How to Start a MASTERMIND Group

43 Replies

My name is Shiloh Lundahl and I am an investor in Arizona.  A few weeks ago/months ago, I wrote a post about having a Millionaire Mindset vs. a None-Millionaire Mindset and @Mike Dymski stated "You're looking for a mastermind group and you won't find that in a free public forum. But you can find potential members. It's imperative and life changing to be surrounded by the right people."

I believe him.  So I am looking for suggestions on how to go about starting a Mastermind Group in Arizona.

those have always been mysteries to me ... but when I talk to some folks that say they are in a mastermind group.. I come to realize its just a group that calls themselves masterminds.. if that makes sense.

@Jay Hinrichs That does make sense. 

What I am wondering is how to form such a group or find such a group. What type of qualifications would be there to be in such a group. Because if the group is open to anyone, it is more like a meet up than a mastermind. 

Even though I enjoy meeting with new investors who would like to learn and grow in their investing, I am also looking to surround myself with people who are a little ahead of me that I can learn from and take my own investing to the next level.

WEll I think it probably is someone who like you said is advanced or expreinced and knows others who are and they start there own club so to speak..

I know there are those types of clubs here on Oregon.. ( they cost money to join) there is an under 40.. you have to own your own business and business has to gross over 5 million a year type of thing.

as for a real estate mastermind.. I think much of this has been taken over by those that want to sell the how to..

I know BP folks will arrange meetups.. and those to me just tend to be social and go have a beer and say hello and exchange cards.

REIAs tend to go to more orginaized.. but you never know some REIAS are owned and defiantly for profit others I am not sure.  I am not much of a go to meetings guy

But I was always curious about the term Mastermind..

Sounds like a group of people that want to take over the world... 

BTW @Jay Hinrichs just listened to your podcast today. Fun stuff. Would like to pick your brain about a strategy for California if you have some time.

@Shiloh Lundahl    What do you hope to get out of the group?  What do you think the members would want to get out of it?

Most of the very successful real estate investors I know do not share the property specific information they have with people they met at a club meeting.

@Michael Biggs Those are great questions.  About a month ago I wrote a post on the Millionaire Mindset vs. the None-Millionaire Mindset. The post basically posed the question - are investors with negative attitudes about investing bringing down the average mindset of the people on bigger pockets. @Mike Dymski shared that what I was really looking for was more of a mastermind type of group rather than a free forum.

So what I would like to get out of being part of a mastermind group would be to hear what these successful investors have to say and understand their mindsets and learn to see things differently.

Your second question is the million dollar question that I don’t currently have the answer to. What would members of this type of group want to get out of being a member of this mastermind group? I am not sure. I don’t know what I have to offer people that I would like to be part of this group and I wouldn’t just want be a leach that just sucks from others and contributes nothing.

So Michael Biggs, how does one attract such a successful investor to be part of a mastermind group.

@Jay Hinrichs you would be somebody that would belong in a mastermind group. With your successes, people would want to hear what you have to say and know what you know, but they would also be the type of people who could hold their own in a conversation and could contribute just as much substance on the topic of investing as any other experienced investor to the point that you could learn from him or her just as much as he or she could learn from you about investing.

Are there any BP members that are members of mastermind groups that could share a little about what it is like and what the benefit are to being in such a group?

The best investors I know would tell you they do not need a cheer leading section or an emotional support team.  They would also say most of the new real estate investors right now are overly optimistic.

Remember it is more important to know what deals not to do than to know what deals to do.

The first thing that rich people teach their kids is it is easier to lose a fortune than make one.

Hey Shiloh. I recommend being very selective and also not limiting yourself to AZ. A REIA and a mastermind are two different animals. Members need to be within a reasonable level to one another; otherwise, the smart person in the room has nothing to learn...and the less experienced person does not have much to contribute.

