There’s been a lot of chatter surrounding the idea that newbies don’t know where and how to find the right people to assist them with their journey. I find this puzzling and want to introduce you to the importance of Meetup and Mastermind groups.
When I started wholesaling, I faced the same challenge, and I’ve had numerous individuals ask me: Where do I find people to connect with so I can get started wholesaling/investing?
The most popular response is go to your local real estate club. Although this is a great resource for information and meeting investors, I’ve found in my local market (it may be different in other markets) that the real estate club is filled with landlords and that not many experienced wholesalers frequent the club unless they are marketing a property — and then they are focused and don’t have time to chitchat. Again, this may just be in my market, but personally I have found the best place to go to meet investors that are doing what you strive to do is is in Meetup or Mastermind groups.
How to Analyze a Real Estate Deal
Deal analysis is one of the best ways to learn real estate investing and it comes down to fundamental comfort in estimating expenses, rents, and cash flow. This guide will give you the knowledge you need to begin analyzing properties with confidence.
What is a Meetup?
For those who may not be informed, a Meetup is a group of individuals who have similar goals and ambitions, similar to a real estate club and Mastermind, but with some differences. A Meetup is normally designed to have a facilitator, a presenter, and the group. The presenter may have a topic of choice to discuss. Oftentimes a Meetup is a platform for networking and open dialogue. Please read this article on networking first so you will be prepared before going.
I frequent Meetups often because they’re a great source of information and a great environment in which to network. Unlike with real estate clubs, there is a diverse group of investors that joins. There are wholesalers, agents, landlords, note investors, financiers, escrow agents, and novices. Also, you can get a review of the market from others’ points of view.
You can find a local Meetup by engaging on Biggerpockets or by visiting Meetup.com.
What is a Mastermind?
A Mastermind is a bit more intensive than a Meetup; a similar concept, but a lot more personal and engaging. The Mastermind is formulated to ensure you set goals and milestones and accomplish those goals. Also, your Mastermind group will hold you accountable for tasks and responsibilities. In this small setting, there are 8-14 participants, and it’s an open forum to discuss how to help each other in business.
Already prevalent in the business arena, Masterminds are becoming more popular in real estate. In some ways, they follow the same approach the gurus use during coaching sessions; however, in a Mastermind you don’t have to lose your shirt and pants in order to learn, if you get my drift. If you are a real estate agent, brokers offer this to their agents, but again, it is now becoming an accepted practice in the real estate world so it may be becoming more easy to find your group. If you can’t find a real estate Mastermind, you can still probably find a business Mastermind. Those groups will be sufficient as well because of the personal attention you will receive and the direction the group will be able to assist you in.
As a newbie you must remember that investors are always looking for a maximum return on investment, and that applies to anything, not just real estate.
Try something; it’s better to try and fail than constantly try and figure it out without taking action. At some point you have to pull the trigger, or you will remain a student of the theories and concepts of investing. There’s no better teacher than real life experience. For example, you cannot simulate how a seller will respond to a question; you only learn these things by talking with sellers.
I drive by a bandit sign nearly every day that reads:”Investor seeks full and part time real estate investor pt/$5k and ft/$10k a month.” Honestly, I see this daily.
Investors are looking for acquisition managers; basically, someone who will beat the streets and answer live calls.Read the article: “Warning Newbies: Stop Wholesaling Now!” will give you an insight on how to interact and provide value to a seasoned investor.