MASTERMIND GROUPS

25 Replies

I have heard how you are the average of the 6 people around you.  I would like feedback from anyone who has been in a mastermind group or what people think they should do.  I am looking for information like size, how often they meet, how you choose the type of people to be in it, how you go about setting goals, accountability, how they support each other, it only for business, does it include personal advice, how or when should you add people or remove people, etc.  The more information the better.  Maybe we can get someone like @Mark Ferguson to do a blog on this.  One of the difficult things about small town investing is the lack of like minded people to get feedback from and the reality that you will be in competition on future deals.  this will mean the group will have to be done by phone or online.

    While I have decided to slow down investing locally due the oil price drop surely there would be folks who have advice on what to do in these situations and have gone through this cycle before.  I have been through these cycles but never as an investor.  How would I search for people with expertise like that?  

  How do you decide what mixture is best?  You don't want all the folks to have identical talents or they have little to add, I was thinking banking , buy and hold, realtor, flipper, contractor, wholesaler, even beginner as some of the areas of experience to mix in.  The main thing is desire to help others and to advance your own business.  lets get the ideas and experience rolling in please.

I think that in areas where there are many investors then the group has the potential to be more of an organic type of thing, free of rules which may dictate mixtures and types.

On the flip side, in a small town environment, you probably are an added asset as long as you can bring anything relevant to the table, due to the size of the potential group.

As far as mastermind is concerned.. I would network like crazy with locals and people with knowledge from around the world.. that really is the beauty of the internet.  When I started investing there was no forum like this to bounce ideas off of people who share like minds and kindred spirits from around the world.  It really is an amazing thing that can easily be taken for granted in this day and age!!

I am not looking at forming a local group.  I cannot see us talking about investments that we would all be competing for, or discussing a mail campaign, etc.  I was thinking of doing it via phone or internet.  I was hoping someone who had actually been in a group would be willing to share details on how it works and things to use as outlines.  

Hi Jerry! there are lots of ways to do it from an informal call to a very structured call with penalties for not taking action. The Jack Canfield book the success principles has an awesome chapter on masterminds. 

I think about 4 to 8 people is ideal from different walks of life and different goals. An hour long call once a week. usually a couple people will have issues to focus on and the others can help.  

Jerry, did you ever form your mastermind group??

I am curious to know your results

?@Jerry W. I belong to a mastermind group that has people in it from all over the country

We communicate using a closed Facebook group,we discuss everything from taxes to current deals and everything in between

I hope you can get this going,it has helped me a lot

there is a podcast about this whole subject, http://www.mmtpodcast.com/. You just might learn a thing of 2, he allso talks about organisating mastermind dinners, invitint people and much more.

Hey @Mark Brogan thanks for the input.  No I have started messaging one or 2 folks  on BP once or twice a month about how each of us are doing but no real mastermind group.  I need to work on it.

    @Bas. B. thanks for the info.  Where are you from?  I apologize in advance for my lack of knowledge.  The name sounds French to me but you mention living in what I perceive as the Ukraine.

Wow @Mark Brogan I used to live in a place called Moneta but it was in Wyoming.  It is between Riverton and Casper WY.  There were only about 40 or 50 folks there at the time in a trailer park during the oil boom in the late 1970s.

Originally posted by @Jerry   @Bas. B. thanks for the info.  Where are you from?  I apologize in advance for my lack of knowledge.  The name sounds French to me but you mention living in what I perceive as the Ukraine.

 Hey Jerry, i'm living in Belgium although i have the Dutch nationality. Dont know exactly how you come across Ukraine, the region my profile mentions is near france. ;-) 

yea sir @Jerry W. moneta virgina on the east coast is small as well

I would like to be involved in any way possible when u get the group going

I would love to be a part of  the mastermind group.  I am from the Washington DC area

Originally posted by @Mark Brogan :

?@Jerry W. I belong to a mastermind group that has people in it from all over the country

We communicate using a closed Facebook group,we discuss everything from taxes to current deals and everything in between

I hope you can get this going,it has helped me a lot

 Hey Mark.... would you be willing to share the group or give invites? I am looking to join a national group

Originally posted by @Mark Ferguson :

Hi Jerry! there are lots of ways to do it from an informal call to a very structured call with penalties for not taking action. The Jack Canfield book the success principles has an awesome chapter on masterminds. 

I think about 4 to 8 people is ideal from different walks of life and different goals. An hour long call once a week. usually a couple people will have issues to focus on and the others can help.  

Google this guy. He has a tone of free stuff on masterminds. Then get the book. I got mine ordered.  

I run a small mastermind group in the DC Metro area.  We also are looking to expand, but want to make sure that we don't run into the "competitive advantage" situation.  This week, in fact we decided to open up our group as long as the new person was not in the DC Metro area.  One of the things that is a criteria for our group is that we can not be in the same field of investing.  One guy is a buy and holder, the other is a rehabber, the other is a realtor and I do wholesale and lease option.  The same rules would apply for new members as we would want to not have more than one type of person for each market.  Lastly, each person has to be active and has to have at least 2 deals under their belts.  You also have to have been actively investing for over a year.  This is to make sure that people are serious and are in it for the long term.  If you (or anyone on the thread for that matter) is interested let me know.  We can exchange information and see if the group fits.  