A mastermind is a fancy word for getting together with like-minded people.  It's networking taken to the next level...more targeted, structured, and intimate.  I started a small "group" by intentionally communicating more frequently with a very successful friend.  He was not a close friend or one that I socialized with often (which made it even better).  Maybe a year after that, I added another friend to some of our texts and emails.  It's only the three of us and we live in three different states but it's been going on for years and we share, support, and help one another with the F's (finance, family, friends, fitness/health, faith).  If I kicked the bucket tomorrow, they could step in and help my wife and kids put the pieces back together.  We started with discussing real estate and then it grew to finances and then it matured to family and relationships as the trust grew.  Some of the stuff is very personal...we get real.

I recently reached out to a mastermind group who happens to have some members who are active on BP.  I got shot down because they are full...group size and composition is important.  I plan to continue to look for opportunities and aspirational people and be intentional about spending more of my time with them.  There are also resources on the internet for starting and administering mastermind groups.  Network, take your time, reach out to select individuals, facilitate interaction, and support and learn from one another.

Hope that helps.

@Michael Biggs that’s what I wouldn’t want it to be . I wouldn’t want it to be something needy. I would want it to be something that elevated each person where each person in the group is able to benefit others and be benefited by the others in the group as well.

@Ian Walsh thanks for the idea. I thought about that last night so I started looking around and doing a little reaching out to some people who I know in my community who are active in my market.

@Shiloh Lundahl Most just send out a message via a big group like this or make their own group with like-minded people they already know. Good luck with your group! 

Shiloh,

I think Mike Dymski is spot on. I started my mastermind and here's the structure. I didn't want people from my home area. I run a REIA and love giving information to my members every month....... BUT that doesn't help me expand upward. So, I talked to a couple other people in my network and we started to compile a guest list. By doing this, each of us added people the others did not yet know. When we had the list done, we reached out to everyone in person to let them know the goals and expectations of the group. For us, we expect everyone to "Get Naked" as my friend in the group says. At the meeting, you must tell us what is going bad and what is going good in your business and what your goals are. Then we collectively solve each others problems. I rent a big house somewhere that holds 20 people and hire caterers and cleaning staff to take care of us for 3 days. Then the MAGIC begins. It doesn't necessarily matter who's the most experienced person in the group if you invite people from different sectors of Real Estate and different geographic locations because everyone will have a different view point. These relationships can skyrocket your business quickly!!!

Hope that helps

Derek

@Shiloh Lundahl mastermind groups are nothing new. In Napoleon Hills old book, the Law of Success and he refers to the power of such groups. In fact many of the biggest business owners are known to have been part of such groups. The key is to make sure members of the group have positive energy and a success mindset. It doesn't work if you just ask random people to join. You want people who are already on a path to success and then the group amplifies each other. You don't want to organize a meetup, because they you just end up being a mentor.

I encourage you to read the Law of Success and look into how such groups have formed in the past. Ford, Firestone and Edison were all in a group together. Many other famous people from history organized in this manner too.

You could even argue in some ways that BP is a mastermind group online.

Side Hustle show 269 with Natalie Eckdahl talks about how to set up and sell a paid Mastermind Group. It has some insights to the different levels of groups for customers at different levels. I know in my local circle of friends and city I struggle to find anyone my age with any hint of ambition to do anything but go through life. I am small time compared to someone that would be considered for a mastermind group, but you have to work with what you have even if that means you are the smartest person in the room for a long time. Good luck.

Originally posted by @Shiloh Lundahl :

Are there any BP members that are members of mastermind groups that could share a little about what it is like and what the benefit are to being in such a group?

A few weeks ago I joined a Mastermind/Accountability group started by a member here on BP. We are all from different states (WA, NC, VA, NY, TX). We video chat once a week for an hour and talk about some of our wins, what we think we need to work on, our long term goals, tips on what's been working for each of us, some of our mistakes and whatever else comes to mind. Almost everyone's done a few deals, I believe with the exception of a few; but like Joe Splitrock mentioned these are people who are already on their path to success, having made self-improvement a way of life for them for some time.

