OH · Member since 2017 · 2k+ posts · 2k+ votes
3y
Quote from @Jon K.:

Quote from @Nicole Heasley Beitenman:

Quote from @Jon K.:

You're missing one of the most important benefits: networking. Most masterminds/workshops/mentorships in my experience come with a network of not only the other students who have similar interests but the mentors/coaches themselves. Your network is your net worth, all day.

If building a network is your goal, a meetup, REIA meeting, or membership in an organization like your local chamber of commerce is going to be more beneficial than a mastermind. I'm not saying you can't make any connections through mentorship, but you'll make exponentially more at local events.
I love mine for accountability. It's like weight watchers. I set a goal for the week, and if I don't meet it, I have to go tell 4 other people I failed. It keeps me moving.

I believe it depends on who you're trying to add to your network and for what purpose. If you're laser focused on virtual wholesaling for example then a virtual wholesaling mastermind is likely going to add more people to your network with the same goals as you where you can swap info and learn together. I do go to REIA meetups, meet investors across the country through Facebook and then do video calls, etc etc. Lots of ways to do it and it's all valuable.

That's fair. I supposed I'm biased; I do much, much better with in-person networking. I can't think of anyone I've ever met online that I stayed in touch with long-term. But some folks love their zoom calls and do very well in a virtual arena.
1 Reply
Grant ShipmanPro Member
OP
Rental Property Investor · Estes Park, CO · Member since 2017 · 282 posts · 1k+ votes
3y
Quote from @Scott E.:

Quote from @Grant Shipman:

For those of us who have found mentors/coaching/masterminds to make us WAY more money than they cost us, what are you SPECIFICALLY most wanting to gain from these programs?
Here's some examples:
Encouragement
Analyzing Tools
Templates
Loan Education
Legal Education
Accountability
Tax Education
Property Management Education
Refi & HELOC Education
Asset Management Education
How to Find Investors
Bookkeeping Tools
Connection with 3rd Party Professionals: CPA's, Agents, Brokers, Bookkeeper, Property Manager, etc
There's lots more- but those are some examples are what you MOST SPECIFICALLY want out of a program to get you to where you want to go.

I understand the benefit of mentorships and masterminds. It's good to surround yourself with like minded people and so the community aspect of these groups comes with a lot of value. But with that being said, you don't need to pay to be a part of a community (you're a part of a free community right here on BP!)

Every item on your list in your original post can be obtained for free here on the forums, on other podcasts, via YouTube, etc. I'll run down your list for emphasis...

-Encouragement: You're going to pay somebody money to encourage you? That's not a good plan.
-Analyzing Tools: Tons of free tools available right here on BP. I offer free tools on my website. There are free tools everywhere.
-Templates: Not sure what this means. But if you are looking for a template to underwrite a more complex deal, just browse loopnet and download a couple of OM's. There is your template.
-Loan Education: Talk to a couple local MLO's. They will give you all the education you need
-Legal Education: Talk to an attorney. Better to give an attorney a few hundred bucks than a guru a few thousand
-Accountability: Just like encouragement, this is not something you should be paying for
-Tax Education: Talk to your CPA. They will give you all the education you need. Also a TON of good tax info available here on the forums and on YouTube for free.
-Property Management Education: Go straight to the source. Talk to a few property managers.
-Refi & HELOC Education: Again, talk to a couple local MLO's.
-Asset Management Education: This one is pretty broad. But a financial advisor will give you free advice here.
-How to Find Investors: Just start networking. Or even better, get a good deal under contract. The investors are out there.
-Bookkeeping Tools: Again talk to your CPA
-Connection with 3rd Party Professionals: Go to google, or talk to a few local realtors for referrals.

You get the point. The biggest issue with this list and with most coaching programs is that none of these items will lead to you actually doing deals and actually making money. They are providing a framework for you to build your business on, which is important. But they aren't going to provide you with the tools you need to recoup your $5,000+ investment that you made to join the mastermind..

oh dude- I'm right with you- BP is exceptional & comprehensive! For me it's not about recouping the 6 figures I pay to be part of the professional community I'm a part of, I came to the community to be part of it (not recoup my entrance $)- and the expansiveness and relationships it brought me has far exceeded in dollars the entrance $. I was an active part of BP and local meetup for years, but (for me) joining a professional community has taken my life, marriage, daydreams, & bank account to a level I wasn't able to get to before. These kind of groups are not for everyone, and not everyone needs these kind of groups. But I'm grateful they are there (the good ones) for those of us who they benefit. Just this morning, I was on our Thursday morning group call and we heard from an economist that really helped me sort out some things- next month I'm stoked to take my wife & son on one of our quarterly trips with this professional community. Last September we went to Machu Picchu with them, and it was beautiful. I really resonate with "Faster alone, further together", so that's why I love being a part of BP too :)
6 Reply
Grant ShipmanPro Member
OP
Rental Property Investor · Estes Park, CO · Member since 2017 · 282 posts · 1k+ votes
3y
Quote from @Nicole Heasley Beitenman:

Quote from @Jon K.:

Quote from @Nicole Heasley Beitenman:

Quote from @Jon K.:

You're missing one of the most important benefits: networking. Most masterminds/workshops/mentorships in my experience come with a network of not only the other students who have similar interests but the mentors/coaches themselves. Your network is your net worth, all day.