@Cassandra Ramirez , thanks for the information.  It would be a good idea to have objective criteria for folks coming in or the spread in experience would make some folks unable to contribute on a meaningful level.

Thanks for the input @Jerry W. I'll take your advice.  I will include that in another post so as not to confuse folks.  

Hey Guys,  I work out of the Santa Barbara area and looking to build a mastermind group here as well.  I'd be curious how the calls are played out?  

Is there an agenda?  Or does everyone get say 15 minutes of discussing their own issues?  

Do you guys keep each other accountable for action items?  

Have you encountered a situation when you wanted to remove someone from the group?

I'm also thinking of starting a REI co-working hour where we all get together every few weeks to work together at a coffee shop, for example. Has anyone else tried this?

@Jose Guevarra , we never got a mastermind group off the ground.  We usually just communicate by emails and pm.  We did have a few folks meet up when I went through Cheyenne awhile back but that was a one time thing.  Sorry we are not much help.

I think for a mastermind group to be effective you need regular meetups and you need to have accountability to make sure you follow through.

Originally posted by @Jerry W. :

  I am looking for information like size, how often they meet, how you choose the type of people to be in it, how you go about setting goals, accountability, how they support each other, it only for business, does it include personal advice, how or when should you add people or remove people, etc.

 So, I'm pretty sure you wrote this original question a looooong time ago.  I am just seeing it.

I can respond to it.  

I am currently in a mastermind group.

We meet every week.  The leader of the group picked the people from across the internet based on the fact that the people in it were committed to self-development/success/personal betterment.  Most of the people in the group are readers/followers of the Miracle Morning.

Our goals are our own.  We bring them to the group.  The group provides not only accountability, but also (which is the point) the mastermind aspect.  They (cumulatively) see things that each individual would not.

(I pay $70/month to be a part of the group.  I believe you should pay to be in a group like this.  If you don't (and, more specifically, the other people don't), you will eventually drop out.  Paying money keeps you all focused).

Though I am already intensely focused as an individual, it really helps me to know that I will be "reporting in" every week.  It holds me accountable and keeps me driving to the outcomes I have set for myself (publicly).

On the personal advice, yes, though it didn't start out that way.  Here's the thing; I can't give someone business advice without it affecting their personal life and vice/versa.  So, it has inevitably (and organically) morphed into advice across the board, where applicable.

Within one meeting, we removed one individual, simply because the schedule didn't match.  We have not removed anyone else.  There are five individuals in the group, across a wide variety of careers and interests.  It works for us.  We're all bound by a desire to improve, if only incrementally.  The mutual support helps us all.

...

On another minor point you brought up, it is very, very difficult to find people that want to improve.  I searched for years.  But, they are out there.  You have to keep looking and never stop.  

The best way to find these people is to continuously work on improving yourself.  Host your own networking meetings.  Network online with people that are striving to be (or are already) where you want to be.  You will find who you are looking for.  Everyone else will drop away.  Stop watching TV (seriously).

(This has happened in my life.  After joining my mastermind group, I found myself interacting with these individuals quite often (we also have a FB group).  

I have removed myself from a lot of my other social circles (which otherwise do nothing for the betterment of my life and goals)).

Finding one of these mastermind groups is a worthwhile pursuit.  Dedicate some time each day to do so.  Your future self will thank you.

Keep rockin'.

I love this idea! I'm all about self improvement and I like the idea of joining one in an area I want to grow in. I'd like to find a master mind group for very new real estate investors... 

@Account Closed , I have been wondering how your mastermind group is going.  If you have time would you please update us on that?  I have not gotten into a group, but have began to aggressively read self help books, like The One Thing, and Miracle Morning, etc.  I am about 8 months into my self improvement and have been trying to exercise at least 3 times a week and usually run at least 3 miles when I do.  I ran my first 5K this summer in under 27 minutes.  I bought my first 4 plex in 2016, but I already had a fair number of SFRs.  I bought 6 total units and sold 3 in 2016.  I set my first goals in 2014, which I think helped a lot.  I am slowing gaining insight to a deeper understanding of real estate that will hopefully allow me to build a better business not just a bigger business.  I struggle with not having local peers who I can have an in depth meaningful conversation about investing and goals wth.  The problem is that I I am short on available time to accomplish my goals.  I maybe watch 3 hours of TV a week.  What kind of time commitments does it take in your mastermind group?  Not just for the calls, but preparing, and doing followup?  Do you use a conferencing system or Skype? etc.  Anyway, thanks for the feedback.

Still with the same group.

We lost one member, who wasn't really focusing like she should've.

We've been together for a year, and we're all starting to see ENORMOUS success; way more than had we tackled it on our own.

We use Zoom.  $10/month.

The time commitment is not huge if your a participant.  I imagine the commitment is greater if you're hosting.

Having said that, I come prepared to the meeting with things I've accomplished during the week, and ready to discuss the  following week.  The time to do this is somewhat minimal.

If you're running out of time during the week, stop the TV altogether.  Believe me when I tell you, you're not getting any value from it, outside of entertainment.

Time is what we all share equally.  Be objective about where you.spend your time.

Hey @Account Closed , thanks for the update.  I was slow responding.  Just finished up a long jury trial and still a bit brain dead from it.  I am currently reading the Jack Canfield book.  Hopefully it will give me some ideas.

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