The person who started the group has been doing this with another online group for his business, so he's been great at keeping our conversations flowing, and really, the hour we spend flies by. 

Even though it's only been a few weeks, great thing about collaborating with like minded peers is, having group synergy that helps push everyone to do more than they could, operating alone (kinda like the peloton in a bike race). 

I've been to a handful of REIA meetings, but I've never been a fan of them. Like Jay Hinrichs alluded to earlier, it's either a social gathering, or a presentation of sorts. By being selective on who joins your group prior to officially launching one, it helps to have productive meetings where everyone walks away feeling like it's helping them move closer to reaching their goals. 

And I think meeting once a week aids in keeping everyone focused & momentum moving, on what they personally need to before the next meeting, as opposed to meeting once a month.   

Originally posted by @Mike Hottinga :

Side Hustle show 269 with Natalie Eckdahl talks about how to set up and sell a paid Mastermind Group. It has some insights to the different levels of groups for customers at different levels. I know in my local circle of friends and city I struggle to find anyone my age with any hint of ambition to do anything but go through life. I am small time compared to someone that would be considered for a mastermind group, but you have to work with what you have even if that means you are the smartest person in the room for a long time. Good luck.

It seems paid mastermind groups have become very common. These groups were just setup to be a revenue stream for the organizer. Pay to play is different than a collection of people who have the only motivation of helping each other. I would say when you are paying, you have joined a mentoring group, where a less experienced person gives money to the organizer. It is way different, could almost be called coaching. I don't consider a mastermind group a side hustle.

I think you are right, really a collection of friends who share your ambition is what you need. It doesn't need to be REI. I knew a successful investor who had a group where one was attorney, a doctor and couple other business owners. The different perspectives actually helps the collective. Businesses are different, but many business challenges are universal.

So I’m hearing a couple of conflicting ideas, some say that making it be a paid group will help with commitment while others seem to think that if it is a paid group then it’s more like paying for mentorship.

I would like to hear more opinions about that.

Originally posted by @Shiloh Lundahl :

So I’m hearing a couple of conflicting ideas, some say that making it be a paid group will help with commitment while others seem to think that if it is a paid group then it’s more like paying for mentorship.

I would like to hear more opinions about that.

Are you trying to make money by charging dues or are you looking for quality people that will help give you ideas to succeed? That is what it comes down to. 

I have seen mastermind groups that cost $10,000 to join and I laugh. What kind of a "mastermind" would drop that much money just for the privilege of talking to others? I would rather not take advice from someone that would drop $10K just to join a group of people. As far as the people running and profiting from these groups, can't blame them for trying to make a buck. But a true mastermind group exists because of like minded people wanting to succeed. 

Originally posted by @Michael Biggs :

The best investors I know would tell you they do not need a cheer leading section or an emotional support team.  They would also say most of the new real estate investors right now are overly optimistic.

Remember it is more important to know what deals not to do than to know what deals to do.

The first thing that rich people teach their kids is it is easier to lose a fortune than make one.

The best investors have a strong team...and the rich teach their kids to surround themselves with other successful people.  This is far from cheer leading.

@Joe Splitrock I wouldn't be interested in making money on a group like this.  But at the same time when people put money into something then they tend to be more committed to it.  I really liked what was said by @Derek Dombeck about going on 3 day retreat together to really have an awesome experience a couple of times a year.  I thought that the fee to participate could just go towards the cost of the retreat.

Shiloh   you know who used to do retreats was Rick the probate guy.. he did them in Santa Barbara county at a resort.. and it was invite only.. .I got invited once but my schedule conflicted.

I suspect you set something up say up at Sedona....  and those with private aircraft will fly in.. let their wifes hang at the spa while the boys shoot the breeze and such..

Ricks was at a very high end resort..

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