If building a network is your goal, a meetup, REIA meeting, or membership in an organization like your local chamber of commerce is going to be more beneficial than a mastermind. I'm not saying you can't make any connections through mentorship, but you'll make exponentially more at local events.
I love mine for accountability. It's like weight watchers. I set a goal for the week, and if I don't meet it, I have to go tell 4 other people I failed. It keeps me moving.

I believe it depends on who you're trying to add to your network and for what purpose. If you're laser focused on virtual wholesaling for example then a virtual wholesaling mastermind is likely going to add more people to your network with the same goals as you where you can swap info and learn together. I do go to REIA meetups, meet investors across the country through Facebook and then do video calls, etc etc. Lots of ways to do it and it's all valuable.

That's fair. I supposed I'm biased; I do much, much better with in-person networking. I can't think of anyone I've ever met online that I stayed in touch with long-term. But some folks love their zoom calls and do very well in a virtual arena.

I think you brought up an important point. thanks for that!
7 Reply
Scott E.
Contractor · Scottsdale, AZ · Member since 2010 · 2k+ posts · 3k+ votes
3y
Quote from @Grant Shipman:

Quote from @Scott E.:

Quote from @Grant Shipman:

For those of us who have found mentors/coaching/masterminds to make us WAY more money than they cost us, what are you SPECIFICALLY most wanting to gain from these programs?
Here's some examples:
Encouragement
Analyzing Tools
Templates
Loan Education
Legal Education
Accountability
Tax Education
Property Management Education
Refi & HELOC Education
Asset Management Education
How to Find Investors
Bookkeeping Tools
Connection with 3rd Party Professionals: CPA's, Agents, Brokers, Bookkeeper, Property Manager, etc
There's lots more- but those are some examples are what you MOST SPECIFICALLY want out of a program to get you to where you want to go.

I understand the benefit of mentorships and masterminds. It's good to surround yourself with like minded people and so the community aspect of these groups comes with a lot of value. But with that being said, you don't need to pay to be a part of a community (you're a part of a free community right here on BP!)

Every item on your list in your original post can be obtained for free here on the forums, on other podcasts, via YouTube, etc. I'll run down your list for emphasis...

-Encouragement: You're going to pay somebody money to encourage you? That's not a good plan.
-Analyzing Tools: Tons of free tools available right here on BP. I offer free tools on my website. There are free tools everywhere.
-Templates: Not sure what this means. But if you are looking for a template to underwrite a more complex deal, just browse loopnet and download a couple of OM's. There is your template.
-Loan Education: Talk to a couple local MLO's. They will give you all the education you need
-Legal Education: Talk to an attorney. Better to give an attorney a few hundred bucks than a guru a few thousand
-Accountability: Just like encouragement, this is not something you should be paying for
-Tax Education: Talk to your CPA. They will give you all the education you need. Also a TON of good tax info available here on the forums and on YouTube for free.
-Property Management Education: Go straight to the source. Talk to a few property managers.
-Refi & HELOC Education: Again, talk to a couple local MLO's.
-Asset Management Education: This one is pretty broad. But a financial advisor will give you free advice here.
-How to Find Investors: Just start networking. Or even better, get a good deal under contract. The investors are out there.
-Bookkeeping Tools: Again talk to your CPA
-Connection with 3rd Party Professionals: Go to google, or talk to a few local realtors for referrals.

You get the point. The biggest issue with this list and with most coaching programs is that none of these items will lead to you actually doing deals and actually making money. They are providing a framework for you to build your business on, which is important. But they aren't going to provide you with the tools you need to recoup your $5,000+ investment that you made to join the mastermind..

oh dude- I'm right with you- BP is exceptional & comprehensive! For me it's not about recouping the 6 figures I pay to be part of the professional community I'm a part of, I came to the community to be part of it (not recoup my entrance $)- and the expansiveness and relationships it brought me has far exceeded in dollars the entrance $. I was an active part of BP and local meetup for years, but (for me) joining a professional community has taken my life, marriage, daydreams, & bank account to a level I wasn't able to get to before. These kind of groups are not for everyone, and not everyone needs these kind of groups. But I'm grateful they are there (the good ones) for those of us who they benefit. Just this morning, I was on our Thursday morning group call and we heard from an economist that really helped me sort out some things- next month I'm stoked to take my wife & son on one of our quarterly trips with this professional community. Last September we went to Machu Picchu with them, and it was beautiful. I really resonate with "Faster alone, further together", so that's why I love being a part of BP too :)

oh. my. god.
You pay 6 figures to be a part of a community??
No hate because it is not fair for anybody to judge anybody on what they choose to do with their hard earned money. But that is really hard for me to wrap my head around. I don't care if Warren Buffett himself was in it... I wouldn't even pay 4 figures to be a part of a community.
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Drew SygitBusiness Member
Property Manager · Royal Oak, MI · Member since 2012 · 12k+ posts · 9k+ votes
3y
Accelerated education
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