Rental Property Investor · East Wenatchee, WA · Member since 2014 · 10k+ posts · 16k+ votes
7y
I was considering joining a mastermind group. I was asked specifically. They said it was a paid group.
Hmm... How much?, I asked. $10k? For a whole year of input? Nah. Way too low.
Too low? You think we should charge more??
Wait a minute. You want ME to pay to join your group? Then at least call it a cost group or something. Geniuses. No I don't wanna join your stupid group.
The only qualification to a lot of these is your having the money to join so I question the quality. What's yours called, Adam?
Rental Property Investor · East Wenatchee, WA · Member since 2014 · 10k+ posts · 16k+ votes
7y
I was considering joining a mastermind group. I was asked specifically. They said it was a paid group.
Hmm... How much?, I asked. $10k? For a whole year of input? Nah. Way too low.
Too low? You think we should charge more??
Wait a minute. You want ME to pay to join your group? Then at least call it a cost group or something. Geniuses. No I don't wanna join your stupid group.
The only qualification to a lot of these is your having the money to join so I question the quality. What's yours called, Adam?
Investor · Shelton, WA · Member since 2017 · 6k+ posts · 6k+ votes
7y
I have joined the Washington Land Lords Association-50 bucks a year-Meetings and networking and lots of support. Then there is BP, lots of interaction, shared experiences and lots of support. Just knowing guys like Steve Vaughan and Jim K and others; who can ask for more?
Rental Property Investor · Milwaukee, WI · Member since 2017 · 77 posts · 86 votes
7y
@Adam Adams I created my own mastermind group a couple years back.
It has easily been one of the best investment of my time and energy. You get to hand select/invite the people you want to be a part of your group and build/shape the group to be as high value as you'd like.
You can start with people in your community at local real estate meet ups that you resonate with or are motivated by. Just let them know you're starting a mastermind group and gauge interest. Most will likely understand the value of like-minded individuals meeting regularly and holding each other accountable!
Once you have a group of at least 4 (including yourself) I would get started right away and schedule regular meetings. You can add more people with the full consent of the group.
Dallas/Fort-Worth · Member since 2019 · 15 posts · 22 votes
6y
Hey y'all! My family has some experience in the mastermind/RE coaching world. It depends on what you're looking for...make sure you are clear on your outcomes before you join. We spent $50K with a group when we first got into multifamily investing and after a year realized that we didn't want smaller properties (20 units) and preferred to syndicate apartment buildings (not the mentor's fault...just our own journey of discovering our goals).
Then we spent $25K joining another group that promised many things but never delivered. This has been the experience of many people in this group but everyone is afraid to speak up because the leader attempts to blacklist them in the industry. Then we finally found the group we're with now and after just 4 months we're under contract on 173 units and set to close on October 31st. We paid $30K to join and it's a $10K renewal every year- and it's the best money we've ever spent.
If you want to make it big in the RE world I truly believe you need a mentor- but there are A LOT of fakes out there, and a lot of people who are more interested in making money off of masterminds than they are about really helping you. My advice would be to really vet them, talk to other members of the group, and make sure they're the real deal- how many units do they own? What's their reputation in the industry? What can you expect from the group? What level of interaction can you expect with the "guru" or person in charge...(the answer should be daily if needed). Hope this is helpful.
Investor · Charlotte, NC · Member since 2017 · 791 posts · 479 votes
6y
@Adam Adams I have decided to not join any masterminds to date. Why? I haven't stumbled across one that has truly been worth the money. I would much rather use the capital MM's cost and allocate it towards my own capital raising events / new networking opportunities.